Singapore and Zurich, Switzerland are 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 company of the Economist Group based in the UK, lists the 10 most expensive cities in the world in 2023.
Singapore is the most expensive city in the world in 2023. Photo: Visit Singapore
Singapore and Zurich, Switzerland tied for first place. In 2022, New York, USA, replaced Zurich and Singapore at the top. The remaining two Asian cities in the top spot were Hong Kong, China, and Tel Aviv, Israel. The list was not affected by the Israel-Hamas war, as the poll ended before the fighting. The remaining cities included three American destinations: Los Angeles, San Francisco, and New York, along with Copenhagen, Denmark, and Paris, France.
| 10 most expensive countries 2023 | 10 cheapest cities 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 |
The average cost of living rose by 7.4% this year, with grocery prices rising the fastest, according to the EIU. The escalation of the Israel-Hamas conflict has pushed up energy prices, while the larger-than-expected impact of the El Niño heatwave has pushed up food prices. The rising cost of living is most evident in the lives of people in major cities. Upasana Dutt, Director of Global Cost of Living at the EIU, predicts inflation will fall by 2024.
Moscow and St. Petersburg in Russia saw the biggest declines, falling 105 and 74 places to 142 and 147 respectively in this year's rankings, becoming the cheapest cities to live in. The value of the ruble has fallen significantly since Russia and Ukraine went to war in February 2022.
Damascus, Syria remains the world's cheapest city. Tehran, Iran, and Tripoli, Libya also rank near the bottom of the list, coming in at 172nd and 171st, respectively.
Groceries and alcohol are most expensive in Asian cities, according to the survey.
Utilities and tobacco costs are highest in US 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 excludes Venezuela’s capital Caracas, where prices have risen 450% since 2022.
Anh Minh (According to EIU, CNN )
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