1. Zurich (tie with Singapore)
Two locales shared the title of this year’s most expensive city: Zurich and Singapore. For Switzerland’s largest city, the strength of the Swiss franc was a significant factor in pushing it up the charts.
2. Singapore (tie with Zurich)
The city-state of six million inhabitants shares the spot for the world’s most expensive city with Zurich, but for anyone who keeps an eye on expensive cities, that’s no surprise. For more than a decade, Singapore has topped The Economist’s list (sometimes alone and other time sharing the distinction). Here, transportation and clothing are two categories where costs are significantly above average.
3. Geneva (tie with New York)
Geneva is the second Swiss city to appear on the top 10 list. Residents of both it and Zurich share similarly high taxes that help to drive up the cost of living.
4. New York City (tie with Geneva)
In 2022, New York City shared the top spot with Singapore. This year, it’s dropped a bit down the list and now sits in the third spot with Geneva. The ongoing economic uncertainty as the world navigates the new post-COVID reality and governments battle the threat of inflation has made the dollar an important refuge and has, in the process, driven up costs in the United States.
5. Hong Kong
Hong Kong took the fifth spot this year. Spread over 260 mountainous islands, buildable land is scarce in the Chinese territory. With limited supply, prices are significantly up.
6. Los Angeles
As with New York, the strong dollar is a large factor behind the California city’s high ranking this year.
7. Paris
Are you surprised that Paris doesn’t appear until seventh place on the list of the world’s most expensive cities? While prices have indeed risen in France’s capital, the relative weakness of the euro has pushed the city down in the rankings.
8. Tel Aviv
9. Copenhagen
High taxes contribute to the Danish capital’s place on The Economist’s 2023 list. There is a 25% tax imposed on all goods and services, with additional taxes on some products like tobacco, alcohol, and chocolate.
10. San Francisco
The second California city on the top ten list is one of the most expensive in terms of consumer goods and real estate, where prices for homes are far above those in other American cities. San Francisco fell from the number eight spot last year and, given its difficult recovery from COVID, may become more affordable.
English 