Overview - Asia Pacific's Wealth Boom Accelerates HONG KONG SAR - Media OutReach Newswire - 14 July 2025 - The sixth edition of the Julius Baer Global Wealth and Lifestyle Report confirms the ongoing shift from material consumption towards experiences. Jen-Ai Chua, Research Analyst, Asia, Julius Baer, commented: "Asia Pacific remains one of the fastest-growing regions globally. Real GDP grew 4.5 per cent year on year in 2024 – moderating slightly from 5.1 per cent in 2023 but still outpacing the global average of 3.3 per cent. Firm fundamentals have set the stage for the rapid ascent of wealth in the region. The number of high-net-worth individuals in Asia is projected to have grown 5 per cent year on year to 855,000 in 2024. Growth in China and India is expected to help bring Asia's share of new HNWIs globally to an estimated 47.5 per cent between 2025 and 2028." Global city rankings: Three APAC cities in the top six globally Asia Pacific (APAC) continues to be an expensive place to live well in general, as its developing cities continue their upward economic trajectory. The region saw only slight price decreases of 1 per cent on average across the region, making it the most stable of all the surveyed regions this year. Once again, two of the world's three most expensive cities can be found in the Asia Pacific region, where Singapore ranks 1^st (unchanged) and Hong Kong ranks 3^rd (from 2^nd). Bangkok and Tokyo made the largest leaps, each climbing six places to 11^th and 17^th respectively. Conversely, Shanghai dropped from fourth to sixth, and Manila fell to 23^rd despite a 7.5 per cent rise in average local currency prices.

• Singapore (ranked #1 globally):
  • Singapore continues to top the index as the costliest city for living well for the third consecutive year. Despite this, the city remains highly liveable, appealing to high-net-worth individuals and businesses due to its stable political climate, safety, and quality services, including education and healthcare. Overall, Singapore's stability and connectivity continue to make it a leading choice for relocation and residency.
  • Lifestyle index[1]: Singapore is ranked the most expensive for categories of car and women's handbag, second for women's shoes and third for residential property and healthcare. It is amongst the least expensive for a treadmill (ranked 21^st).
• Hong Kong (ranked #3 globally):
  • Hong Kong remains one of the most expensive cities to live well. Its low taxes and cosmopolitan appeal continue to attract wealthy individuals, bolstered by a residency-by-investment programme that has drawn significant interest from both mainland Chinese and global HNWIs.
  • Lifestyle index: Hong Kong is ranked the most expensive for a lawyer, and second most expensive for car and residential property, and third for degustation dinner. While Singapore saw hotel suites rise 10 per cent this year, Hong Kong saw a 26 per cent fall in prices.
• Shanghai (ranked #6 globally):
  • Lifestyle index: Shanghai remains the second most expensive city for watches, the third most expensive city for women's shoes, and while it is the most expensive city to have a degustation dinner, it is interestingly the second cheapest for Champagne, after Hong Kong.
• Bangkok (ranked #11 globally):
  • Bangkok made one of the biggest jumps this year, going up 6 places. While relatively affordable for many services in the index, Bangkok is one of the priciest global cities for luxury goods such as ladies' and men's fashions, as well as cars and watches.
  • Lifestyle index: Bangkok is ranked most expensive for women's shoes, and third for cars.
• Mumbai (ranked #20 globally):
  • Despite India's position as a rising economic powerhouse, Mumbai is relatively affordable for most services, particularly hospitality and travel.
  • Lifestyle index: Interestingly, it is jointly ranked most expensive for treadmill, but cheapest across the board for LASIK.

Shifting spending patterns among APAC's wealthy In APAC, spending on goods remains high, though consumer preferences continue to evolve. The growing wealth of APAC's HNW population, combined with increased interest in health, wellness, and experiences, continues to shape spending patterns across the region. APAC HNWIs boost investment and risk appetite HNWIs in APAC have tended to increase both spending and investing (39 per cent), with the highest overall total increase in those investing at 68 per cent. Most HNWIs from APAC have increased the diversity of assets in their portfolio and a consistent proportion has increased the level of risk. Investors in these regions also tend to be more interested in investing in future trends or in line with their values. Equities remain the preferred asset class in APAC, followed by real estate and cash. Despite notable 'ESG fatigue' in other regions, there has been a growing commitment to sustainable investing in APAC. Products and services APAC HNWIs spent more money on in the past 12 months HNWIs in APAC have seen some of the...