2026年全球财富及高端生活报告

Jull·

us

Ba··

rGLOBALWEALTHANDLIFESTYLEREPORT2026MarketingmaterialThe2026

edition

oftheJulius

Baer

Global

WealthandLifestyleReportcapturesaworldthatisnotsim-

ply

changing,

but

re-pricing

itself

in

real

time.

This

year’s

results

point

to

a

sharp

acceleration

in

one

of

themostpowerful,yetoftenunderappreciated,forc-

esshapingglobalwealth:currency.WhenviewedthroughaUSdollar(USD)lens,which

remainsthe

reference

pointforour

index,the

impli-

cations

are

striking.

The

overall

cost

of

maintaining

a

premium

standard

of

living

has

risen

by

around

10

per

cent,

and

the

hierarchy

of

global

cities

has

shiftedaccordingly.Yetbeneath

these

headline

figures

lies

a

more

nuanced

–

and

ultimately

more

instructive

–

story

about

how

wealth

behaves

in

a

fragmented,multi-speedworld.Atthetopofthe

ranking,

continuity

meets

change.

Singaporeretainsitslong-heldpositionas

themostex-

pensive

city

for

high-net-worth

individuals,

underlining2EDITORIALChristianGattiker,

HeadofResearch,Julius

Baerrecognise

that

we

are

observing

two

overlapping

realitiesatonce–

one

definedbylocalprice

dynam-

ics,andanother

byglobal

currency

shifts.

Both

are

real.

Both

matterforclients.From

a

Julius

Baer

perspective,

this

duality

is

not

a

methodologicalinconvenience;itis

areflection

of

the

world

our

clients

inhabit.

Wealthtoday

is

inherently

global,

anditspurchasingpower

is

a

functionnot

only

of

local

conditions

but

also

of

currency

allocation.

For

internationally

diversified

portfolios

–

and

for

globally

mobile

families

–

exchange

rates

are

not

a

background

variable.

They

are

a

key

driver

of

real

outcomes.Thisisparticularlyevidentin2026,where

muchoftheapparent‘inflation’inthelifestyleindex

is,infact,acurrencystory.Beyond

currencies,

another

important

driver

this

year

istheresurgenceofcertainrealassets–most

nota-

blygold.Risinginputcostslinkedtopreciousmetals

are

feeding

through

into

luxury

goods

categories

suchas

jewelleryandwatches,wherepriceincreases

arepronounced.

Thesecategoriescontinue

to

occu-

pyauniquepositionat

theintersectionof

consump-

tion

and

investment.

In

uncertain

times,

their

dual

role

becomes

morevisible:theyare

bothobjectsofitsstructuralstrengths:stability,globalconnectivity,

and

the

enduring

premium

attached

to

scarcity

in

land

andmobility.But

justbehindit,

thereshuffle

is

telling.

Zurich

risestosecond

place,and

Monaco

to

third

–

both

propelled

less

by

local

inflationary

pressures

than

bythe

strength

oftheir

currencies.

This

distinction

matters.Itremindsusthatinaglobalisedluxuryeco-

system,localpricestabilitydoesnotequatetoglobal

affordability.

Moreconcretely,

residentsofZurichor

Monacoare

unlikelyto

have

been

significantly

impacted

by

their

rise

to

the

top

of

the

podium,

whereas

for

visitors

with

weaker

currencies

in

their

wallets,

the

change

will

be

considerable.

The

more

internationally

mobile

wealth

is,

the

greater

the

impact

of

currency

fluctuations.

Here,

exchange

rates

can

dominatelivedexperience.Indeed,

one

of

the

defining

features

of

this

year’s

index

is

the

outsized

role

of

currency

movements.

Citiesanchored

toappreciatingcurrencies–

such

as

the

Swiss

franc

or

the

euro

–

have

climbed

the

rankings,whilethose

moreclosely

aligned

with

the

US

dollarhaveslipped.Fromamethodological

perspective,consistencyremainsparamount:main-

taining

aUSD-based

comparison

ensures

continuity

over

time.

However,

analytically,

it

is

important

to3desire

and

stores

ofvalue.

This

dynamic

reinforces

abroader

trend

we

observe

across

the

report

–

name-

ly,

that

wealthy

individuals

are

adapting

their

con-

sumption

patterns

in

waysthat

increasingly

reflect

investmentlogic.Atthesametime,

the

compositionofpriceincreases

across

goods

and

services

provides

further

insight

into

the

evolving

nature

of

affluent

living.

Goods

priceshaverisenmoresharplythanthoseforservic-

es,

reversing

some

of

the

trends

seen

in

previous

years.

This

reflects

a

combination

offactors:

input

costs,

supplychainadjustments,andstrategicpricing

byluxurybrandsthatareincreasinglyglobalin

orientation.

Manyofthese

brandsanchor

pricing

in

stronger

currencies,

effectively

exporting

currency

strength

into

global

retail

prices.

For

clients,

this

meansthateven

purchases

made

locallycan

reflect

financialconditionselsewhere.What

does

all

ofthis

mean

in

practice?

First,

it

un-

derscores

the

importance

of

thinking

in

real,

not

nominal,

terms.

A

10per

cent

increase

inUSD-based

lifestyle

costs

does

not

necessarily

imply

a

loss

of

purchasing

power

for

all

clients

–

but

it

does

highlight

the

need

to

consider

currency

exposure

explicitly.4Second,

itreinforces

the

value

of

diversification

–not

onlyacrossassetclasses,butalsoacross

currencies.

In

a

world

where

exchange

rates

can

move

faster

thanunderlyingprices,currencyriskandopportunity

areinseparable.Third,and

perhaps

most

importantly,

it

highlightsa

shift

in

mindset.Theaffluentconsumer

is

no

longer

apassiveprice-taker.

Increasingly,weseeactive

adaptation:

choosing

whereto

live,

whereto

spend,

and

even

whereto

purchase

luxury

goods

based

on

relative

value

across

jurisdictions.

Thismobility

–both

physical

and

financial

–

isbecoming

a

defining

feature

ofwealth

in2026.

Italsocreates

new

opportunities,

whether

through

geographic

arbitrage

or

through

strategicallocationtoassets

that

benefit

from

currencytrends.Finally,thisyear’sfindings

reinforce

a

broader

mes-

sage:weareoperatingina

morefragmentedglobal

economy.

Regional

dynamics

are

diverging,

curren-

ciesare

movingout

ofsync,

and

the

traditional

an-

chors

of

stability

are

being

reassessed.

In

such

an

environment,the

roleofatrusted

advisor

becomes

even

more

critical.

At

Julius

Baer,

our

task

is

not

only

to

interpret

these

shifts,

but

also

to

translatethemintoactionableinsights–

helping

clients

navi-

gate

complexity,

preserve

purchasing

power,

andidentifyopportunity.The

2026

edition

of

the

report

therefore

offers

more

than

a

snapshot

of

prices.

It

provides

a

lens

through

which

to

understand

the

evolving

architecture

ofglobalwealth.Currency,onceagain,isatthefore-

front

–

but

it

isthe

interaction

between

currencies,

assets,and

behaviourthatdefinesthe

realstory.

For

thosewho

look

beyondthe

headlines,thisis

not

just

ayearofhighercosts.

It

is

ayearthat

clarifies

how

–andwhere–wealthworks.5AnimportantnoteonthedatacollectionData

collection

for

the

index

ended

in

late

February

2026

and

field

work

for

the

survey

endedinearlyMarch.Asaresult,

theimpact

of

the

ongoing

situation

in

the

Middle

East

has

notbeenpriced

intoourfindings.Thisyear

we

willtherefore

be

focusing

on

the

bigger

picture

surroundingthefindings,

what

they

meanforglobally

mobile

individuals,and

how

this

impacts

wealth

management

strategies

ratherthanamoregranularexaminationof

the

upsanddownsofindividualitems.The

trends

we

have

seen

across

both

parts

oftheresearchcontinuetobevalid,

and,

in

many

cases,

will

have

been

amplified

by

the

current

geopolitical

turmoil,

which

makes

this

year’s

reportallthemoresalient.Forthelatestmarketupdates,

listentoJuliusBaer’sMovingMarketspodcast.601

TheJulius

Baer

Lifestyle

IndexGlobalcityranking8Keyfindings9Whatdoesthismeanforyou?13Deepdive:locationaldiversification14Evolutionofthetoptencityrankings15Theglobaleconomicbackdrop

1602

TheJulius

Baer

LifestyleSurveyKeyfindings17Whatdoesthismeanforyou?

21Deepdive:gold

22Preferredassetclasses24Personalfinancialsituation

25Lifestylespendinghabits26Geopoliticalinstability27andinvestmentdecisionsGeopoliticaluncertainty28andportolioadjustments03

RegionaloverviewsRegionalcityoverviews

29Asia

Pacific30Europe

33TheMiddle

East

36TheAmericas

3904

AppendixMethodology

42Globalranking

4405

Disclaimer

4506Masthead

46CONTENTSGlobalWealthand

L

ifestyle

Report20267 VANCOUVER

25

24

NEWYORK

11

MIAMI

19

13

o

MEXICO

CITY

18

21

个oSÃO

PAULO

12

16

个o

SANTIAGO

DE

CHILE

20

22

个

DUBAI

14

MUMBAI

22o

JOHANNESBURG

24

25

个o

TOKYO

17

17

-o

SHANGHAI

- TAIPEI13

12

HONGKONG

MANILA

23

23o

BANGKOK

10

11

个o

SINGAPORE

-

JAKARTA

21

18

LONDONo

FRANKFURT

16

19

个o

PARIS

个o

ZURICH

个o

MILAN

10

个o

MONACO

个

o

BARCELONA

15

15

-

Cityranking2025

Source:Julius

Baer

TheJulius

Baer

Lifestyle

Indexisbasedonabasketof20goodsandservicesthatrepresentdiscretionarypurchasesby

HNWIsglobally.

Here

weshowtheglobalrankofthe25citiesincludedintheindexthisyear.GLOBALCITYRANKING20

No

changeCityranking2026

Moved

up

MoveddownoSYDNEY

14

个L

ifesty

le

Index040506010203UROP8EEForhigh-net-worthindividuals(HNWIs)globally,

the

cost

of

maintaining

a

premium

standard

of

living

has

risen

significantly

overthe

past

12

months,

with

thisyear’sindexshowinganincreaseof10.2percenton

averageinUS

dollar

terms.But

thisheadline

figure

only

shows

somuch.

Therealimpact

of

theprice

fluc-

tuations

shown

in

our

index

depends,

as

so

much

in

lifedoes,oncontext.TheJulius

Baer

Lifestyle

Index

tracks

the

price

of

a

basket

of

20luxury

goods

and

services

–ranging

from

privateschoolfees,

healthcare,and

residential

prop-ertytowatches,

jewellery,andcars–across25

cities

globally.

These

cities

are

ranked

from

most

to

leastexpensive,

with

the

index

functioning

asa

comparative

barometer

of

global

wealth

andliving

costs.For

glob-

ally

mobile

individuals,

itcanalso

playan

important

role

in

understanding

how

currency,

domicile,

and

lifestyle

choices

canimpact

financiallongevity.

What,

then,dowelearnfromthe2026index?ThepriceofstabilityOnceagain,Singaporemaintainsitspositionasthe

world’smost

expensive

city

forHNWIs

in

2026.One

of

thekey

factorsbehind

Singapore’senduringpres-

enceatthetopoftheindex

isthe

high

price

of

res-

idential

propertyandcars,thetwoitemsthat

carry

the

heaviestweightings.Anotheristhe

strength

ofTHEJULIUS

BAER

LIFESTYLEINDEX:

KEY

FINDINGSThepastfewyearshavebeendefinedbyheightened

geopoliticalvolatility,shiftingeconomicalliances,andfluctuatingfinancialmarkets.Whilemarketsareprovingtoberesilient,changestoglobaltradepatterns,exchange

rates,andthecostofrawmaterialsarehavingavery

real

impacton

daily

life.L

ifesty

le

Index0405060102039theSingaporedollar(SGD).Althoughpricechang-

esinlocalcurrencytermshaveremainedmuted,the

strength

ofthe

SGD

means

that

the

city

has

seen

overall

price

rises

in

line

withthe

global

average

of

10percentinUSD

terms,

thereferencecurrency

for

our

index.Thestrongcurrency,alongsideastablepoliticalsys-

temandresilienteconomy,reflecttherelativestabil-

ity

and

appeal

of

Singapore

in

an

uncertain

world.

Here,

the

importance

of

context

starts

to

become

apparent.Whilepricesarehigh,forSingaporeansit’slargelybusinessasusual.Yetforvisitorsorthosewith

other

reference

currencies,‘expensive’

can

escalate

veryquickly.AreshapedpodiumMoving

through

the

rankings,

we

see

further

evidence

ofthe

role

currency

has

played

in

this

year’s

index.

Zurich,

long

considered

one

oftheworld’s

most

ex-

pensivecities,

movesintosecond

place.Thethree-placeclimbwaspropellednotbyoutsized

local

price

increases

–

no

single

category

rose

more

than8percentinSwissfrancs(CHF)–butratherby

theappreciationoftheCHFagainsttheUSD.本报告来源于三个皮匠报告站（）,由用户Id:1181721下载,文档Id:1276695,下载日期:2026-07-12L

ifesty

le

Index04050601020310ThestrengthofthecurrencyisagaindrivenbySwit-

zerland’s

stabilitybothpolitically

and

financially,

whichseesthefranc

continuing

to

act

as

a

store

of

value

in

unpredictable

times.

Although

the

cost

of

livinginZurichappears

more

expensive

on

a

global

scale,thelocalcurrencyincreaseswillbemoreeasilyabsorbedby

residents.Similarly,

Monaco

enters

the

top

three

for

the

first

time,

pushing

Hong

Kong

into

fourth

place.

Again,

we

see

the

combination

of

familiar

factors:residential

property

prices

in

the

principality

top

our

global

index

and,

with

the

relative

strength

ofthe

euro,

we

see

elevatedtotalcostsin

USdollarterms.It

is

Sydney,

though,

that

makes

the

biggestjump

in

this

year’s

ranking,

climbing

six

places

to

reach

eighth

place.

Whilesomeofthis

is,

again,

due

to

a

strongAustraliandollar,itisalsopartlyduetoAus-

tralia’s

geographical

isolation;

theprice

of

importing

premiumgoodshaselevated

Sydney

significantlyin

our

rankings.Whatgoesup…Conversely,London

drops

to

fifthplace.It

was

a

very

closecontenderforthemostexpensivecityin2025,We

see

a

similar

story

in

Dubai,

which

this

year

slipsto

14th

place.

Whilethis

is

a

notable

drop,

it

is

explainedmorebyothercitiesinourindexbecomingmoreexpensive,

ratherthan

Dubai

becoming

more

affordable.

Dubaiwas

one

ofthebiggest

climbers

in

2025,

whichpoints

to

the

changebeinglessdramaticforlocalresidentsthan

the

headlinesuggests.The

UnitedArab

Emiratesdirham(AED)

is

pegged

tothe

US

dollar,which

has

had

asignificant

impact

on

the

city’s

positioning.

Of

course,

much

has

changed

intheMiddleEastinthemonthssincetheindex

data

was

collected,meaning

the

outlookboth

forresidents

andinternationally

mobileindividualsandfamilies

is

now

less

clear.

However,

Dubai

remains

a

resilient

regional

hubwithanattractive

businessclimateand

afavourablelocationbetween

EastandWest.but

the

British

pound

(GBP)

has

followed

a

simi-

lar

trajectory

to

theUSDthis

year,

whichhas

minimised

the

city’s

price

increases

compared

to

otherlocations.

However,

localswill

not

have

experienced

increased

affordability.

Indeed,

for

many,

the

3per

cent

increases

in

GBP

willbe

keenlyfelt.L

ifesty

le

Index04050601020311OtherfactorsCurrenciesarenottheonlydriverofchangeinthis

year’sindex.Rawmaterial

costshavehadanimpact

too.

Most

notable

here

is

the

price

of

gold,

which

hasmore

than

doubled

since

2024

(readmore

about

gold

and

precious

metals

on

page

22).

This

is

re-

flectedin

veryreal

termsin

ourindex,

with

jewellery

up16.4

percentand

watches

up

15.5

per

cent.Indeed,

luxury

goods

have

risen

across

the

board

thisyear,withanaverageincreaseof12.3percent.

Althoughsomeof

thisisdueto

theincreasedprice

ofleatherandprecious

metals,the

cost

of

a

highlyskilledworkforcealsoplaysarole.Addition-

ally,manyoftheluxuryhousesandconglomerates

are

based

in

Europe,

where

pricing

is

often

an-

chored

to

either

the

euro

or

Swiss

franc,

further

influencingcosts.Although

someluxury

consumers

complain

of

price-

rise

fatigue,high-net-worth

individuals

are

stillbuy-

ing,

as

outlined

in

our

survey

findings

on

page

17.

Asaresult,luxurybrandscontinuetoincreasetheir

prices,

notonlytoensure

their

aspirational

appeal

but

also

to

ensure

global

parity

of

prices,

taking

currency,

logistics,andtariffsinto

account.Tariffs12monthsonAndwhat

ofthetariffs?

Last

year,

we

looked

at

the

worldinthelastmomentsbeforetheUSadministra-

tionintroduceditsglobaltariffchanges.Thisyear,

it

wastheendofthefirstyearofthisnewenvironment

whenwecapturedourresults,andthelastmoments

beforethe

world

shifted

again

withthe

outbreak

of

conflict

in

Iran.

Whilethe

impact

ofthe

situation

in

the

Middle

East

is

not

priced

into

our

results,

the

tariff

impacts

do

appear,

if

only

indirectly.

Though

difficult

to

isolate

precisely,

renewed

protectionist

sentimenthaschangedthetradelandscapeglobally.

In

addition,

the

apparent

end

of

US

exceptionalism

andincreased

political

uncertainty

havecontributed

tothe

weakened

dollar,

with

clear

consequencesfor

our

ranking.TheoutlookWhat

isclear

in2026

isthat

the

world

continues

tobeacomplicatedplace,anduncertaintyremainsatavery

high

level.

Inthisenvironment,stablecitiesand

countries

become

even

more

attractive.

Singapore,

Zurich,andMonacooffermorethan

prestige

–they

representecosystems

where

strong

institutions

support

strong

currencies,

enabling

preservation

of

capitalalongsidequalityoflife.L

ifesty

le

Index04050601020312Whatdoesthismeanforyou?•You

needto

understandthejurisdictions

in

whichyouoperate.

Inwhichcurrencydoyou

primarilyearnyourincome,

andin

whichcur-

rencydoyouprimarilyspend?•Youshouldconsiderwhereyourinvestments

are.

Isyour

portfolio

sufficiently

geographi-

callydiversifiedtotakeadvantageofoppor-

tunities

while

hedging

against

geopolitical

risksandcurrencyswings?•If

youhave,

or

are

considering,multiple

dom-

iciles,doyouhavethewealthstructuresand

governanceinplace

to

comply

withbothper-

sonalandregulatoryrequirements?•Whatdoesamoreuncertainworldmeanfor

your

wealthplanning?How

do

you

safeguard

your

long-term

standard

of

living?

What

steps

areyoutakingto

secure

the

financial

future

ofyourchildrenandheirs?

Haveyouconsid-

eredhowyourwealthwouldwithstandmore

extremeorunforeseencircumstances?Hereagain,we

returntothe

importance

of

context.

Takingtheindexatfacevaluedoesnotshowthefull

picture.

For

affluent

individuals

assessing

their

life-

styles

and

financial

longevity,

the

question

is

no

longer

one

ofcost,

but

one

ofvalue.

Which

city

offersthe

best

combination

of

stability,

quality

of

life,

and

balancebetween

income

and

expenses?Understand-

ing

how

all

of

these

factors

interact,

and

planning

accordingly,is

key.Tounderstandwhatourfindings

meanforyou,pleasecontactyour

localJuliusBaeroffice.L

ifesty

le

Index04050601020313The

principle

of

diversification

is

well

trodden

in

wealth

management,rangingacrossassetclasses,custodian

arrangements,

and

counterparty

risk,

to

mention

a

few.

However,

as

the

Julius

Baer

Family

Barometer

has

shown,

UHNW

families

are

experiencing

increased

complexity

through

the

global

location

of

assets,

familymembers,andwealthstructures.Asa

result,

considering

where

the

constituent

elementsoftheirwealthplanningarelegally

located

hasbecomemore

important

to

ensure

the

robustness

oftheirestate,succession,andtaxplanning.Beingabletomovefreelyandrelocateatwillhaslongbeena

toppriorityformanywealthy

families,

who

value

not

only

the

lifestyle

flexibilitybut

also

the

additional

optionality

it

affords.

As

geopolitical

volatility

continues,havinganumberof

‘global

touchpoints’isbecoming

evenmorepopular.However,

such

an

arrangementrequires

carefulplan-

ning

and

governance.

This

isbecause

suitable

wealth

structurestosupportthis

setup

require

significant

disciplinetoensurethattheplanningnotonlylooks

good

onpaperbut

alsomeets

theintendedbenefits

through

diligent

implementation

and

administration.As

aresult,weoften

see

a

correlationbetween

the

locational

diversification

that

complex

UHNW

families

consciously

adopt

and

the

family

governance

implemented

by

them.Put

simply,

while

the

advantages

that

such

global

spread

provides

are

undeniably

attractive,

they

should

be

used

responsibly,

guided

by

a

clear

blueprint

outlining

the

family’s

purposeandvision,toensurethattheglobalstrands

areboundtogetherinacoherentmanner.This

ultimately

helps

preserve

the

family

wealth

across

the

generations

and

facilitates

as

global

a

footprint

as

thefamilymay

need.DEEPDIVE:LOCATIONAL

DIVERSIFICATIONAswealthbecomesincreasinglymobile,havinga

numberof

‘globaltouchpoints’isbecomingmorepopular,butithas

its

challenges.

Marco

Sella-Rolando,

Head

of

WealthPlanning

International,Julius

Baer,explainsthebackgroundandkeyconsiderations.

01

0203L

ifesty

le

Index04050614w

w

w

w

03040506123456789102022SHANGHAILONDONTAIPEIHONGKONGSINGAPOREMONACOZURICHTOKYOSYDNEYPARIS123456789102023SINGAPORESHANGHAIHONGKONGLONDONNEWYORKMONACODUBAITAIPEISÃO

PAULOMIAMI123456789102024SINGAPOREHONGKONGLONDONSHANGHAIMONACOZURICHNEWYORKPARISSÃO

PAULOMILAN123456789102025SINGAPORELONDONHONGKONGMONACOZURICHSHANGHAIDUBAINEWYORKPARISMILAN123456789102026SINGAPOREZURICHMONACOHONGKONGLONDONSHANGHAIPARISSYDNEYMILANBANGKOK

GlobalrankingAPACEMEATHEAMERICAS

Source:JuliusBaerEVOLUTIONOFTHETOPTENCITYRANKINGSHowhavethetoptencitieschangedsince2022?L

ifesty

le

Index

01

0215The

global

economy

over

the

past

year

has

been

shaped

by

intensifying

geopolitical

tensions,

trade

frictions,andheightenedpolicyuncertainty.Despite

these

headwinds,

economic

activity

hasproven

broad-

ly

resilient,

supported

by

the

flexibility

of

supply

chains

andthesurgeininvestmentinartificialintelligence.Inflation,which

had

beensteadily

decliningtowards

central

bank

targets

in

2025,

has

re-emerged

as

a

concern.

The

disinflationary

trend

has

reversed

sharp-

ly

as

the

Iran

war

has

pushed

energy

prices

higher,increasinginflationarypressuresacrosstheglobe.Inresponsetothis,centralbankshaveadopted

morehawkishstances,markingthe