The number of high-net-worth individuals ( HNWIs ) in Asia-Pacific is projected to have grown 5% year on year to 855,000 in 2024, with growth in China and India expected to help bring Asia’s share of new HNWIs globally to an estimated 47.5% between 2025 and 2028, according to a new report.

Firm fundamentals have set the stage for the rapid ascent of wealth in the region, finds the sixth edition of Swiss wealth management Julius Baer’s Global Wealth and Lifestyle Report. Asia-Pacific remains one of the fastest-growing regions globally, with real GDP growing 4.5% year on year in 2024 – moderating slightly from 5.1% in 2023 but still outpacing the global average of 3.3%.

Asia-Pacific continues to be an expensive place to live well in general, the report notes, as its developing cities continue their upward economic trajectory. The region saw only slight price decreases of 1% on average across the region, making it the most stable of all the surveyed regions this year.

Most expensive cities

Two of the world’s three most expensive cities can be found in Asia-Pacific, details the report, which ranks Singapore first ( unchanged from last year ) and Hong Kong third ( down from second ). Bangkok and Tokyo made the largest leaps, each climbing six places to 11th and 17th respectively. Conversely, Shanghai dropped from fourth to sixth, and Manila fell to 23rd despite a 7.5% rise in average local currency prices.

Singapore, for the third consecutive year, continues to top the report’s index as the costliest city for living well. Despite this, the city remains highly liveable, appealing to HNWIs 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.

On the report’s lifestyle index, Singapore is ranked as the most expensive for categories of cars and women’s handbags, second for women’s shoes and third for residential property and healthcare.

Hong Kong, the report points out, remains one of the most expensive cities to live well. However, 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.

On the report’s lifestyle index, Hong Kong is ranked the most expensive for a lawyer, and second most expensive for cars and residential property, and third for degustation dinners. While Singapore saw hotel suites rise 10% this year, Hong Kong saw a 26% fall in prices.

Shanghai is ranked as the sixth most expensive city globally. On the report’s lifestyle index, it 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 as the 11th most expensive city globally, made one of the biggest jumps this year, going up six places. While relatively affordable for many services in the index, Bangkok is one of the priciest global cities for luxury goods like ladies’ and men’s fashions, as well as cars and watches. On the report’s lifestyle index, Bangkok is ranked as the most expensive for women’s shoes and third for cars.

Mumbai is ranked as the 20th most expensive city globally. And, despite India’s position as a rising economic powerhouse, Mumbai is relatively affordable for most services, particularly hospitality and travel.

Investment, risk appetite

HNWIs in Asia-Pacific have tended to increase both spending and investing ( 39% ), the report finds, with the highest overall total increase in those investing at 68%.

Most HNWIs from the region 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 Asia-Pacific, followed by real estate and cash. Despite notable “ESG fatigue” in other regions, there has been a growing commitment to sustainable investing in the region.

Spending, lifestyle patterns

In Asia-Pacific, spending on goods remains high, though consumer preferences continue to evolve. The growing wealth of the region’s HNWI population, combined with increased interest in health, wellness and experiences, the report shares, continues to shape spending patterns across the region.

HNWIs in Asia-Pacific have seen some of the biggest jumps in cost for lifestyle spending habits, the report details, outpacing all regions in high-end women’s clothes, hotels and fine dining.

There was one category this year where prices increased more sharply than any other – across almost all cities and in Asia-Pacific, business class flights rose 12.6%, and the region also saw a marked increase in leisure travel compared with business travel.

In line with global trends, longevity is now top of mind for many HNWIs in Asia-Pacific. In the region, 100% say they are taking measures to increase their lifespans, ranging from lifestyle changes, such as regular exercise and a good diet, to more extreme measures, such as gene therapy and cryogenic chambers being used by 21% of respondents.

Unlike other regions, HNWIs in Asia-Pacific say that their attitudes are overwhelmingly concerned with health, even as those in other regions report more interest in dining experiences and human interaction.

Next generation

When it comes to financial longevity, the majority of HNWIs say they will adjust their wealth strategy to cover an increase in lifespan, the report notes, with measures ranging from reviewing their existing wealth structure and rebalancing their portfolios to re-evaluating retirement goals.

Respondents in Asia-Pacific were much more likely to create a long-term care plan, with 68% positively checking this option.

While old economy businesses will be a mainstay of wealth in the region, entrepreneurship opportunities facilitated by the emergence of newer technologies are changing the profile of the Asia-Pacific HNWI.

Concurrently, the intergenerational wealth transfer that should see a projected US$5.8 trillion in assets change hands between 2023 and 2030 will accelerate the shift towards new preferences in lifestyle and spending choices, such as a growing focus on sustainability, increased digitalization and a bias towards experiences.

As wealth continues to shift in Asia-Pacific, these trends, the report posits, will influence global luxury markets, real estate and investment strategies in the years ahead.