Hong Kong has become relatively cheaper for wealthy individuals over the last year, dropping from second to third on a list of the costliest world cities for high-net-worth individuals (HNWIs), according to Julius Baer.
Singapore retained the title of the most expensive city, while London and Hong Kong swapped places from a year earlier, according to the 2025 Julius Baer Global Wealth and Lifestyle Report on Monday.
The sixth annual study by the Swiss lender compared a basket of goods and services in 25 cities from December to April to assess the “cost of living well” for HNWIs: people with at least US$1 million to invest. The items ranged from cars to watches and handbags, and from property to medical expenses and private-school fees.
Hong Kong’s property prices, as well as men’s suits, bicycles and technology items, all became cheaper last year, and the price of champagne in Hong Kong is the lowest among the 25 markets thanks to a lower taxes on alcohol. However, the city’s legal fees topped the list.
Prices for watches rose 11 per cent last year in Hong Kong, while car prices increased by 5 per cent, the study showed.
“The low-tax appeal and cosmopolitan culture of Hong Kong have long drawn wealthy individuals to relocate there,” the report said.
