2026年全球财富及高端生活报告

EDITORIAL The 2026 edition of the Julius Baer Global Wealthand Lifestyle Report captures a world that is not sim-ply changing, but re-pricing itself in real time. Thisyear’s results point to a sharp acceleration in one ofthe most powerful, yet often underappreciated, forc-es shaping global wealth: currency. When viewed through a US dollar (USD) lens, whichremains the reference point for our index, the impli-cations are striking. The overall cost of maintaininga premium standard of living has risen by around10 per cent, and the hierarchy of global cities hasshifted accordingly. Yet beneath these headlinefigures lies a more nuanced – and ultimately moreinstructive – story about how wealth behaves in afragmented, multi-speed world. Christian Gattiker,Head of Research, Julius Baer At the top of the ranking, continuity meets change.Singapore retains its long-held position as the most ex-pensivecity for high-net-worth individuals, underlining its structural strengths: stability, global connectivity,and the enduring premium attached to scarcity in landand mobility. But just behind it, the reshuffle is telling.Zurich rises to second place, and Monaco to third –both propelled less by local inflationary pressures thanby the strength of their currencies. This distinctionmatters. It reminds us that in a globalised luxury eco-system, local price stability does not equate to globalaffordability. More concretely, residents of Zurich orMonaco are unlikely to have been significantlyimpacted by their rise to the top of the podium,whereas for visitors with weaker currencies in theirwallets, the change will be considerable. The moreinternationally mobile wealth is, the greater the impactof currency fluctuations. Here, exchange rates candominate lived experience. recognise that we are observing two overlappingrealities at once – one defined by local price dynam-ics, and another by global currency shifts. Both arereal. Both matter for clients. From a Julius Baer perspective, this duality is not amethodological inconvenience; it is a reflection of theworld our clients inhabit. Wealth today is inherentlyglobal, and its purchasing power is a function not onlyof local conditions but also of currency allocation.For internationally diversified portfolios – and forglobally mobile families – exchange rates are not abackground variable.They are a key driver of realoutcomes. This is particularly evident in 2026, wheremuch of the apparent ‘inflation’ in the lifestyle indexis, in fact, a currency story. Indeed, one of the defining features of this year’sindex is the outsized role of currency movements.Cities anchored to appreciating currencies – such asthe Swiss franc or the euro – have climbed therankings, while those more closely aligned with theUS dollar have slipped. From a methodologicalperspective, consistency remains paramount: main-taining a USD-based comparison ensures continuityover time. However, analytically, it is important to Beyond currencies, another important driver this yearis the resurgence of certain real assets – most nota-bly gold. Rising input costs linked to precious metalsare feeding through into luxury goods categoriessuch as jewellery and watches, where price increasesare pronounced. These categories continue to occu-py a unique position at the intersection of consump-tion and investment. In uncertain times, their dualrole becomes more visible: they are both objects of desire and stores of value. This dynamic reinforcesa broader trend we observe across the report – name-ly, that wealthy individuals are adapting their con-sumption patterns in ways that increasingly reflectinvestment logic. At the same time, the composition of price increasesacross goods and services provides further insightinto the evolving nature of affluent living. Goodsprices have risen more sharply than those for servic-es, reversing some of the trends seen in previous years.This reflects a combination of factors: input costs,supply chain adjustments, and strategic pricingby luxury brands that are increasingly global inorientation. Many of these brands anchor pricing instronger currencies, effectively exporting currencystrength into global retail prices. For clients, thismeans that even purchases made locally can reflectfinancial conditions elsewhere. What does all of this mean in practice? First, it un-derscores the importance of thinking in real, notnominal, terms. A 10 per cent increase in USD-basedlifestyle costs does not necessarily imply a loss ofpurchasing power for all clients – but it does highlightthe need to consider currency exposure explicitly. Second, it reinforces the value of diversification – notonly across asset classes, but also across currencies.In a world where exchange rates can move fasterthan underlying prices, currency risk and opportunityare inseparable. them into actionable insights – helping clients navi-gate complexity, preserve purchasing power, andidentify opportunity. The 2026 edition of the report