In Vino Veritas: The Wealth Report’s Global Wine Cities Ranking 2025
What the most extensive - and expensive – restaurant wine lists in key cities worldwide reveal about the luxury and wealth on offer
Order a drink in the finest New York restaurants and, on average, the wine list will give you a choice of 506 wines. In London, you’ll find wines from the world’s top 250 wine and champagne houses in a total of 519 restaurants while in Hong Kong, nearly 12% of the world’s most expensive wines are available at each of the city’s top 20 restaurants.
These are three record-breaking facts revealed in an analysis in The Wealth Report 2025 to assess the diversity, quality and range of fine wines being poured in the very best restaurants in 30 global cities. The results, reached in collaboration with data analytics firm Wine Services, help to build a picture of the luxury offerings in these cities, and make for intriguing reading.
New York was the overall leader of the pack, with an average cost per bottle of US$747 and 66% of listings in its best restaurants priced over US$200 a bottle. London was close behind, outpacing New York for the number of fine restaurants (519 compared to 480) but with ‘only’ 61% of bottles of the wine lists in those restaurants priced above US$200.
Completing the top five most luxurious wine cities were Singapore, Hong Kong and Paris.
“It doesn’t surprise me that New York finished in the top position on this ranking,” says Will Banham, Partner in Knight Frank’s Viticulture team. “There’s a great deal of wealth in the city and luxury and aspiration are well embedded in the US psyche. I am a little surprised by Paris being in fifth position, however. We think of Paris, and indeed France in general, as very much at the forefront of food culture and wine industry so it’s interesting that it came fifth overall.”
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New York
“New York has featured prominently in the Michelin restaurant guide since 2005, this year boasting 74 Michelin-starred restaurants compared to 85 in London and 132 in Paris,” says Jason Mansfield, Head of US Residential Sales for Knight Frank. “Wealthy individuals have always had the means to indulge in the finest culinary experiences paired with exceptional wine and a few restaurants truly excel in this regard. Eleven Madison Park offers a wine list that spans over 200 pages and features 4,700 wine labels. It’s a wine lover's dream, with 10 pages dedicated to champagnes alone. Le Bernardin also boasts an impressive wine list with 1,550 labels while Jean Georges’ list has 2,300 labels.”
New York’s wealth is concentrated near Central Park, says Mansfield, the reason that the majority of Michelin-starred restaurants cluster nearby in Midtown. He points to homes for sale at 53W53, where studios start from US$1,600,000 rising to US$64,730,000 for a four-bedroom penthouse, and The Aman Residences on Fifth Avenue where a three-bedroom private home, one of only 22 in total, with a private terrace and swimming pool and views to Central Park, is US$35 million.
New York looks like a “buying opportunity” once more, says Knight Frank’s research team, helped by a 5% increase in listings in 2024 coupled with prices that now compare favourably with other booming US markets.
“Following years of sub-par growth, prime New York has regained its confidence, and a truly positive market expansion, absent since 2019, is set to return this year,” writes Liam Bailey in The Wealth Report. “Inventory levels remain over 50% below the five-year average which will help support pricing as the selling season gathers pace.”
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London
As outlined in The Wealth Report 2025, anyone buying property in London today with US dollars will get an average of 43% more floor space for their money compared with 2014, yet despite this apparent reduction, there’s still plenty of demand for true luxury in the UK’s capital. Twenty new five-star hotels are planned to have opened in London in the five years to 2028, a global record that shows the strength of international and domestic demand for the very best of London life.
The wide choice at the top of luxury dining was confirmed by the 2025 Michelin Guide which added 49 restaurants to the capital’s culinary scene. Six have the coveted top prize of three Michelin stars: The Ledbury, Alain Ducasse at The Dorchester, Sketch Lecture Room & Library, Restaurant Gordon Ramsay, Hélène Darroze at The Connaught and Core by Clare Smyth with a further 15 restaurants given 2 Michelin stars and 64 with one star.
Singapore and Hong-Kong
Singapore and Hong-Kong ranked third and fourth in The Wealth Report’s Global Wine Cities Ranking. They share a similar number of fine restaurants, 293 in Singapore and 296 in Hong Kong, and a similar percentage of listings above US$200 (53% and 56% respectively).
Prime properties prices are relatively similar in both locations too. A budget of US$1 million would buy 22 square metres in Hong Kong and 32 square metres in Singapore, putting them behind only Monaco in The Wealth Report’s 2025 price pagoda.
Paris
Paris finished in fifth position in the Global Wine Cities Ranking, thanks to 414 fine restaurants (the third highest overall figure) 64% of wine listings above US$200 (the second highest in the top five) and an average price of US$551 per bottle. However, with a relatively low listing of 177 wines on average in the best restaurants, the French capital was significantly behind eight of the top ten ranked cities.
With a predicted 2.5% price increase set for 2025, Paris is firmly in the top five global cities to watch in the year ahead. The success of the Summer Olympics last year showcased the beauty of Paris to perfection and along with a weakened Euro, encouraged investors from the UK and the USA to continue purchasing property there.
Viticulture trends
The facts tell the story: we’re drinking less wine. The International Organisation of Vine and Wine recorded worldwide consumption at a 27-year low in 2024 with younger generations, Gen Z in particular, less keen consumers than their elders.
But that’s only part of the story, says Will Banham, Partner in Knight Frank’s Viticulture team.
“Wine producers know that to get brand loyalty they need to offer exclusive experiences and that extends to top-flight restaurants offering wine pairings,” outlines Banham. “Younger people are less interested in day to day consumption but far more interested in the craft, heritage and storytelling involved in wine production. So yes, they’re drinking less overall but they’re also more inclined to look at a higher spend per bottle when they do drink. The vineyards producing standard table wine are the ones struggling most today.”
Drink less, drink better is certainly a trend that Caroline Meesemaecker, owner and CEO of data analytics firm Wine Services has noticed, describing “a new era of selectivity and luxury.” Other notable trends include the growing appetite for fine wines in Seoul and the development of Dubai as a global hub for expert wine lists with venues such as Ristorante L’Olivo and Dinner by Heston Blumenthal. Dubai was in 9th position overall in the Wealth Report Global Wine Cities rankings but won first place for the most expensive wines on offer, with nearly 68% priced over US$200.
And while the mid-tier spending remains stagnant, there’s interest in both affordable luxury and ultra-rare investments. “Overall, the US$200-US$400 a bottle range thrives on experience-driven consumers who are choosing premium wines such as Tiganello and Lynch-Bages,” says Meesemaecker. “The US$1,000+ segment is surging with demand from collectors and investors for labels such as La Tâche, Pétrus, Domaine de la Romanée-Conti and Harlan Estate.”
