There are no signs that the global cost of living crisis will abate. Prices have increased by 7.4 percent this year, according to the Economist Intelligence Unit’s (EIU) newly released Worldwide Cost of Living Index. While this is a tiny decrease from the 8.1 percent increase that occurred last year, it is still significantly higher than the trend that was seen between 2017 and 2021. You’re going to get a serious kick out of this if you live in a big city.
For the ninth time in eleven years, Singapore, which is renowned for high prices in areas like groceries, apparel, and alcohol, rose to the top of the rankings. Zurich is among the most costly cities in the world, partly because of the strong Swiss currency and the high cost of entertainment, groceries, and household products.
New York lost its former top rank on the list as Geneva and New York shared for third place, while Hong Kong fell to fifth. Chinese cities with slower economic recovery, reduced consumer demand, and currency appreciation have fallen in the rankings, including Beijing and Dalian (tied at #60) and Nanjing and Wuxi (tied at #77). Furthermore, as a result of the declining value of the yen, two Japanese cities—Osaka (ranked#70) and Tokyo (ranked#60)—have significantly fallen in the rankings.
Twice a year, EIU performs the Worldwide Cost of Living survey, which compares over 400 prices in 173 cities over 200 products and services. An international team of researchers gathers data in March and September, and economists put the information together to create an index that is released in June and December.
The following is the list of the world’s 10 most expensive cities for 2023:
1) Zurich and Singapore (tie with 104 cost of living index)
3) New York and Geneva (tie with 100 cost of living index)
5) Hong Kong (98 cost of living index)
6) Los Angeles (97 cost of living index)
7) Paris (91 cost of living index)
8) Tel Aviv and Copenhagen (tie with 89 cost of living index))
10) San Francisco (86 cost of living index)