1. Ranked: World’s most expensive cities of 2023
Well, this list has been compiled by Economist Intelligence Unit’s Worldwide Cost of Living survey, in which Singapore and Zurich have jointly claimed the top spot. This is Singapore’s ninth time in the past 11 years as the world’s most expensive city, sharing the position with Zurich this year, which rose from sixth place in 2022.
The survey, conducted from August 14 to September 11, covered 173 cities and compared prices for over 400 items and services. Singapore’s ranking is influenced by high costs in groceries, alcohol, clothing, and private car ownership, while Zurich’s rise is attributed to elevated prices for household items and recreational activities.
The survey indicates a trend of cities experiencing higher prices due to inflation, with a 7.4% year-on-year increase in prices for over 200 goods and services, albeit lower than the previous year. New York City, sharing the top spot with Singapore last year, now ties for the third position with Geneva, Switzerland.
Other US cities in the top 10 include San Francisco and Los Angeles. Despite lower inflation in Asia compared to other regions, Hong Kong secured the fifth spot.
Western Europe is prominent due to inflation in groceries and clothing, with Zurich, Geneva, Paris, and Copenhagen making the list. Tel Aviv also featured in the list with Copenhagen at number 8.
Do note that this survey was conducted before the Israel-Hamas war.
Sharing the top spot with Singapore last year, now ties for the third position with Geneva, Switzerland. Other US cities in the top 10 include San Francisco and Los Angeles. Despite lower inflation in Asia compared to other regions, Hong Kong secured the fifth spot.
Here’s the list of the world’s most expensive cities to live in.
2. Singapore
Singapore tops the list due to consistently high costs in groceries, alcohol, clothing, and private car ownership, making it the world’s most expensive city for the ninth time in 11 years.
3. Zurich, Switzerland
Zurich managed to change its position from sixth place in 2022 to second this year, which has been driven by elevated prices for household items and recreational activities, reinforcing Switzerland’s reputation for high living costs.
4. New York City
While this city previously shared the top spot with Singapore, it still remains among the world’s costliest due to its enduring high prices for various goods and services, contributing to its tie for the third position.
5. Geneva, Switzerland
Geneva, tying for the third spot, is characterised by its significant expenses in groceries and clothing, which reflects Switzerland’s broader trend of cities with elevated living costs.
6. Hong Kong
Hong Kong secures the fifth spot globally, highlighting its costly living conditions, despite lower inflation rates in Asia compared to other regions.
7. Los Angeles
Los Angeles also ranks among the world’s most expensive cities, which reflects the high costs of living, and also because it’s one of the major US urban centres.
8. Paris
Paris, one of the four European cities in the top 10, which is primarily due to its inflated prices in groceries and clothing, which positioned it as a costly global city.
9. Copenhagen, Denmark
Copenhagen ties for the eighth spot, showcasing Denmark’s presence in the list due to inflation in groceries and clothing.
10. Tel Aviv
Tel Aviv, tying with Copenhagen at number 8, is recognized as one of the world’s most expensive places to live, although the survey was conducted before the Israel-Hamas war.
