Swiss private bank Julius Baer published today its annual Global Wealth and Lifestyle Report 2026, delving into the lives and consumption trends of HNW people in Europe, APAC, the Middle East, North America, and Latin America.

The Global Wealth and Lifestyle Report 2026 by Swiss private bank Julius Baer shows that no city in the Americas appears in the global top ten most expensive cities for high net worth individuals (HNWIs) for the first time in three years. It does, however, show that wealth accumulation in North America remains strong.

New York remained the highest-ranked city in the region, followed by São Paulo, which rose to 12th place. Santiago de Chile and Mexico City also climbed, supported by strong local price growth and currency movements.

The Americas also remained highly differentiated: North America showed strong wealth accumulation and stable investment behavior, while Latin America displayed greater caution and a stronger focus on preserving purchasing power.

Such reports can provide domestic and international banks with guidance on where to expand, such as establish booking centers and other facilities, or where in some cases to retrench. The Julius Baer report is among a number of annual reports on aspects of the wealth sector, provided by groups such as Capgemini, Boston Consulting Group, UBS and Knight Frank.

The Lifestyle Survey interviewed 360 HNW individuals with bankable household assets of $1 million or more across Europe, APAC, the Middle East, North America, and Latin America. Questions focused on their lifestyle, attitudes towards sustainability and global uncertainty, and their behaviour in relation to their consumption of products and services and financial needs, between February and March 2026. It is important to note that data collection for the Index ended in late February and field work for the survey ended in early March 2026. As a result, the impact of the ongoing situation in the Middle East has not been priced into the bank's findings.

America rising
In North America, 97 per cent reported an increase in asset value, with 47 per cent of high-net worth individuals reporting a significant increase. This was the strongest wealth accumulation of any region over the past 12 months, reflecting strong capital market performance. In Latin America, only 60 per cent of respondents recorded growth – the lowest level of any of our regions – but 23 per cent recorded significant increases, highlighting the diverse range of cities and economies in the region.

While the average cost of living an affluent lifestyle rose roughly in line with the global average increase at 10.3 per cent, price increases varied considerably depending on local currency.

The Julius Baer report is being published against a complex and shifting global backdrop. The past year has been defined by heightened geopolitical volatility, changing trade patterns, fluctuating exchange rates, and renewed concerns around inflation. While financial markets have remained resilient, these forces are having a tangible impact on the cost of living well for HNW individuals around the world.

The city ranking is based on the Julius Baer Lifestyle Index, which analyses the cost of a basket of 20 goods and services representative of "maintaining a premium standard of living" in 25 cities around the world. For globally mobile individuals and families, the index offers an important perspective on how currency, domicile, and lifestyle choices can affect purchasing power and financial longevity.

Other cities
Singapore remains the world’s most expensive city for HNW individuals, while Zurich rises to second place and Monaco enters the top three for the first time supported by the strength of the euro and its exceptionally high residential property prices. Hong Kong moves down to fourth place, while London drops to fifth after having been a close contender for the top spot in 2025. Dubai slips to 14th place in this year’s index. While this is a notable drop, it is explained more by other cities in the index becoming more expensive than by Dubai becoming more affordable. The report highlights the growing importance of currency and mobility in a fragmented global economy.

Price developments in the index
Currency is the defining factor in this year’s index, but it is not the only driver of change. Raw material costs have also played a significant role. Notably, the price of gold has more than doubled since 2024, feeding through into luxury goods categories such as jewellery and watches. Jewellery prices rose by 16.4 per cent, while watches increased by 15.5 per cent, the survey reveals.

Luxury goods prices have risen across the board, with an average increase of 12.3 per cent. This reflects a combination of higher input costs, including leather and precious metals, the cost of highly skilled labour, and strategic pricing by global luxury brands. Many luxury houses are based in Europe and anchor their pricing in stronger currencies, such as the euro or Swiss franc, further influencing global retail prices, the survey shows.

Lifestyle findings
After a turbulent 12 months, this year’s survey shows that geopolitical uncertainty has become a near-universal concern. Across all regions, between 82 per cent and 95 per cent of respondents said they were concerned to very concerned about geopolitics. This new global landscape is influencing how affluent individuals spend, plan, and invest. 

While wealth continues to grow for respondents in all regions, regional spending patterns have crystallised into a pronounced two-speed luxury economy. Spending in APAC and the Middle East significantly outpaces spending in Europe, North America, and Latin America, with Europe showing the highest levels of spending contraction. Experiential spending continues to dominate across every region, led by strong demand for luxury hospitality and premium dining.

Health-related expenditure has also surged and was one of only two categories, alongside leisure travel, to see increases in all regions. This confirms the continuing relevance of the "health is wealth" trend, with affluent individuals increasingly viewing health and longevity as core components of their overall wealth, the survey reveals

The survey also shows that HNW individuals are adapting their consumption behavior in response to tariffs, currency movements, and global uncertainty. At least one in three respondents have already changed the geographic origin of some of their luxury purchases. More than half would now consider travelling internationally to purchase luxury goods and bypass tariffs, while around a quarter are already doing so.

Investment behavior has also shifted. The majority of respondents across all regions have modified their portfolios in response to rising macroeconomic and political risks. While traditional assets remain the foundation of portfolios, HNWIs are increasingly moving towards defensive strategies, including precious metals, geographic diversification, and higher liquidity, the survey shows.

North America shows the greatest consistency in financial attitudes and the strongest reported asset growth, the report reveals. Latin America occupies the middle ground, with investors focusing on income generation and wealth preservation while also showing interest in future trends.