This shift reflects relative currency stability, with sterling holding firmer than the euro, Swiss franc, and dollar, as well as rising costs in key categories.

London saw a 27 per cent year-on-year increase in private school fees and a 30 per cent surge in business-class airfares, the report shows. Despite this, the UK continues to be seen as a global centre of academic excellence. The report highlights the enduring draw of institutions like Oxford and Cambridge, particularly as US universities face difficulties under President Donald Trump's administration.

While luxury property transactions in London hit a five-year low in 2024, the report notes signs of recovery in early 2025, with renewed interest from international buyers seeking value in a global market still perceived as politically and legally stable.

APAC
Singapore remains the world’s most expensive city, underscoring APAC’s continued importance. APAC saw only slight price decreases of 1 per cent on average across the region, making it the most stable of all of the regions this year, the survey reveals. When it comes to rankings, Bangkok and Tokyo made the largest leaps, each climbing six places to 11th and 17th respectively. Conversely, Shanghai dropped from fourth to sixth.

Cities in Asia also recorded price reductions in areas such as men’s suits, bicycles and hotel suites. The price of technology dropped sharply in APAC, down 21.4 per cent, while business class flights rose 12.6 per cent.

Spending on goods in APAC also remained high, though consumer preferences continue to evolve. The growing wealth of APAC’s HNWI population, combined with increased interest in health, wellness, and experiences, continues to shape spending patterns across the region.

“Asia Pacific remains one of the fastest-growing regions globally. Real GDP grew 4.5 per cent year on year in 2024 – moderating slightly from 5.1 per cent in 2023 but still outpacing the global average of 3.3 per cent,” Jen-Ai Chua, research analyst, Asia at Swiss private bank , said. “Firm fundamentals have set the stage for the rapid ascent of wealth in the region. The number of high net worth individuals in Asia is projected to have grown 5 per cent year on year to 855,000 in 2024. Growth in China and India is expected to help bring Asia’s share of new HNWIs globally to an estimated 47.5 per cent between 2025 and 2028.”

Global findings
EMEA cities featured prominently, representing more than half of the global top 10. London led the region, climbing to second place globally, while Monaco and Zurich both moved up one position to fourth and fifth respectively. Dubai rose five places to seventh, consolidating its position as a serious contender among traditional wealth hubs. Milan and Frankfurt held their positions, while Paris fell slightly in the rankings. Johannesburg remained at the bottom despite some price increases, the report shows.

Price developments within EMEA have been moderate overall, with local currency prices remaining stable or even falling in cities such as Zurich. The region’s most notable price increase came in Paris, where rising travel and hospitality costs led to a 5 per cent year-on-year rise.

Americas
In the Americas, New York held its position as the highest-ranked city in the region (eighth globally). Miami climbed two places to 13th with São Paulo and Mexico City both dropping down the rankings.

While average prices for goods in dollar terms declined across the Americas, the region saw some of the highest increases in business class flights (+39.3 per cent) and hotel suites (+17.5 per cent). These increases have significantly raised the cost of travel and hospitality, which is now 41 per cent more expensive than the global average, the firm said. Notably, local currency price increases were much sharper in Latin America, where Mexico City and Santiago experienced rises of up to 16 per cent and 15 per cent respectively.

Price developments in the index
The 2025 Index reflects diverging trends across categories. The sharpest price drop globally was observed in technology (-22.6 per cent). By contrast, business class flights experienced the most significant price surge (+18.2 per cent), caused by changing airline business models, limited aircraft supply, and sustained demand for premium travel. Private education costs rose sharply as well (+5.1 per cent), particularly in London following the UK government’s VAT charges on private school fees. The cost of watches increased by 5.6 per cent, reflecting continued demand for rare, investment-grade models.

Lifestyle survey findings
The Julius Baer lifestyle survey reveals shifts in the attitudes and behaviours of HNWIs worldwide. Amid growing geopolitical tensions and economic uncertainty, affluent individuals are increasingly balancing the desire to enjoy life today with long-term planning for the future.

A key finding this year is the near-universal focus on longevity. Between 87 per cent (North America) and 100 per cent (APAC) of respondents report actively taking steps to extend their lifespan – from adopting healthier lifestyles to exploring cutting-edge interventions such as gene therapy and cryogenic treatments. Simultaneously, financial longevity has become an equally critical concern, with the majority of respondents indicating they would adjust their wealth strategies if faced with longer life expectancies.

Wealth creation remains the top priority globally, but wealth preservation has gained importance, especially in Europe and North America where a more conservative investment approach prevails. In contrast, HNWIs in APAC, the Middle East, and Latin America continue to embrace higher risk levels and diversify portfolios in line with personal values and emerging global trends.

Overall, the report confirms the continuing shift from material consumption towards experiences. While spending on luxury goods has softened, demand for fine dining, exclusive travel, and curated experiences remains robust. This reflects a broader evolution in how HNWIs define luxury – focusing increasingly on lifestyle, wellbeing, and meaningful experiences over possessions.