Singapore has retained its position as the world's most expensive city for luxury spending for the fourth consecutive year, while Dubai dropped out of the top 10, according to the Julius Baer's Global Wealth and Lifestyle Report 2026.

Zurich climbed three places to second, while Monaco entered the top three for the first time since the index was introduced in 2020. Hong Kong slipped to fourth, and London completed the top five. According to the report, Singapore's ranking was driven by high residential property and car prices, while Zurich's rise reflected the strength of the Swiss franc.

Top 10 Most Expensive Cities for Luxury Spending

1. Singapore

2. Zurich

3. Monaco

4. Hong Kong

5. London

6. New York

7. Paris

8. Sydney

9. Milan

10. Copenhagen

Dubai recorded the steepest decline, falling seven places to 14th. The report said the drop reflected faster price growth in other cities rather than lower costs in Dubai, noting that the UAE dirham's peg to the US dollar made the city comparatively cheaper as other currencies appreciated. Despite the ranking, the report described Dubai as a resilient regional business hub.

Sydney climbed six places to eighth, supported by a stronger Australian dollar and higher import costs for luxury goods. For the first time in three years, no additional US city beyond New York featured in the top 10, a shift the report linked to the weakening US dollar.

The index is based on interviews with 360 high-net-worth individuals holding at least US$1 million in bankable assets and tracks the prices of 20 luxury goods and services, including residential property, cars, business-class travel, school fees and fine dining, across 25 global cities. The 2026 report found the basket of luxury goods cost 10.2% more year-on-year in US dollar terms, with jewellery and watches recording the sharpest price increases.