Singapore has once again ranked as the most expensive city to live in the world, sharing the number one spot with Zurich this year, according to the Economist Intelligence Unit.
Singapore – most expensive city worldwide
The Worldwide Cost of Living Index 2023 named Singapore the most expensive city to live on the planet for the ninth time in 11 years. Meanwhile, Zurich jumped from its sixth place ranking in 2022 and knocked out New York at #1 which fell to third place this year.
The report crafted by London-based Economist Intelligence Unit (EIU) compares the prices of goods and services in 173 cities worldwide. The report found that prices had risen by 7.4% yearly in local-currency terms for more than 200 commonly used goods and services.
Overall, the top ten consists of two Asian cities Singapore and Hong Kong, four European cities like Zurich and Paris, Tel Aviv in Israel, and three cities in the United States. It’s important to note that the survey was conducted before the Israel-Hamas war. On the other hand, the least expensive cities to live worldwide include Damascus in Syria as well as Iran’s Tehran and Libya’s Tripoli near the bottom.
Here are the top 10 most expensive cities globally for 2023:
3. New York
5. Hong Kong
6. Los Angeles
8. Tel Aviv
10. San Francisco
According to the report, global utility prices rose the most due to the Russia invasion of Ukraine in 2022. Meanwhile, European cities are the most costly when it comes to transport, recreation, and household supplies, while shopping and alcohol are the most expensive in Asian cities. North American cities have slipped down the list, in general, even though three appear on the Top 10.