The Philippines’ capital city is regarded as the cheapest city for the rich in Asia-Pacific by Swiss wealth manager Julius Baer, despite inflation denting even the affluent’s deep pockets.

In Julius Baer’s Global Wealth and Lifestyle Report 2025, released on July 14, Manila is ranked 10th among 10 Asia-Pacific cities, which means it’s where luxury goods and services can be enjoyed at the lowest prices in the region.

Singapore remains the most expensive city globally; in Asia-Pacific, it is followed by Hong Kong, Shanghai, Bangkok, Taipei, Sydney, Tokyo, Jakarta, and Mumbai.

Across the total of 25 cities covered by the report, Manila ranked 23rd overall globally, with only Vancouver and Johannesburg deemed to have even lower luxury costs. The Philippine capital was in a higher 21st position last year.

“Manila is a peculiarity of this year’s results, as it actually falls two places to 23rd despite a 7.5-percent rise in average local currency prices—the second highest of the region behind Jakarta,” Julius Baer said.

This bucked the regional trend, as Asia-Pacific “experienced the smallest average price decrease of all regions this year.”

“Asia-Pacific is home to five of the 12 most expensive cities in the index. However, it is also home to relatively affordable cities such as Manila, Mumbai, and Jakarta,” Julius Baer said.

“But the region is also one of contrasts. Singapore may be one of the wealthiest nations (per capita) in the world, but the Philippines is not,” the wealth manager noted.

It cited that Singapore’s gross domestic product (GDP) per capita is more than 10 times bigger than those in the Philippines and India.

Across the 25 cities, Manila is the least expensive city for hiring lawyers, while Vancouver is the only city where luxury watches cost more than in the Philippines’ capital.

According to Julius Baer, the cost of lawyer services in Manila was unchanged in comparable United States (US) dollar value, even as it inched up by 3.7 percent year-on-year in Philippine pesos.

Luxury watch prices also rose by 5.7 percent in the local currency and by 1.9 percent in US dollars.

What else are relatively cheaper luxury experiences in Manila? Based on Julius Baer’s index, a degustation dinner, a spa service, women’s shoes, a hotel suite, and residential properties are also among the cheapest in the world.

This is despite a degustation dinner now being 12.6-percent more expensive in the local currency and 8.6-percent more costly in US dollar value year-on-year.

Hotel suite stays and luxury residences also saw higher prices, while women’s shoes fell by 11.5 percent and 14.7 percent in peso and dollar terms, respectively, over the past year.

However, the most expensive luxury items and services in Manila compared to the rest of the world include champagne—the second most expensive among the 25 cities, women’s handbags, as well as a LASIK procedure.

The price of a champagne bottle in Manila skyrocketed by 44.7 percent in peso terms and 39.5 percent in dollar terms year-on-year.

In the local currency and in US dollars, LASIK costs soared by 14.8 percent and 10.7 percent, respectively, while women’s handbags are now more expensive by 11.1 percent and 6.2 percent.

In last year’s report, Tokyo was considered the cheapest city in the region for the affluent.

“Thanks to a 7.2-percent rise in the local currency cost of the index, Tokyo has climbed six places to 17th, while Bangkok has experienced a similarly notable ascent, leaping into 11th place from 17th despite average local currency prices not increasing at all there,” Julius Baer said.