2026年全球财富及高端生活报告-瑞士宝盛JuliusBaer

Jull·usBa··r

GLOBAL

WEALTH

AND

LIFESTYLE

REPORT

2026

Marketingmaterial

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EDITORIAL

ChristianGattiker,HeadofResearch,JuliusBaer

The2026editionoftheJuliusBaerGlobalWealthandLifestyleReportcapturesaworldthatisnotsim-plychanging,butre-pricingitselfinrealtime.Thisyear’sresultspointtoasharpaccelerationinoneofthemostpowerful,yetoftenunderappreciated,forc-esshapingglobalwealth:currency.

WhenviewedthroughaUSdollar(USD)lens,whichremainsthereferencepointforourindex,theimpli-cationsarestriking.Theoverallcostofmaintainingapremiumstandardoflivinghasrisenbyaround10percent,andthehierarchyofglobalcitieshasshiftedaccordingly.Yetbeneaththeseheadlinefiguresliesamorenuanced–andultimatelymoreinstructive–storyabouthowwealthbehavesinafragmented,multi-speedworld.

Atthetopoftheranking,continuitymeetschange.Singaporeretainsitslong-heldpositionasthemostex-pensivecityforhigh-net-worthindividuals,underlining

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itsstructuralstrengths:stability,globalconnectivity,andtheenduringpremiumattachedtoscarcityinlandandmobility.Butjustbehindit,thereshuffleistelling.Zurichrisestosecondplace,andMonacotothird–bothpropelledlessbylocalinflationarypressuresthanbythestrengthoftheircurrencies.Thisdistinctionmatters.Itremindsusthatinaglobalisedluxuryeco-system,localpricestabilitydoesnotequatetoglobalaffordability.Moreconcretely,residentsofZurichorMonacoareunlikelytohavebeensignificantlyimpactedbytheirrisetothetopofthepodium,whereasforvisitorswithweakercurrenciesintheirwallets,thechangewillbeconsiderable.Themoreinternationallymobilewealthis,thegreatertheimpactofcurrencyfluctuations.Here,exchangeratescandominatelivedexperience.

Indeed,oneofthedefiningfeaturesofthisyear’sindexistheoutsizedroleofcurrencymovements.Citiesanchoredtoappreciatingcurrencies–suchastheSwissfrancortheeuro–haveclimbedtherankings,whilethosemorecloselyalignedwiththeUSdollarhaveslipped.Fromamethodologicalperspective,consistencyremainsparamount:main-tainingaUSD-basedcomparisonensurescontinuityovertime.However,analytically,itisimportantto

recognisethatweareobservingtwooverlappingrealitiesatonce–onedefinedbylocalpricedynam-ics,andanotherbyglobalcurrencyshifts.Botharereal.Bothmatterforclients.

FromaJuliusBaerperspective,thisdualityisnotamethodologicalinconvenience;itisareflectionoftheworldourclientsinhabit.Wealthtodayisinherentlyglobal,anditspurchasingpowerisafunctionnotonlyoflocalconditionsbutalsoofcurrencyallocation.Forinternationallydiversifiedportfolios–andforgloballymobilefamilies–exchangeratesarenotabackgroundvariable.Theyareakeydriverofrealoutcomes.Thisisparticularlyevidentin2026,wheremuchoftheapparent‘inflation’inthelifestyleindexis,infact,acurrencystory.

Beyondcurrencies,anotherimportantdriverthisyearistheresurgenceofcertainrealassets–mostnota-blygold.Risinginputcostslinkedtopreciousmetalsarefeedingthroughintoluxurygoodscategoriessuchasjewelleryandwatches,wherepriceincreasesarepronounced.Thesecategoriescontinuetooccu-pyauniquepositionattheintersectionofconsump-tionandinvestment.Inuncertaintimes,theirdualrolebecomesmorevisible:theyarebothobjectsof

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desireandstoresofvalue.Thisdynamicreinforcesabroadertrendweobserveacrossthereport–name-ly,thatwealthyindividualsareadaptingtheircon-sumptionpatternsinwaysthatincreasinglyreflectinvestmentlogic.

Atthesametime,thecompositionofpriceincreasesacrossgoodsandservicesprovidesfurtherinsightintotheevolvingnatureofaffluentliving.Goodspriceshaverisenmoresharplythanthoseforservic-es,reversingsomeofthetrendsseeninpreviousyears.Thisreflectsacombinationoffactors:inputcosts,supplychainadjustments,andstrategicpricingbyluxurybrandsthatareincreasinglyglobalinorientation.Manyofthesebrandsanchorpricinginstrongercurrencies,effectivelyexportingcurrencystrengthintoglobalretailprices.Forclients,thismeansthatevenpurchasesmadelocallycanreflectfinancialconditionselsewhere.

Whatdoesallofthismeaninpractice?First,itun-derscorestheimportanceofthinkinginreal,notnominal,terms.A10percentincreaseinUSD-basedlifestylecostsdoesnotnecessarilyimplyalossofpurchasingpowerforallclients–butitdoeshighlighttheneedtoconsidercurrencyexposureexplicitly.

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Second,itreinforcesthevalueofdiversification–notonlyacrossassetclasses,butalsoacrosscurrencies.Inaworldwhereexchangeratescanmovefasterthanunderlyingprices,currencyriskandopportunityareinseparable.

Third,andperhapsmostimportantly,ithighlightsashiftinmindset.Theaffluentconsumerisnolongerapassiveprice-taker.Increasingly,weseeactiveadaptation:choosingwheretolive,wheretospend,andevenwheretopurchaseluxurygoodsbasedonrelativevalueacrossjurisdictions.Thismobility–bothphysicalandfinancial–isbecomingadefiningfeatureofwealthin2026.Italsocreatesnewopportunities,whetherthroughgeographicarbitrageorthroughstrategicallocationtoassetsthatbenefitfromcurrencytrends.

Finally,thisyear’sfindingsreinforceabroadermes-sage:weareoperatinginamorefragmentedglobaleconomy.Regionaldynamicsarediverging,curren-ciesaremovingoutofsync,andthetraditionalan-chorsofstabilityarebeingreassessed.Insuchanenvironment,theroleofatrustedadvisorbecomesevenmorecritical.AtJuliusBaer,ourtaskisnotonlytointerprettheseshifts,butalsototranslate

themintoactionableinsights–helpingclientsnavi-gatecomplexity,preservepurchasingpower,andidentifyopportunity.

The2026editionofthereportthereforeoffersmorethanasnapshotofprices.Itprovidesalensthroughwhichtounderstandtheevolvingarchitectureofglobalwealth.Currency,onceagain,isatthefore-front–butitistheinteractionbetweencurrencies,assets,andbehaviourthatdefinestherealstory.Forthosewholookbeyondtheheadlines,thisisnotjustayearofhighercosts.Itisayearthatclarifieshow–andwhere–wealthworks.

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Animportantnoteonthedatacollection

DatacollectionfortheindexendedinlateFebruary2026andfieldworkforthesurveyendedinearlyMarch.Asaresult,theimpactoftheongoingsituationintheMiddleEasthasnotbeenpricedintoourfindings.

Thisyearwewillthereforebefocusingonthebiggerpicturesurroundingthefindings,whattheymeanforgloballymobileindividuals,andhowthisimpactswealthmanagementstrategiesratherthanamoregranularexaminationoftheupsanddownsofindividualitems.

Thetrendswehaveseenacrossbothpartsoftheresearchcontinuetobevalid,and,inmanycases,willhavebeenamplifiedbythecurrentgeopoliticalturmoil,whichmakesthisyear’sreportallthemoresalient.

Forthelatestmarketupdates,

listentoJuliusBaer’s

MovingMarketspodcast.

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CONTENTS

GlobalWealthandLifestyleReport2026

Geopoliticaluncertainty28

andportolioadjustments

03Regionaloverviews

Regionalcityoverviews29

AsiaPacific30

Europe

33

TheMiddleEast

36

TheAmericas

39

04Appendix

Methodology

42

Globalranking

44

05Disclaimer45

06Masthead46

01TheJuliusBaerLifestyleIndex

Globalcityranking8

Keyfindings9

Whatdoesthismeanforyou?13

Deepdive:locationaldiversification14

Evolutionofthetoptencityrankings15

Theglobaleconomicbackdrop16

02TheJuliusBaerLifestyleSurvey

Keyfindings17

Whatdoesthismeanforyou?21

Deepdive:gold22

Preferredassetclasses24

Personalfinancialsituation25

Lifestylespendinghabits26

Geopoliticalinstability27

andinvestmentdecisions

LifestyleIndex

E

E

GLOBALCITYRANKING

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02

03

VANCOUVER2524

NEWYORK118

MIAMI1913

04

05

06

MEXICOCITY

1821

SÃOPAULO

SANTIAGODECHILE20

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22

16

TheJuliusBaerLifestyleIndexisbasedonabasketof20goodsand

servicesthatrepresentdiscretionarypurchasesbyHNWIsglobally.Hereweshowtheglobalrankofthe25citiesincludedintheindexthisyear.

UROP

Movedup

Moveddown

8

LONDON52

FRANKFURT1619

PARIS79

ZURICH25

MILAN910

MONACO34

BARCELONA1515

DUBAI

14

7

MUMBAI

2220

TOKYO

SHANGHAI66

TAIPEI1312

HONGKONG43

MANILA2323BANGKOK1011

1717

SINGAPORE11

JAKARTA2118

JOHANNESBURG2425

SYDNEY814

Nochange

Cityranking2026Cityranking2025Source:JuliusBaer

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04

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THEJULIUSBAERLIFESTYLEINDEX:KEYFINDINGS

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Thepastfewyearshavebeendefinedbyheightenedgeopoliticalvolatility,shifting

economicalliances,andfluctuatingfinancialmarkets.Whilemarketsare

provingtoberesilient,changestoglobaltradepatterns,exchangerates,andthe

LifestyleIndex

costofrawmaterialsarehavingaveryrealimpactondailylife.

Forhigh-net-worthindividuals(HNWIs)globally,thecostofmaintainingapremiumstandardoflivinghasrisensignificantlyoverthepast12months,withthisyear’sindexshowinganincreaseof10.2percentonaverageinUSdollarterms.Butthisheadlinefigureonlyshowssomuch.Therealimpactofthepricefluc-tuationsshowninourindexdepends,assomuchinlifedoes,oncontext.

TheJuliusBaerLifestyleIndextracksthepriceofabasketof20luxurygoodsandservices–rangingfromprivateschoolfees,healthcare,andresidentialprop-ertytowatches,jewellery,andcars–across25citiesglobally.Thesecitiesarerankedfrommosttoleast

expensive,withtheindexfunctioningasacomparativebarometerofglobalwealthandlivingcosts.Forglob-allymobileindividuals,itcanalsoplayanimportantroleinunderstandinghowcurrency,domicile,andlifestylechoicescanimpactfinanciallongevity.What,then,dowelearnfromthe2026index?

Thepriceofstability

Onceagain,Singaporemaintainsitspositionastheworld’smostexpensivecityforHNWIsin2026.OneofthekeyfactorsbehindSingapore’senduringpres-enceatthetopoftheindexisthehighpriceofres-identialpropertyandcars,thetwoitemsthatcarrytheheaviestweightings.Anotheristhestrengthof

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LifestyleIndex

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theSingaporedollar(SGD).Althoughpricechang-esinlocalcurrencytermshaveremainedmuted,thestrengthoftheSGDmeansthatthecityhasseenoverallpricerisesinlinewiththeglobalaverageof10percentinUSDterms,thereferencecurrencyforourindex.

Thestrongcurrency,alongsideastablepoliticalsys-temandresilienteconomy,reflecttherelativestabil-ityandappealofSingaporeinanuncertainworld.Here,theimportanceofcontextstartstobecomeapparent.Whilepricesarehigh,forSingaporeansit’slargelybusinessasusual.Yetforvisitorsorthosewithotherreferencecurrencies,‘expensive’canescalateveryquickly.

Areshapedpodium

Movingthroughtherankings,weseefurtherevidenceoftherolecurrencyhasplayedinthisyear’sindex.Zurich,longconsideredoneoftheworld’smostex-pensivecities,movesintosecondplace.

Thethree-placeclimbwaspropellednotbyoutsizedlocalpriceincreases–nosinglecategoryrosemorethan8percentinSwissfrancs(CHF)–butratherbytheappreciationoftheCHFagainsttheUSD.

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LifestyleIndex

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ThestrengthofthecurrencyisagaindrivenbySwit-zerland’sstabilitybothpoliticallyandfinancially,whichseesthefranccontinuingtoactasastoreofvalueinunpredictabletimes.AlthoughthecostoflivinginZurichappearsmoreexpensiveonaglobalscale,thelocalcurrencyincreaseswillbemoreeasilyabsorbedbyresidents.

Similarly,Monacoentersthetopthreeforthefirsttime,pushingHongKongintofourthplace.Again,weseethecombinationoffamiliarfactors:residentialpropertypricesintheprincipalitytopourglobalindexand,withtherelativestrengthoftheeuro,weseeelevatedtotalcostsinUSdollarterms.

ItisSydney,though,thatmakesthebiggestjumpinthisyear’sranking,climbingsixplacestoreacheighthplace.Whilesomeofthisis,again,duetoastrongAustraliandollar,itisalsopartlyduetoAus-tralia’sgeographicalisolation;thepriceofimportingpremiumgoodshaselevatedSydneysignificantlyinourrankings.

Whatgoesup…

Conversely,Londondropstofifthplace.Itwasaveryclosecontenderforthemostexpensivecityin2025,

buttheBritishpound(GBP)hasfollowedasimi-lartrajectorytotheUSDthisyear,whichhasminimisedthecity’spriceincreasescomparedtootherlocations.However,localswillnothaveexperiencedincreasedaffordability.Indeed,formany,the3percentincreasesinGBPwillbekeenlyfelt.

WeseeasimilarstoryinDubai,whichthisyearslipsto14thplace.Whilethisisanotabledrop,itisexplainedmorebyothercitiesinourindexbecomingmoreexpensive,ratherthanDubaibecomingmoreaffordable.Dubaiwasoneofthebiggestclimbersin2025,whichpointstothechangebeinglessdramaticforlocalresidentsthantheheadlinesuggests.

TheUnitedArabEmiratesdirham(AED)ispeggedtotheUSdollar,whichhashadasignificantimpactonthecity’spositioning.Ofcourse,muchhaschangedintheMiddleEastinthemonthssincetheindexdatawascollected,meaningtheoutlookbothforresidentsandinternationallymobileindividualsandfamiliesisnowlessclear.However,DubairemainsaresilientregionalhubwithanattractivebusinessclimateandafavourablelocationbetweenEastandWest.

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LifestyleIndex

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Otherfactors

Currenciesarenottheonlydriverofchangeinthisyear’sindex.Rawmaterialcostshavehadanimpacttoo.Mostnotablehereisthepriceofgold,whichhasmorethandoubledsince2024(readmoreaboutgoldandpreciousmetalsonpage22).Thisisre-flectedinveryrealtermsinourindex,withjewelleryup16.4percentandwatchesup15.5percent.

Indeed,luxurygoodshaverisenacrosstheboardthisyear,withanaverageincreaseof12.3percent.Althoughsomeofthisisduetotheincreasedpriceofleatherandpreciousmetals,thecostofahighlyskilledworkforcealsoplaysarole.Addition-ally,manyoftheluxuryhousesandconglomeratesarebasedinEurope,wherepricingisoftenan-choredtoeithertheeuroorSwissfranc,furtherinfluencingcosts.

Althoughsomeluxuryconsumerscomplainofprice-risefatigue,high-net-worthindividualsarestillbuy-ing,asoutlinedinoursurveyfindingsonpage17.Asaresult,luxurybrandscontinuetoincreasetheirprices,notonlytoensuretheiraspirationalappealbutalsotoensureglobalparityofprices,takingcurrency,logistics,andtariffsintoaccount.

Tariffs12monthson

Andwhatofthetariffs?Lastyear,welookedattheworldinthelastmomentsbeforetheUSadministra-tionintroduceditsglobaltariffchanges.Thisyear,itwastheendofthefirstyearofthisnewenvironmentwhenwecapturedourresults,andthelastmomentsbeforetheworldshiftedagainwiththeoutbreakofconflictinIran.WhiletheimpactofthesituationintheMiddleEastisnotpricedintoourresults,thetariffimpactsdoappear,ifonlyindirectly.Thoughdifficulttoisolateprecisely,renewedprotectionistsentimenthaschangedthetradelandscapeglobally.Inaddition,theapparentendofUSexceptionalismandincreasedpoliticaluncertaintyhavecontributedtotheweakeneddollar,withclearconsequencesforourranking.

Theoutlook

Whatisclearin2026isthattheworldcontinuestobeacomplicatedplace,anduncertaintyremainsataveryhighlevel.Inthisenvironment,stablecitiesandcountriesbecomeevenmoreattractive.Singapore,Zurich,andMonacooffermorethanprestige–theyrepresentecosystemswherestronginstitutionssupportstrongcurrencies,enablingpreservationofcapitalalongsidequalityoflife.

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LifestyleIndex

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Hereagain,wereturntotheimportanceofcontext.Takingtheindexatfacevaluedoesnotshowthefullpicture.Foraffluentindividualsassessingtheirlife-stylesandfinanciallongevity,thequestionisnolongeroneofcost,butoneofvalue.Whichcityoffersthebestcombinationofstability,qualityoflife,andbalancebetweenincomeandexpenses?Understand-inghowallofthesefactorsinteract,andplanningaccordingly,iskey.

Tounderstandwhatourfindings

meanforyou,pleasecontactyour

localJuliusBaeroffice.

Whatdoesthismeanforyou?

•Youneedtounderstandthejurisdictionsinwhichyouoperate.Inwhichcurrencydoyouprimarilyearnyourincome,andinwhichcur-rencydoyouprimarilyspend?

•Youshouldconsiderwhereyourinvestmentsare.Isyourportfoliosufficientlygeographi-callydiversifiedtotakeadvantageofoppor-tunitieswhilehedgingagainstgeopoliticalrisksandcurrencyswings?

•Ifyouhave,orareconsidering,multipledom-iciles,doyouhavethewealthstructuresandgovernanceinplacetocomplywithbothper-sonalandregulatoryrequirements?

•Whatdoesamoreuncertainworldmeanforyourwealthplanning?Howdoyousafeguardyourlong-termstandardofliving?Whatstepsareyoutakingtosecurethefinancialfutureofyourchildrenandheirs?Haveyouconsid-eredhowyourwealthwouldwithstandmoreextremeorunforeseencircumstances?

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DEEPDIVE:LOCATIONALDIVERSIFICATION

Aswealthbecomesincreasinglymobile,havinganumberof‘globaltouchpoints’is

becomingmorepopular,butithasitschallenges.MarcoSella-Rolando,HeadofWealth

PlanningInternational,JuliusBaer,explainsthebackgroundandkeyconsiderations.

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LifestyleIndex

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Theprincipleofdiversificationiswelltroddeninwealthmanagement,rangingacrossassetclasses,custodianarrangements,andcounterpartyrisk,tomentionafew.However,astheJuliusBaerFamilyBarometerhasshown,UHNWfamiliesareexperiencingincreasedcomplexitythroughthegloballocationofassets,familymembers,andwealthstructures.

Asaresult,consideringwheretheconstituentelementsoftheirwealthplanningarelegallylocatedhasbecomemoreimportanttoensuretherobustnessoftheirestate,succession,andtaxplanning.

Beingabletomovefreelyandrelocateatwillhaslongbeenatoppriorityformanywealthyfamilies,whovaluenotonlythelifestyleflexibilitybutalsotheadditionaloptionalityitaffords.Asgeopoliticalvolatilitycontinues,havinganumberof‘globaltouchpoints’isbecomingevenmorepopular.

However,suchanarrangementrequirescarefulplan-ningandgovernance.Thisisbecausesuitablewealthstructurestosupportthissetuprequiresignificantdisciplinetoensurethattheplanningnotonlylooksgoodonpaperbutalsomeetstheintendedbenefitsthroughdiligentimplementationandadministration.

Asaresult,weoftenseeacorrelationbetweenthelocationaldiversificationthatcomplexUHNWfamiliesconsciouslyadoptandthefamilygovernanceimplementedbythem.Putsimply,whiletheadvantagesthatsuchglobalspreadprovidesareundeniablyattractive,theyshouldbeusedresponsibly,guidedbyaclearblueprintoutliningthefamily’spurposeandvision,toensurethattheglobalstrandsareboundtogetherinacoherentmanner.Thisultimatelyhelpspreservethefamilywealthacrossthegenerationsandfacilitatesasglobalafootprintasthefamilymayneed.

EVOLUTIONOFTHETOPTENCITYRANKINGS

Howhavethetoptencitieschangedsince2022?

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02

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15

1

2022

SHANGHAI

1

2023

SINGAPORE

1

2024

SINGAPORE

1

2025

SINGAPORE

1

2026

SINGAPORE

LifestyleIndex

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2

3

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5

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9

10

LONDON

TAIPEI

HONGKONG

SINGAPORE

MONACO

ZURICH

TOKYO

SYDNEY

PARIS

2

3

4

5

6

7

8

9

10

SHANGHAI

HONGKONG

LONDON

NEWYORK

MONACO

DUBAI

TAIPEI

SÃOPAULO

MIAMI

2

3

4

5

6

7

8

9

10

HONGKONG

LONDON

SHANGHAI

MONACO

ZURICH

NEWYORK

PARIS

SÃOPAULO

MILAN

2

3

4

5

6

7

8

9

10

LONDON

HONGKONG

MONACO

ZURICH

SHANGHAI

DUBAI

NEWYORK

PARIS

MILAN

2

3

4

5

6

7

8

9

10

ZURICH

MONACO

HONGKONG

LONDON

SHANGHAI

PARIS

SYDNEY

MILAN

BANGKOK

GlobalrankingAPACEMEATHEAMERICASSource:JuliusBaer

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THEGLOBALECONOMICBACKDROP

SophieAltermatt,PhD,Economist,JuliusBaer

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Theglobaleconomyoverthepastyearhasbeenshapedbyintensifyinggeopoliticaltensions,tradefrictions,andheightenedpolicyuncertainty.Despitetheseheadwinds,economicactivityhasprovenbroad-lyresilient,supportedbytheflexibilityofsupplychainsandthesurgeininvestmentinartificialintelligence.

LifestyleIndex

Inflation,whichhadbeensteadilydecliningtowardscentralbanktargetsin2025,hasre-emergedasaconcern.Thedisinflationarytrendhasreversedsharp-lyastheIranwarhaspushedenergypriceshigher,increasinginflationarypressuresacrosstheglobe.

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Inresponsetothis,centralbankshaveadoptedmorehawkishstances,markingtheendofmonetarypolicyeasing.

IntheUnitedStates,growthremainedcompara-tivelyfirmat2.1percentin2025,outpacingmostadvancedeconomies.Theeconomycontinuestodemonstrateresilience,supportedbysustainedinvest-mentinartificialintelligenceanddigitalinfrastructure.

Theeurozoneeconomy,whichexpandedbyamodest1.5percentin2025,continuestofacestructuralcom-petitivenesschallenges.Althoughfiscalpolicyhasbecomemoresupportive,particularlythroughin-creasedinfrastructureanddefencespending,thespill-overstotheprivatesectorhaveremainedlimited.

China’seconomygrew5.0percentin2025,meetingthegovernment’sgrowthtarget.Exportperformancehasremainedstrong,propelledbyglobaldemandforgreen-andhigh-techgoods.Whiledomesticdemandremainsastructuralweakness,heightenedgeopoliticaltensionshavereinforcedChina’sstrate-gicpushforself-sufficiency,spurringinvestmentinkeystrategicindustries.

Geopoliticalrisks,persistentprotectionism,andfiscalvulnerabilitiescontinuetoshapetheglobaleconom-iclandscape,addingcomplexitytotheoutlook.Evenso,theresiliencedemonstratedoverthepastyearofferscautiousoptimismabouttheglobaleconomy’sadaptabilitytogeopoliticalshocks.

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THEJULIUSBAERLIFESTYLE

SURVEY:KEYFINDINGS

Asglobaluncertaintyprevails,howhavetheconsumption,lifestyle,andfinancial

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preferencesandbehavioursofhigh-net-worthindividualschanged?

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LifestyleSurvey

Since2020,theJuliusBaerLifestyleIndexhastrackedthecostoflivinganelevatedlifestyleacross25citiesaroundtheworld.Theindexfunctionsasbotharecordofhowthewealthyspendtheirmoneyandareflectionofglobaltrendsrangingfromchangingtastestocurrencyfluctuationstogeopoliticalupheavals.

TheindexiscomplementedbytheLifestyleSurvey,whichprovidesamorein-depthanalysisofthecon-sumptionhabits,sentiments,andpreferencesofHNWIs.Together,theLifestyleIndexandtheLifestyleSurveyprovideauniqueperspectiveonaffluentlivingtoday,whilealsosheddinglightonwidersocial,eco-nomic,andsocietalchanges.

Followinganotherturbulent12months,thisyear’ssurveyexamineshowescalatinggeopoliticaltensionsareinfluencinglifestyleandinvestmentdecisions.

Unsurprisingly,geopoliticaluncertaintyisanear-universalconcernacrossallregions,withbetween82and95percentofallrespondentsansweringthattheyareconcernedtoveryconcernedaboutgeopolitics.Notably,whiletheMiddleEastshowedthelowestlevelsatthetimeofresearch,recentregionalescala-tionsarelikelytohaveintensifiedthisconcernwithintheregion,aswellasfurtherunderscoringconcernsworldwide.Thisnewgloballandscapeishavingasig-nificantimpactonthewayaffluentindividualsspend,plan,andinvest.

Atwo-speedeconomy

Whilewealthcontinuestogrowforourrespondents,withallregionsreportingincreasedassetvalues,theregionalspendingpatternsthatemergedinrecentyearshavenowfullycrystallised,creatingapronouncedtwo-speedluxuryeconomy.Spending

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LifestyleSurvey

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onourindexcategoriesinAPACandtheMiddleEastsignificantlyoutpacesthatinEurope,NorthAmerica,andLatinAmerica,withEuropeshowingthehighestlevelsofspendingcontraction.Onceagain,experientialspendingdominatesacrosseveryregion,ledbystrongdemandforluxuryhospitalityandpremiumdining.

Notably,health-relatedexpenditureshavesurged–oneofonlytwocategoriestoseeincreasesinallregions(theotherbeingleisuretravel,anotherexperientialexpenditure).Thisconfirmsearlierobservationsthathealthisthenewwealth.

Butspendinglevelsonlyshowussomuch.Anotherinterestingstoryemergeswhenwelook