Singapore and Zurich won the title of cities with the highest cost of living this year, ahead of New York.
That’s according to the latest Economist Intelligence Unit study, Global Cost of Living in 2023, which found that exorbitant cost of car ownership, very expensive alcohol and rising prices for basic necessities placed Singapore one place above the American metropolis.
Zurich, which shared first place with Singapore, took the corresponding line, “jumping” from sixth (last year), thanks to the strengthening of the Swiss franc and high prices for food, household goods and holiday expenses. This year, Geneva shares third place with New York, and Hong Kong rounds out the top five. most expensive cities in the world to live in. Overall, global prices rose an average of 7.4% year on year in local currency terms, down slightly from last year’s 8.1% rise.
Chinese cities are among the leaders, lost positions in the rankings, largely due to the country’s slow recovery from the pandemic and sluggish consumer demand. Los Angeles, ranked sixth, and San Francisco, ranked tenth, were the only U.S. cities to make the cut. in the top ten most expensive cities.
The cheapest the Syrian capital remains a city Damascus, despite the cost of living rising by 321%. Mexico’s Santiago de Queretaro and Aguascalientes made the biggest jumps in the world rankings after the peso strengthened against the US dollar. The weaker Japanese yen dropped Tokyo 23 places from a year earlier to 60th and Osaka down 27 places to 70th.
The researchers note that although Tel Aviv, Israel, made the top ten, the survey was conducted before the war between Israel and Hamas, which could have affected its ranking status. The survey was conducted from August 14 to September 11 and compared more than 400 individual prices in 173 cities around the world.
Top 10 most expensive cities in the world in 2023:
- Hong Kong
- Los Angeles
- Tel Aviv
- San Francisco.