What are the most expensive cities in the world to live? Singapore and Zurich, Switzerland have tied to secure the top spot, according to the Economist Intelligence Unit’s Worldwide Cost of Living survey.
This marks Singapore’s ninth time in 11 years at the top of the Economist Intelligence Unit (EIU) list as the world’s most expensive city, sharing it with Zurich this year, which climbed from sixth place in 2022.
The survey, conducted from August 14 to September 11 covered 173 cities, comparing over 400 prices for more than 200 products and services. Singapore’s ranking was a result of high costs in groceries, alcohol, clothing and private car ownership. Zurich’s ascent was fueled by elevated prices for household items and recreational activities.
The survey reveals a trend of cities facing higher prices due to inflation, with a 7.4% year-on-year increase in prices for over 200 goods and services—a decrease from the previous year but still significantly higher than the trend from 2017 to 2021.
New York City, which shared the top spot with Singapore last year, tied to share the third spot with Geneva, Switzerland. Two other U.S. cities made the top 10 list of the world’s most expensive cities to live: Los Angeles and San Francisco.
Despite inflation being lower in Asia compared to other regions, in addition to Singapore at number one, another Asian city made it to the top 10: Hong Kong, which secured the fifth spot.
Notably, Western Europe featured prominently due to inflation in groceries and clothing, coupled with currency appreciation. The four European cities on the list were Zurich (at number 2), Geneva (number 4), Paris (number 7) and Copenhagen, Denmark (tied at number 8).
Tel Aviv ranked among the top 10 most expensive places to live—tying with Copenhagen at number 8—but the survey was conducted before the Israel-Hamas war.
The EIU anticipates a deceleration of inflation next year but warns of potential increases in energy prices due to the Israel-Hamas conflict and the impact of unexpected El Niño conditions on food prices.
In addition to the world’s most expensive cities to live, the EIU also ranked the world’s most affordable cities to live, with Damascus, Syria coming in as the least expensive place to live.
Read on for the rankings of the world’s most—and least—expensive places to live.
The World’s 10 Most Expensive Cities To Live
- Singapore (tie)
- Zurich, Switzerland (tie)
- New York City (tie)
- Geneva, Switzerland (tie)
- Hong Kong
- Los Angeles
- Paris, France
- Copenhagen, Denmark (tie)
- Tel Aviv (tie)
- San Francisco
The World’s 10 Least Expensive Cities To Live
- Damascus, Syria
- Tehran, Iran
- Tripoli, Libya
- Karachi, Pakistan
- Tashkent, Uzbekistan
- Tunis, Tunisia
- Lusaka, Zambia
- Ahmedabad, India
- Lagos, Nigeria
- Chennai, India
Source: Forbes
