Most expensive cities in the world 2026: No US city among top 10; Singapore spends the most

4 min readNew DelhiJul 9, 2026 06:52 PM IST

The report found that the cost of maintaining a luxury lifestyle has increased sharply over the past year. On average, this year's index rose by 10.2 per cent in US dollar terms.

World’s most expensive cities for luxury spending: Singapore has retained its position as the world’s most expensive city for luxury spending for the fourth year in a row, driven by rising prices of premium goods such as watches and jewellery.

According to the latest annual report by Swiss wealth manager Julius Baer Group Ltd, Zurich moved up to second place, pushing London to third, while Monaco secured a spot in the top three for the first time since the ranking was introduced in 2020. Hong Kong and London completed the top five.

The report said Zurich’s rise by three places was largely due to the strengthening of the Swiss franc, which has benefited from Switzerland’s reputation for stability and the currency’s status as a safe store of value during uncertain times. Singapore continued to lead the ranking because of its expensive residential property and car markets—the two most heavily weighted categories in the index—as well as the strength of the Singapore dollar. The rankings compare prices using the US dollar as the standard.

Tracking prices of 20 luxury goods and services

Julius Baer’s Lifestyle Index evaluates 25 cities by tracking the prices of 20 luxury goods and services, including residential property, cars, business-class air travel, private school fees, and fine-dining experiences. The findings are based on a survey conducted between February and March 2026 among 360 high-net-worth individuals, each with bankable household assets of at least $1 million.

The report found that the cost of maintaining a luxury lifestyle has increased sharply over the past year. On average, this year’s index rose by 10.2 per cent in US dollar terms. Higher gold prices also pushed up the cost of luxury accessories, with jewellery prices increasing by 16.4 per cent and watches by 15.5 per cent.

Dubai slipped to 14th place in the rankings. However, Julius Baer said the drop does not mean the city has become cheaper, but rather that costs have risen more rapidly in other cities. The report also pointed out that conditions in the Middle East have changed considerably since the data was collected, as the survey was completed before the Iran conflict. As a result, the future outlook for residents and globally mobile individuals and families has become less certain.

Sydney recorded the biggest improvement in this year’s rankings, climbing six places to eighth. The bank attributed the jump to the strength of the Australian dollar and the country’s geographical isolation, which increases the cost of importing luxury goods and contributes to higher prices.

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For the first time in three years, no city from the Americas featured in the top 10. Julius Baer said this was mainly due to the weakening of the US dollar against other major currencies, despite strong local price increases. Even so, North America continued to see significant wealth growth, with 47 per cent of high-net-worth individuals reporting a substantial increase in the value of their assets over the past year.

Top 10 most expensive cities in the world 2026

Rank (2026)

City

Country

Region

2025 Rank

Singapore

Asia-Pacific

Zurich

Switzerland

Europe

Monaco