(Nov 30): Singapore and Zurich surpassed New York to become the world’s most expensive cities to live in this year, according to a new global survey.
The sky-high cost of car ownership, pricey alcohol and rising grocery prices saw Singapore pull ahead of the US city, with which it shared the top spot last year, according to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2023 report.
Zurich jumped from the sixth place last year to joint first, thanks in part to a strong Swiss franc, as well as expensive groceries, household goods and recreation.
Geneva, tied with New York in the third position, and Hong Kong rounded out the list of the top five costliest places. Overall, global prices rose an average 7.4% year-on-year in local currency terms, slightly down on last year’s 8.1% increase.
Chinese cities were among the biggest movers down the rankings, mainly due to the country’s slow post-pandemic recovery and subdued consumer demand.
Other findings from the study were:
“The supply-side shocks that drove price increases in 2021-2022 have reduced since China lifted its Covid-19 restrictions in late 2022, while the spike in energy prices seen after Russia invaded Ukraine in February 2022 has also eased,” said Upasana Dutt, the head of worldwide cost of living at the EIU. “Despite upside risks, we expect inflation to decelerate further in 2024, easing prices globally.”
The survey was carried out between Aug 14 and Sept 11, and compared more than 400 individual prices in 173 cities globally.
The following are the top 10 most expensive cities in the world, with their 2023 rankings. Some cities are tied.
1. Singapore
1. Zurich
3. Geneva
3. New York
5. Hong Kong
6. Los Angeles
7. Paris
8. Copenhagen
8. Tel Aviv
10. San Francisco
Source: TheEdge - 1 Dec 2023
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