“Asia Pacific remains one of the fastest-growing regions globally. Real GDP grew 4.5% y-o-y in 2024 – moderating slightly from 5.1% in 2023 but still outpacing the global average of 3.3%. Firm fundamentals have set the stage for the rapid ascent of wealth in the region. The number of HNWIs in Asia is projected to have grown 5% y-o-y 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% between 2025 and 2028,” says Jen-Ai Chua, research analyst, Asia, Julius Baer.
Singapore leads Julius Baer’s Lifestyle Index, ranking highest in categories such as cars and women’s handbags, and remaining among the top cities for property, healthcare and shoes. The city-state continues to attract affluent individuals with its political stability, quality infrastructure and global connectivity.
Hong Kong, although slipping to third place, remains a key luxury hub. Elsewhere, Bangkok and Tokyo each jumped six positions in the rankings, while Shanghai and Manila fell. Across the region, prices inched down by only 1% on average, making APAC the most stable among all surveyed regions.
Julius Baer noted that while global spending remains resilient, the underlying consumption mix is changing. For the first time since the index’s inception, prices in US dollar terms fell by 2%. Goods saw a sharper decline of 3.4%, driven by steep drops in technology prices, while services fell only 0.2%.
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“In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation, and next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective,” says Christian Gattiker, head of research, Julius Baer.
The APAC region continues to display a strong appetite for both investment and consumption. Equities remain the preferred asset class, followed by real estate and cash. HNWIs in Asia have also shown a higher propensity to embrace risk, diversify portfolios and align investments with personal values and future trends. Despite global signs of ESG fatigue, sustainable investing is gaining ground in Asia.
Spending priorities have shifted towards experiences and wellbeing. Business class flights saw a 12.6% jump in APAC, the sharpest price rise in the index for the region. Demand for high-end fashion, hotels and dining also surged. However, consumer electronics prices dropped sharply, with technology costs down 21.4% in APAC.
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Health and longevity are now at the forefront of lifestyle and financial decisions. Every APAC respondent in Julius Baer’s survey reported actively taking steps to extend their lifespan, from improved diets and regular exercise to experimental approaches such as gene therapy and cryogenic chambers.
A growing awareness of financial longevity is prompting many HNWIs to revise their long-term wealth strategies. In APAC, individuals are more likely than their global peers to develop long-term care plans and reassess retirement goals to reflect longer life expectancies.
The report also points to a generational handover, with US$5.8 trillion in assets expected to transfer between generations in Asia by 2030. This shift is accelerating demand for digital experiences, sustainable consumption and entrepreneurship opportunities. Old economy wealth remains dominant in Asia, but a new profile of HNWI is emerging that are tech-savvy, globally connected and experience-oriented.
The redefinition of luxury away from possessions and towards meaning, wellbeing and exclusive experiences reflects this broader transformation. While goods spending may be softening, affluent consumers continue to prioritise curated travel, health optimisation and values-aligned investments.
