Singapore and Zurich have tied as the world’s most expensive cities in 2023, according to the Economist Intelligence Unit (EIU). The two cities are followed by Geneva, New York, and Hong Kong. The EIU’s cost-of-living report highlighted a global crisis in the cost of living that is not yet over, with an average 7.4% year-on-year increase in local currency terms for over 200 commonly used goods and services. Although this is a decrease from last year’s record 8.1% increase, it remains significantly higher than the trend in 2017-2021.
Singapore regained the top spot for the ninth time in the past eleven years, driven by high price levels across several categories. The city-state has the world’s highest transport prices due to strict government controls on car numbers, and it ranks among the most expensive for clothing, groceries, and alcohol. Zurich’s rise is attributed to the strength of the Swiss franc and high prices for groceries, household goods, and recreation.
Geneva and New York tied for third place, with Hong Kong in fifth and Los Angeles in sixth. The report noted that Asia continues to see relatively lower price increases on average compared to other regions. Several Chinese cities, including Nanjing, Wuxi, Dalian, and Beijing, experienced notable decreases in the rankings, along with Osaka and Tokyo in Japan.
The EIU’s annual cost-of-living survey provides insights into the changing landscape of global living expenses, influencing business decisions and expatriate compensation packages.
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