10 Most Expensive Cities in the World for Luxury Living in 2024

The cost of living extremely well is continuing to skyrocket across major cities worldwide. Julius Baer recently published the Global Wealth and Lifestyle Report 2024, which reveals the top 10 cities where it has become more expensive to live as a high net worth individual.

While Singapore and Hong Kong continue to dominate the top rankings, there are subtle changes reflected in this year’s list compared with 2023’s. Zurich enjoyed a swift ascent upward in the ranks while only one North American city, New York, remains in the top 10. 

In order from most to least expensive, these are the 10 most expensive cities in the world for luxury living.

Singapore ranks as the most expensive city in the world in 2024, a repeat win for the country, which also ranked first place in 2023. 

According to the report, Singapore’s status as an important regional and global hub along with its strong currency has helped solidify its standing as the world’s most expensive city. Credit is also due to the Singaporean government, which works hard to ensure every aspect of Singapore life, from healthcare to public transport, is outstanding enough to make it one of the best places to live and work.

Ranked in second place for 2024, Hong Kong has rotated within the top five most expensive cities since 2021. The report said Hong Kong remains among the most expensive cities globally thanks to its property prices.

London takes third place as the most expensive city for luxury living, enjoying a return to the top three podium. Previously, London ranked in fourth place in 2023 and second in 2022.

This return is considered to be a bit surprising, according to the report. A few reasons London has risen in the ranks yet again include the strong British pound and the U.K. economy continuing to settle post-Brexit.

Shanghai ranks in fourth place, a significant drop when compared with previous years. 

Shanghai was previously in first place for two consecutive years in 2021 and 2022. The municipality was unseated by Singapore in 2023, which moved it to second place. A few drivers cited by the report for Shanghai’s changing position include real estate challenges and softening consumer confidence.

Monaco rounds out the top five, bumping up from sixth place in 2023. 

Monaco has extremely high property prices coupled with strong demand and limited availability. Just how much higher are these properties compared with elsewhere? According to the report, the answer is 234% higher.

Zurich, in sixth place, is the year’s biggest climber, having moved eight places up in the 2024 ranking. The Switzerland city’s last appearance in the top 10 was in 2022, where it held seventh place.

As the star of this year’s top 10 rankings, how did Zurich do it? Thank the resilient Swiss franc. As noted in the report, it was the best-performing G10 currency of 2023.

In seventh place is New York, falling two positions from its spot in fifth place in 2023. 

The Americas, the report mentions, are now in the bottom half of the ranking for the most expensive cities. While Miami was able to take 10th place in 2023, the city no longer ranks within the top 10 and is now in 15th place. This makes New York the sole North American city for the top 10.

Paris, which was previously in 10th place in 2022, is back in eighth place for 2024. Like Zurich, Paris is experiencing a steady climb back up into the ranking. The city leapt five positions to reenter the top 10.

Does São Paulo in ninth place sound like déjà vu this year? The Brazilian city holds steady in the same rank from 2023. 

São Paulo continues to grow in popularity with high net worth individuals thanks to its luxury real estate and it acting as an innovation hub for startups and unicorns. The report said estimates reveal that double the ultra-high net worth individuals reside in São Paulo compared with Rio de Janeiro.

Milan, as the 10th most expensive city in the world for luxury living, enjoyed a successful climb to the top like Zurich and Paris. 

The city moved up six positions to enter the top 10: its first time in the top 10 since the rankings were recorded in 2021.