Asia Pacific Leads Global Wealth Growth, Bangkok Rises in Cost of Living Index

Brickinfo News Agency – SCB Julius Baer, a joint venture between Siam Commercial Bank and Julius Baer, has released its “Global Wealth and Lifestyle Report 2025,” highlighting key trends among Ultra-High-Net-Worth Individuals (UHNWIs) and High-Net-Worth Individuals (HNWIs). The report identifies the Asia Pacific region as the fastest-growing wealth hub globally, driven by sustained economic growth. A notable finding is the increasing impact of the longevity trend on life and financial planning, alongside a shift in the definition of luxury from material possessions to experiences. Within this evolving landscape, Bangkok has moved up to 11th place globally in the cost of living index, while Singapore retains its position as the most expensive city for the third consecutive year.

The Asia Pacific region continues to demonstrate significant economic vitality, with its GDP growth in 2024, at 4.5%, still exceeding the global average of 3.3%, despite a slight moderation from 5.1% in 2023. This robust performance is contributing to a rapid increase in wealth across the region, with the number of HNWIs in Asia projected to grow by 5% year-on-year to 855,000 in 2024. China and India are expected to be major contributors, with Asia’s share of new HNWIs globally estimated to reach 47.5% between 2025 and 2028. These figures reinforce Asia Pacific’s role as a source of global wealth and economic opportunity.

The report also details shifts in the cost of living for HNWIs across major cities. Bangkok has climbed six places to 11th globally, indicating a notable increase in expenses for luxury goods such as ladies’ and men’s fashion, cars, and watches. Singapore remains the most expensive city for HNWIs for the third consecutive year. Other significant movements include Hong Kong dropping from 2nd to 3rd, Tokyo rising six places to 17th, and Shanghai moving from 4th to 6th.

Spending patterns among HNWIs in Asia Pacific reveal a tendency to increase both spending and investing, with a 68% increase in investing. Investors in this region are also more inclined to invest in future trends or align their investments with their values. Equities remain the preferred asset class, followed by real estate and cash. Furthermore, the region shows a growing commitment to sustainable investing, contrasting with “ESG fatigue” observed elsewhere, reflecting a focus on positive impact alongside financial returns.

The longevity trend significantly influences HNWIs’ life and financial planning in Asia Pacific. All respondents in the region reported taking measures to extend their lifespans, from lifestyle adjustments to more advanced interventions like gene therapy and cryogenic chambers, utilized by 21% of respondents. A majority of HNWIs indicated they would adjust their wealth management strategies for extended lifespans, with 68% in Asia Pacific creating long-term care plans. This aligns with a broader global shift where luxury is increasingly defined by “invaluable experiences” rather than material goods. Demand for fine dining, exclusive travel, and curated experiences continues to grow, indicating a preference for lifestyle, well-being, and meaningful experiences over material ownership.

The wealth landscape in Asia is experiencing transformation, with technology-driven opportunities diversifying the profile of Asian HNWIs. An anticipated intergenerational wealth transfer of over $5.8 trillion USD between 2023 and 2030 is expected to accelerate a shift towards new lifestyle and spending preferences, including increased digitalization, a focus on sustainability, and a bias towards experiences.