The Global Wealth and Lifestyle Report 2025 by Julius Baer marks a turning point: for the first time, the Lifestyle Index shows a 2 percent decline in US dollar terms. This price drop, particularly for goods (-3,4 percent), symbolizes a trend reversal among High-Net-Worth Individuals (HNWIs). Instead of material consumption, the focus is now on longevity — both in financial and health-related terms.

In a world shaped by geopolitical tensions, trade conflicts, and inflation, wealthy individuals are increasingly questioning their spending behavior. While the demand for exclusive experiences such as travel and fine dining remains robust, traditional luxury goods are losing significance. One striking detail: prices for technology products have fallen by more than 21 percent, while the cost of business-class flights has increased by 12,6 percent.

Living Longer, Planning Further: Rethinking Wealth Preservation

A key finding of Julius Baer’s HNWI survey is the growing importance of longevity. Between 87 percent (North America) and 100 percent (Asia) of respondents report actively taking measures to extend their lifespan — ranging from balanced nutrition to innovative treatments such as gene therapy. At the same time, the need for financial longevity is rising: strategies to safeguard wealth over an increasingly longer lifespan are gaining prominence, particularly in Europe and North America.

Zurich Moves Up

Despite declining prices worldwide, Zurich has maintained its position among the top-tier cities and climbed to fifth place in the ranking of the most expensive cities for HNWIs. The EMEA region (Europe, Middle East, Africa) shows stable to slightly decreasing price levels. In Zurich, the cost of many services has even declined slightly. London has climbed to second place globally, while Dubai continues its ascent (now ranked 7th). In the Asia-Pacific region, Singapore remains at the top, with Bangkok and Tokyo making significant gains.

While APAC shows stable price development overall despite global uncertainties (-1 percent), Latin America presents a mixed picture: consumer goods have become cheaper, but hotel and flight prices — particularly for business class — have soared (+39,3 percent). In Mexico City and Santiago, prices rose by up to 16 percent in local currency — a sign of the fragmented nature of global developments.

Implications for Switzerland’s Financial Sector

The Julius Baer report serves as a barometer for the behavior of the global wealth elite — and by extension, for wealth managers, family offices, and banks with an international clientele. The bottom line: the concept of luxury is evolving. Instead of status symbols, well-being, quality of life, and long-term planning are coming to the fore. For Swiss providers, this means that services related to health, longevity, and intergenerational wealth strategy are likely to gain significant importance — well beyond traditional wealth management.