Singapore and Zurich share the title of the world's most expensive cities this year, closely followed by Geneva, New York, and Hong Kong, the Economist Intelligence Unit (EIU) has announced. In a report released on Thursday, the EIU emphasized that the ongoing global cost-of-living crisis persists, with an average 7.4% year-on-year increase in local currency for more than 200 commonly used goods and services. While this marks a slight decrease from last year's record 8.1% surge, it remains "significantly higher than the trend in 2017-2021."
Singapore has reclaimed the top spot in the rankings for the ninth time in the past eleven years, attributed to high prices across various categories. The city-state particularly stands out for having the world's highest transport prices due to strict government controls on car numbers, and it also ranks among the most expensive for clothing, groceries, and alcohol.
Zurich's ascent in the rankings is linked to the strength of the Swiss franc and elevated prices for groceries, household goods, and recreation. Geneva and New York share the third position, with Hong Kong in fifth place and Los Angeles ranking sixth.
The report notes that Asia experiences relatively lower average price increases compared to other regions. Chinese cities, however, have dropped in the rankings, with Nanjing, Wuxi, Dalian, and Beijing being among the significant movers down the list this year, along with Osaka and Tokyo in Japan.
World's top 10 costliest cities
- Singapore — tie
- Zurich — tie
- Geneva — tie
- New York — tie
- Hong Kong
- Los Angeles
- Copenhagen, Denmark — tie
- Tel Aviv — tie
- San Francisco
EIU's list of the top 10 most expensive cities comprises two Asian cities, four European cities, and three U.S. cities. Tel Aviv, Israel, also secured a place in the top 10. However, the EIU emphasized that the survey was conducted before the Israel-Hamas war broke out, and circumstances may have evolved since then.