Singapore and Zurich rank as world’s most expensive cities in 2023

The Economist Intelligence Unit (EIU) recently revealed that Singapore and Zurich share the title of the world’s most expensive city in 2023. Following closely are Geneva, New York, and Hong Kong, maintaining that the worldwide cost-of-living crisis is yet unresolved.

The research and analysis division of the Economist Group observed that prices for over 200 frequently utilised goods and services have risen by an average of 7.4% year on year in local currencies. Despite being a decrease from last year’s record 8.1% hike, it is still notably above the trend observed from 2017 to 2021.

Singapore reclaimed its top spot for the ninth time in the past 11 years. This reinstatement is attributed to the high price levels across various categories. The city-state is infamous for the world’s highest transport costs, a result of stringent government regulations on vehicle numbers. Additionally, it ranks highly for the cost of clothing, groceries, and alcohol, reported Bangkok Post.

Zurich’s position is indicative of the robust Swiss Franc and the high prices of groceries, household items, and recreational activities. The Swiss National Bank (SNB) viewed near the Limmat River in Zurich is emblematic of the city’s economic strength.

Sharing the third position are Geneva and New York, followed by Hong Kong in fifth place and Los Angeles in the sixth.

The report also highlighted that average price increases in Asia tend to be lower than in other regions. Chinese cities have seen a decrease in their rankings, with four cities – Nanjing, Wuxi, Dalian, and Beijing – being among the most significant downmovers this year. Osaka and Tokyo in Japan similarly descended the rankings.

In 2019, Bangkok is now the 63rd most expensive location in a new cost of living survey for expats. Singapore has experienced a big rise in the rankings, becoming the 12th most expensive location in the world for expatriates. To read more click HERE