Zurich has risen three places to become the second most expensive city globally for high-net-worth individuals (HNWIs), according to the Julius Baer Lifestyle Index for 2026. This increase was driven less by local price inflation and more by the significant appreciation of the Swiss franc against the US dollar. The study highlights that exchange rates are a major factor in the cost of living for the wealthy, with Zurich embodying stability and value preservation during turbulent times.
Singapore maintained its position as the most expensive city for HNWIs for the fourth consecutive year, largely due to high costs for residential property and vehicles, coupled with the strength of the Singapore dollar. Monaco also entered the top three for the first time, benefiting from the robust Euro and exceptionally high residential property values. Hong Kong fell to fourth place, and London, a previous contender for the top spot, dropped to fifth.
The overall cost of maintaining a premium standard of living globally rose by an average of 10.2% in US dollar terms over the past year. This increase is primarily attributed to currency movements and inflation. Europe, in particular, saw an average price increase of 14.1% in US dollar terms due to the strength of the Euro and Swiss franc. Items like home ownership, bicycles, handbags, healthcare services, laser eye surgery, and spa treatments are particularly expensive in Zurich, while private schools are comparatively affordable.
The data for the Julius Baer Lifestyle Index was collected at the end of February 2026, and the survey concluded in early March. Consequently, the report does not include the effects of the ongoing conflict in the Middle East. However, analysts at Julius Baer suggest that the geopolitical turmoil would likely amplify the trends identified in the report, emphasizing the critical role of currency fluctuations in global wealth management strategies. The price of luxury goods like jewelry and watches also saw significant increases, with jewelry rising by 16.4% and watches by 15.5%, partly influenced by the doubling price of gold since 2024.
