Singapore and HK costliest cities for luxury spending, says report

Other Asian cities, notably Bangkok, Tokyo and Jakarta, fell in annual rankings

Singapore remains the most expensive city in the world for spending on luxury goods, such as jewellery and shoes, and services including dining, healthcare and education.

Rival Hong Kong climbed one spot from 2023 to second, while London rose one place to third, according to an annual report by Swiss wealth manager Julius Baer Group.

Singapore has continued to attract the ultra-wealthy by maintaining its reputation for political and economic stability, alongside a pro-business environment. Hong Kong is the most expensive city for engaging a lawyer and the second most for buying property.

London rose partly on the strength of the British pound and “some normalisation” post-Brexit. Meanwhile, Shanghai dropped to fourth, likely due to challenges in the real estate market and softening consumer confidence, the report said.