diff --git a/CHANGELOG.md b/CHANGELOG.md
index 152e6db8f5..08c3c62ae2 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -11,6 +11,16 @@ and this project adheres to
 - @cosmjs/tendermint-rpc: Add missing `earliest_*` fields to `SyncInfo` record
   returned from the `/status` RPC endpoint ([#1448]).
 
+### Changed
+
+- @cosmjs/stargate, @cosmjs/cosmwasm-stargate: Change default multiplier for gas
+  simulation from 1.3 to 1.4 to avoid out of case cases starting with Cosmos SDK
+  0.47.
+- @cosmjs/cosmwasm-stargate: Reduce default gas multiplier for
+  `SigningCosmWasmClient.upload` to 1.1. ([#1360])
+
+[#1360]: https://github.com/cosmos/cosmjs/issues/1360
+
 ## [0.31.0] - 2023-06-22
 
 ### Fixed
diff --git a/packages/cli/examples/simulate.ts b/packages/cli/examples/simulate.ts
index 2a5f3b74b7..255f44cd67 100644
--- a/packages/cli/examples/simulate.ts
+++ b/packages/cli/examples/simulate.ts
@@ -95,7 +95,7 @@ const client = await SigningStargateClient.connectWithSigner(rpcEndpoint, wallet
     },
   };
   const memo = "With simulate";
-  const result = await client.signAndBroadcast(account.address, [sendMsg], 1.4, memo);
+  const result = await client.signAndBroadcast(account.address, [sendMsg], 1.55, memo);
   assertIsDeliverTxSuccess(result);
   console.log("Successfully broadcasted:", result);
 }
diff --git a/packages/cosmwasm-stargate/src/signingcosmwasmclient.ts b/packages/cosmwasm-stargate/src/signingcosmwasmclient.ts
index e21b66ed83..a5d8ca3772 100644
--- a/packages/cosmwasm-stargate/src/signingcosmwasmclient.ts
+++ b/packages/cosmwasm-stargate/src/signingcosmwasmclient.ts
@@ -297,7 +297,11 @@ export class SigningCosmWasmClient extends CosmWasmClient {
       }),
     };
 
-    const result = await this.signAndBroadcast(senderAddress, [storeCodeMsg], fee, memo);
+    // When uploading a contract, the simulation is only 1-2% away from the actual gas usage.
+    // So we have a smaller default gas multiplier than signAndBroadcast.
+    const usedFee = fee == "auto" ? 1.1 : fee;
+
+    const result = await this.signAndBroadcast(senderAddress, [storeCodeMsg], usedFee, memo);
     if (isDeliverTxFailure(result)) {
       throw new Error(createDeliverTxResponseErrorMessage(result));
     }
@@ -604,7 +608,9 @@ export class SigningCosmWasmClient extends CosmWasmClient {
     if (fee == "auto" || typeof fee === "number") {
       assertDefined(this.gasPrice, "Gas price must be set in the client options when auto gas is used.");
       const gasEstimation = await this.simulate(signerAddress, messages, memo);
-      const multiplier = typeof fee === "number" ? fee : 1.3;
+      // Starting with Cosmos SDK 0.47, we see many cases in which 1.3 is not enough anymore
+      // E.g. https://github.com/cosmos/cosmos-sdk/issues/16020
+      const multiplier = typeof fee === "number" ? fee : 1.4;
       usedFee = calculateFee(Math.round(gasEstimation * multiplier), this.gasPrice);
     } else {
       usedFee = fee;
diff --git a/packages/stargate/src/signingstargateclient.ts b/packages/stargate/src/signingstargateclient.ts
index a255629c2c..a064d1649a 100644
--- a/packages/stargate/src/signingstargateclient.ts
+++ b/packages/stargate/src/signingstargateclient.ts
@@ -318,7 +318,9 @@ export class SigningStargateClient extends StargateClient {
     if (fee == "auto" || typeof fee === "number") {
       assertDefined(this.gasPrice, "Gas price must be set in the client options when auto gas is used.");
       const gasEstimation = await this.simulate(signerAddress, messages, memo);
-      const multiplier = typeof fee === "number" ? fee : 1.3;
+      // Starting with Cosmos SDK 0.47, we see many cases in which 1.3 is not enough anymore
+      // E.g. https://github.com/cosmos/cosmos-sdk/issues/16020
+      const multiplier = typeof fee === "number" ? fee : 1.4;
       usedFee = calculateFee(Math.round(gasEstimation * multiplier), this.gasPrice);
     } else {
       usedFee = fee;