The cost of living rich is getting richer, and it's not just about the money. In 2026, maintaining a premium lifestyle has become a global affair, with currencies, prices, and geopolitical uncertainty all playing their part. The Julius Baer Global Wealth and Lifestyle Report reveals a world where the cost of luxury is rising, and the rankings are shifting. Singapore remains the most expensive city for high-net-worth individuals, but Zurich and Monaco are making their mark. The Americas are no longer in the top 10, with New York and São Paulo taking the lead in the region. Europe is a major player, with Zurich, Monaco, Paris, Milan, and Frankfurt all moving up. Asia-Pacific is a major center of global wealth, with Singapore, Hong Kong, Shanghai, Sydney, and Bangkok in the top 10. The Middle East is also a significant player, with Dubai slipping to 14th place. The report highlights the impact of currency movements, with the Swiss franc and euro appreciating against the U.S. dollar. Higher raw-material costs, including gold, are also contributing to rising prices. The cost of jewelry and watches has increased by 16.4% and 15.5%, respectively. Luxury goods prices rose by an average of 12.3%, reflecting higher costs for materials, skilled labor, and price increases imposed by global luxury brands. Geopolitical uncertainty is a concern for wealthy individuals, with 82-95% of respondents expressing concern or very concern about geopolitical developments. This uncertainty is influencing spending, investment, and lifestyle priorities. Spending in Asia-Pacific and the Middle East is outpacing Europe, North America, and Latin America. Europe is recording the sharpest contraction in spending, with experiences remaining the dominant category. Health spending is also rising in every region, with wealthy consumers viewing health, longevity, and physical well-being as part of their overall wealth. Tariffs, exchange-rate shifts, and political uncertainty are changing how affluent consumers buy luxury goods. At least one in three respondents has already changed the country of origin of some purchases, with more than half considering traveling abroad to buy luxury products and avoid tariffs. Mobility is becoming increasingly important for affluent individuals, not only as a lifestyle benefit but also as a way to protect purchasing power. Most respondents have changed their portfolios in response to rising economic and political risk, with traditional assets remaining the foundation of most portfolios. Wealthy investors are shifting towards defensive strategies, including precious metals, geographic diversification, and greater liquidity. Asia-Pacific investors are the most active in adjusting their holdings, with 73% increasing diversification. European investors remain more conservative, favoring wealth preservation and investment funds. Latin American investors focus on income generation and wealth preservation, while North American respondents report the strongest asset growth and the most stable financial attitudes. The report concludes that wealth is increasingly being measured through more than financial assets alone. For high-net-worth individuals, it now includes health, security, mobility, lifestyle flexibility, and the ability to preserve wealth across generations. The cost of living rich is a complex affair, and it's not just about the money. It's about the currencies, prices, geopolitical uncertainty, and the impact on spending, investment, and lifestyle priorities.
