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A recent study reveals that Singapore and Zurich are the top two priciest cities to reside in globally.
The Southeast Asia hub maintains its position from last year, while Switzerland’s biggest city has risen from sixth place in 2022.
In the past 11 years, Singapore has been at the forefront nine times, and Zurich has regained its position at the top after a three-year break.
According to the most recent edition of the Economist Intelligence Unit’s Worldwide Cost of Living Report, New York, previously tied for first place, has now dropped to second place along with Geneva.
London finds itself outside of the top 10 in 12th place in the 173-strong list, jumping up the list from 28th last year, while Manchester is among the biggest rises, jumping 31 places to be the 42nd most expensive city in the world.
The remaining list of the top 10 includes Hong Kong, Los Angeles, Paris, Copenhagen, Tel Aviv, and San Francisco.
According to the report, Western Europe has experienced persistent inflation in essential items such as groceries, clothing, and personal care, as well as an increase in the value of the euro and other local currencies. As a result, four of the top 10 most expensive cities are located in this region, causing them to move up in the rankings.
On the opposite side of the spectrum, Damascus, Syria is still the most affordable city, with Tehran, Iran, Tripoli, Libya, and Karachi, Pakistan following closely behind.
The rankings for the cities of Moscow and St. Petersburg in Russia saw a significant decline due to the effects of sanctions following the full-scale invasion of Ukraine, which weakened the value of the rouble.
Each year, The Economist Group’s research and analysis division, EIU, conducts the Worldwide Cost of Living Report.
According to Upasana Dutt, who oversees global cost of living at EIU, the “crisis of rising living costs is far from resolved and prices are still well above typical patterns in history.”
In 2024, we anticipate a slowdown in inflation due to the delayed effects of increased interest rates on economic activity and consumer demand. However, there is still potential for rising risks, such as heightened energy prices from ongoing conflict between Israel and Hamas, or a stronger impact than predicted from El Niño, leading to even higher food prices.
The top costliest cities in the world by 2023.
- Zurich, Switzerland
- Geneva, Switzerland
- New York, USA
- Hong Kong
- Los Angeles, USA
- Paris, France
- Copenhagen, Denmark
- Tel Aviv, Israel
- San Francisco, USA