The Julius Baer Global Wealth and Lifestyle Report 2026 offers a comprehensive look at the evolving landscape of wealth and lifestyle for high-net-worth individuals (HNWIs) worldwide. This year's report, published amidst a tumultuous global environment, highlights the intricate interplay between geopolitical shifts, currency fluctuations, and their profound impact on the cost of living for the elite. The report's findings underscore the dynamic nature of wealth management, where currency movements and regional economic trends significantly influence the financial strategies of globally mobile individuals.
One of the most striking revelations is the 10.2% average increase in the cost of maintaining a premium standard of living in US dollar terms. However, this figure is more than just a number; it's a reflection of the complex interplay between local price inflation and currency movements. Cities linked to appreciating currencies, such as the Swiss franc and the euro, have risen in the rankings, while those closely tied to the US dollar have lost ground. This shift underscores the critical role of currency in shaping the financial landscape for HNWIs.
Singapore, a perennial favorite among HNWIs, remains the most expensive city for the fourth consecutive year. The city's high cost of living is attributed to the high price of residential property, cars, and the strength of the Singapore dollar. Despite relatively muted local price changes, Singapore's strong currency ensures that costs rise in line with the global average when measured in US dollars. The city's political stability, resilient economy, and global connectivity continue to make it an attractive destination for the elite.
Zurich has risen three places to become the second most expensive city, driven less by local price rises than by the appreciation of the Swiss franc against the US dollar. Monaco, supported by the strength of the euro and its exceptionally high residential property prices, has entered the top three for the first time. Hong Kong, once a close contender for the top spot, has moved down to fourth place, while London has dropped to fifth. These shifts reflect the complex interplay between currency, local prices, and the economic environment.
The Asia Pacific region remains a powerhouse of global affluence, with five cities in the top ten. Aside from Singapore and Hong Kong, Shanghai, Sydney, and Bangkok feature among the ten most expensive cities. Sydney, in particular, has risen six places to eighth, driven by the strong Australian dollar and the elevated cost of importing premium goods. Despite this, average prices across APAC rose by 7.4% in US dollar terms, below the global average.
Europe, one of the most expensive regions globally, saw price increases averaging 14.1% in US dollar terms, well above the global average. This is largely due to the strength of the euro and Swiss franc. Zurich, Monaco, Paris, Milan, and Frankfurt have all climbed the rankings, while Barcelona remained unchanged. London, by contrast, fell to fifth place as the British pound followed a similar trajectory to the US dollar, limiting the city's relative increase compared with mainland European locations.
The Middle East region's narrative is more about context than findings. Dubai, pegged to the US dollar, has slipped to 14th place, primarily due to other cities in the index becoming more expensive. The impact of the ongoing situation in the Middle East, particularly the Iran-conflict, is not reflected in the current findings, which were collected before the outbreak.
In the Americas, New York remains the highest-ranked city, followed by São Paulo, which rose to 12th place. Santiago de Chile and Mexico City also climbed, supported by strong local price growth and currency movements. The region remains highly differentiated, with North America showing strong wealth accumulation and stable investment behavior, while Latin America displays greater caution and a focus on preserving purchasing power.
Beyond currency, raw material costs have played a significant role. The price of gold has more than doubled since 2024, impacting luxury goods categories such as jewelry and watches. Jewelry prices rose by 16.4%, while watches increased by 15.5%. Luxury goods prices have risen across the board, with an average increase of 12.3%, reflecting higher input costs, skilled labor, and strategic pricing by global luxury brands.
The Julius Baer Lifestyle Survey, which delves into the lives and consumption trends of HNWIs, reveals a pronounced two-speed luxury economy. Spending in APAC and the Middle East significantly outpaces spending in Europe, North America, and Latin America, with Europe showing the highest levels of spending contraction. Experiential spending, driven by luxury hospitality and premium dining, continues to dominate across all regions.
Health-related expenditure has surged, confirming the 'health is wealth' trend. Affluent individuals increasingly view health and longevity as core components of their overall wealth. The survey also shows that HNWIs are adapting their consumption behavior in response to tariffs, currency movements, and global uncertainty. At least one in three respondents have changed the geographic origin of their luxury purchases, and more than half are willing to travel internationally to bypass tariffs.
Investment behavior has shifted, with the vast majority of respondents across all regions modifying their portfolios in response to rising macroeconomic and political risks. Traditional assets remain the foundation, but HNWIs are increasingly moving towards defensive strategies, including precious metals, geographic diversification, and higher liquidity. APAC investors lead in adaptive behavior, while Middle East investors show well-diversified, long-term focused portfolios.
In conclusion, the 2026 Global Wealth and Lifestyle Report highlights the multifaceted nature of wealth today. It encompasses lifestyle, security, health, mobility, and intergenerational harmony. As the world continues to navigate geopolitical uncertainty, the report underscores the importance of adapting financial strategies to the dynamic global landscape, where currency, regional trends, and individual behavior play pivotal roles in shaping the future of wealth management.
