C-Suite Lifestyle

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

cities luxury goods and services

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.”

Alexandra Dimitropoulou

Alexandra Dimitropoulou

VP and News Editor
Alexandra Dimitropoulou is a VP and News Editor at CEOWORLD magazine, working to build and strengthen the brand’s popular, consumer-friendly content. In addition to running the company’s website, CEOWORLD magazine, which aims to help CEOs, CFOs, CIOs, and other C-level executives get smarter about how they earn, save and spend their money, she also sits on the Board of Directors of the Global Business Policy Institute. She can be reached on email alexandra-dimitropoulou@ceoworld.biz. You can follow her on Twitter at @ceoworld.