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A recent report reveals that Singapore and Zurich are the priciest cities in the world for residents.
The Southeast Asia hub maintains its position from last year, while Switzerland’s biggest city moves up from sixth place in 2022.
Out of the past 11 years, Singapore has been the leader nine times, and after a break of three years, Zurich has reclaimed the top spot.
According to the most recent version of the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Report, New York, previously tied for first place, has now dropped to second place alongside Geneva.
London is ranked 12th in the list of 173 cities, which is a jump from its previous ranking of 28th. Meanwhile, Manchester has seen a significant increase, jumping 31 spots to claim the 42nd position as one of the most expensive cities in the world.
The remaining cities in the top 10 include Hong Kong, Los Angeles, Paris, Copenhagen, Tel Aviv, and San Francisco.
The report states that Western Europe has experienced consistent inflation in groceries, clothing, and personal care, as well as an increase in the value of the euro and other currencies in the region. This has resulted in four of the top 10 most expensive cities being located in Western Europe.
On the opposite side of the spectrum, the most affordable city is Damascus, Syria, with Tehran, Iran, Tripoli, Libya, and Karachi, Pakistan following closely behind.
The rankings for the cities of Moscow and St Petersburg saw a significant decline due to sanctions following the full-scale invasion of Ukraine, which resulted in a weakened rouble.
The EIU, a division of The Economist Group, conducts an annual study known as the Worldwide Cost of Living Report.
The leader of global cost of living at EIU, Upasana Dutt, stated that the issue of rising cost of living is far from resolved and prices continue to exceed historical norms.
In 2024, we anticipate a decrease in inflation as the delayed effects of increased interest rates begin to impact economic growth and subsequently, consumer spending. However, there are still potential risks – if the war between Israel and Hamas intensifies, energy costs could rise, and a stronger impact from El Niño could result in even higher food prices.
The most costly cities in the world by 2023.
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- New York, USA
- Hong Kong
- Los Angeles, USA
- Paris, France
- Copenhagen, Denmark
- Tel Aviv, Israel
- San Francisco, USA
Source: independent.co.uk
