Most expensive cities in the world for luxury goods and services, 2020

From premium apartments to fine dining to beauty services, Hong Kong is the world’s most expensive city for luxury goods and services, that’s according to the Global Wealth and Lifestyle Report 2020 from Julius Baer.

The second most expensive city, according to a basket of luxuries tracked by the bank, is Shanghai in China. In fact, four out of the top five most expensive cities for luxury goods and services in Swiss bank’s global ranking are in Asia (Shanghai, Tokyo, and Singapore are the others).

Tokyo joins Hong Kong and Shanghai in the top three most expensive cities in the world, while not far behind are Singapore (5), and Taipei (8). But if wealthy individuals want cheap luxury goods and services in the region, they should head to Mumbai, India, which is the cheapest of all the 28 cities studied.

In addition to residential property, basket of luxuries tracked by the Swiss bank include watch, ladies’ handbag, jewelry, car, whiskey, fine wine, ladies’ shoes, men’s suit, piano, business class flight, hotel suite, fine dining, wedding banquet, beauty services, Lasik, lawyer, and personal trainer. Only three U.S. cities made the cut: New York (4), Los Angeles (6) and Miami (13).

Most expensive cities in the world for luxury goods and services, 2020

1. Hong Kong
2. Shanghai, China
3. Tokyo, Japan
4. New York, United States
5. Singapore
6. Los Angeles, United States
7. London, United Kingdom
8. Taipei, Taiwan
9. Zurich, Switzerland
10. Monaco
11. Bangkok, Thailand
12. Paris, France
13. Miami, United States
14. Vienna, Austria
15. Sydney, Australia
16. Rio de Janeiro, Brazil
17. Dubai, United Arab Emirates
18. Mexico City, Mexico
19. Milan, Italy
20. Manila, Philippines
21. Vancouver, Canada
22. Jakarta, Indonesia
23. Moscow, Russia
24. Barcelona, Spain
25. Istanbul, Turkey
26. Frankfurt, Germany
27. Johannesburg, South Africa
28. Mumbai, India

The idea of luxury “once stood for fancy goods, such as handbags or sports cars,” Nicolas de Skowronski, head of wealth management solutions at Julius Baer, said in the report. “Now it has morphed into a broad category that includes services and experiences, from fine dining to new lifestyle trends such as wellness.”