High-net-worth individuals prioritise well-being over material possessions

The priorities of wealthy individuals have shifted against the backdrop of ongoing geopolitical tensions and trade disputes. While spending on luxury goods is declining, demand for travel and experiences is unabated. The cost of living a luxurious lifestyle has fallen on average in the 25 cities analysed for the first time in years, according to Swiss private bank Julius Baer's Global Wealth and Lifestyle Report published on Monday. +Get the most important news from Switzerland in your inbox The basket of twelve consumer goods and eight luxury services compiled by the Zurich-based bank has become 2% cheaper in US dollar terms since 2024. Services have only become 0.2%, while the prices of goods have fallen significantly by 3.4%. The main reason for this was the decline in prices of tech products (-22.6%), where prices for the MacBook were lowered following the introduction of Apple's new chip. However, the decline in prices of handbags, jewellery, champagne and women's shoes also ...