The 10 most expensive cities in the world in 2023

Singapore and Zurich, Switzerland, tied for first place in the top 10 most expensive cities in the world in 2023.

The annual Global Cost of Living Index, published by the Economist Intelligence Unit (EIU), a market research firm belonging to the Economist Group based in the UK, lists the 10 most expensive cities in the world for 2023.

Singapore was the most expensive city in the world in 2023. Photo: Visit Singapore — Singapore was the most expensive city in the world in 2023. Photo: *Visit Singapore*

Singapore and Zurich, Switzerland, shared the top spot. In 2022, New York, USA, replaced Zurich at the top alongside Singapore. The remaining two Asian cities in the top are Hong Kong, China, and Tel Aviv, Israel. This list was not affected by the Israel-Hamas war because the voting ended before the conflict began. The remaining cities include three US destinations: Los Angeles, San Francisco, and New York, along with Copenhagen, Denmark, and Paris, France.

The 10 most expensive countries in 2023	10 Cheapest Cities in 2023
1. Singapore and Zurich, Switzerland 2. New York, USA and Geneva, Switzerland 3. Hong Kong, China 4. Los Angeles, USA 5. Paris, France 6. Copenhagen, Denmark 7. Tel Aviv, Israel 8. San Francisco, USA	1. Damascus, Syria 2. Tehran, Iran 3. Tripoli, Libya 4. Karachi, Pakistan 5. Tashkent, Uzbekistan 6. Tunis, Tunisia 7. Lusaka, Zambia 8. Ahmedabad, India 9. Lagos, Nigeria 10. Chennai, India

According to the EIU, the average cost of living has risen 7.4% this year, with grocery prices increasing the fastest. The escalating Israel-Hamas conflict has driven up energy prices, while the greater-than-expected impact of the El Niño heatwave has pushed food prices higher. The rising cost of living is most clearly affecting the lives of people in major cities. Upasana Dutt, Director of Global Cost of Living at the EIU, predicts inflation will decline in 2024.

Moscow and St. Petersburg in Russia saw the sharpest declines, falling 105 and 74 places respectively to 142nd and 147th in this year's ranking, becoming cities with a low cost of living. The value of the ruble has fallen significantly since the outbreak of hostilities between Russia and Ukraine in February 2022.

Damascus, Syria remains the cheapest city in the world. Tehran, Iran, and Tripoli, Libya also rank near the bottom, at 172nd and 171st place respectively.

According to the survey, groceries and alcohol are the most expensive items in Asian cities.
Utilities and tobacco costs are highest in American cities. Western European cities are among the most expensive when it comes to entertainment, transportation, and household goods.

The EIU surveyed 173 major cities, comparing the prices of more than 200 essential products and services. The list excluded Venezuela's capital, Caracas, where prices have increased by 450% since 2022.

(By Anh Minh , based on EIU and CNN )

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