Singapore and Zurich are world's most expensive cities in 2023; Israel's Tel Aviv in top 10

Singapore tops the list of the world’s most expensive cities for the ninth time in the last eleven years. In the Economic Intelligent Unit or EIU’s latest survey on the Worldwide Cost of Living, Singapore shared the top spot with Zurich (Switzerland). The survey was released on Thursday, which also showed that the price growth has slowed down globally from the 8.1 per cent reported last year.

Three US cities were among the top ten- New York, Los Angeles and San Francisco. However, on average, North American cities have slipped down on the cost-of-living ranking, the survey suggests. The survey covers 173 major cities, excluding Kyiv and Caracas.

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Singapore and Zurich remain world’s most expensive cities: EIU

Zurich, interestingly, moved up from sixth place all the way to the top to join Singapore as the most expensive city. New York, on the other hand, which tied with Singapore for first place last year, slipped to third place.

As per the survey, Zurich is back in the top three spot due to the strength of the Swiss franc as well as high prices of groceries, household goods and recreational activities.

When it comes to Russia, Moscow and St Petersburg experienced the biggest drop in the ranking as sanctions weakened the currency rouble.

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European cities, in general, have moved up the ranks amid sticky inflation as well as appreciation in the euro and other local currencies in the region. Asia continues to see relatively low price increases on average. Four Chinese cities (Nanjing, Wuxi, Dalian and Beijing) and two Japanese ones (Osaka and Tokyo) were among the biggest movers down the ranking this year.

Top ten most expensive cities in the world

The top ten cities consist of two Asian cities- Singapore and Hong Kong, four European cities- Zurich, Geneva, Paris and Copenhagen, three US cities- New York, Los Angeles and San Francisco and Tel Aviv in Israel. It is to be noted that the survey was conducted before the start of the Israel-Hamas war, which has affected the exchange rates in Israel.

1. Singapore

2. Zurich

3. Geneva

4. New York

5. Hong Kong

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6. Los Angeles

7. Paris

8. Copenhagen

9. Tel Aviv

10. San Francisco

(With inputs from agencies)