According to the Economist Intelligence Unit’s Worldwide Cost of Living 2023 Survey, Singapore and Zurich have surpassed New York to take the top rankings as the most expensive cities in the world to live in this year.
Travelers, take note! You may want to start by checking your wallets if Singapore and Zurich are on your travel bucket list. According to a survey by the Economist Intelligence Unit’s Worldwide Cost of Living 2023 report, these two cities have now surpassed New York to become the most expensive locations in the world to live in this year.
Indeed, Singapore’s ascent to the top wasn’t without difficulty. The city-state outperformed New York due to rising grocery prices, the expense of having a car, and the cost of getting a drink at the bar. This breakthrough really occurs after Singapore and the US city were tied for first place in the previous year.
Zurich, meanwhile, shot up from sixth place the year before to a tie for first with Singapore. The strong Swiss currency, pricey groceries, household products, and leisure activities are the main causes of this sharp increase.
Also read: Singapore is known as the city where owning a car is the most expensive.
According to Upasana Dutt, head of EIU’s worldwide cost of living, “the supply-side shocks that drove price increases in 2021–22 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.” “We anticipate inflation to slow down even more in 2024, lowering prices globally, notwithstanding upside risks.”
Geneva and New York are nestled together in third and fifth place, respectively, rounding up the top five most expensive places in the world. Hong Kong is not far behind at number five.
Consistent with the unexpected results, the only other US cities to secure a place in the top ten were Los Angeles and San Francisco. However, some cities faltered while others prospered. Due to a slow post-pandemic rebound and decreased consumer demand, Chinese cities saw a sharp decline in their rankings.
