15 Most Expensive Cities for a High-End Lifestyle

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Wealthy individuals around the world continue to spend on and invest in their families, lifestyles and futures even as cities get more expensive, Julius Baer reported in its 2024 Global Wealth and Lifestyle Report.

This year, price rises have slowed to 4% on average in U.S. dollar terms, compared with 6% in 2023, the report said. Goods prices are up 5% on average, and services are up 4%. 

Although the cities in the study continue to become more expensive to live in, inflation rates have normalized over the past 12 months. 

Julius Baer ranked 25 cities around the world by the relative cost of maintaining a high-net-worth lifestyle there. The ranking is based on the Lifestyle Index, which analyzes the cost of a basket of 12 consumer goods and eight services representative of “living well” in those urban centers.

This year, many of the biggest moves up and down the index resulted from currency fluctuations — researchers convert index prices to U.S. dollars to allow for global comparison.

According to the report, despite higher prices for goods and services, high-net-worth individuals are still willing not just to spend but to spend more, notably on hotels and high-end meals and clothing and accessories. 

The biggest price increases this year are for premium consumer items such as fashion and jewelry, which had the highest increase at 9.6%. This comes on the back of several years of increased raw material, energy and staffing costs. 

The only significant drop this year on a global level came in the bicycle category, down 6.4%, with small drops for whiskey and business-class flights.

Overall, the results of the 2024 report show life settling into its new pattern. Julius Baer noted, however, that with geopolitical tension increasing and more financial turbulence expected, wealthy individuals should not underestimate the importance of a robust wealth management strategy to support the needs of both themselves and their families for generations to come.

See the accompanying gallery for the 15 most expensive cities for maintaining a high-net-worth lifestyle, according to Julius Baer.

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