These 2 Cities Were Just Named the Most Expensive in the World

Get ready to spend more Singapore and Zurich.

As anyone who has spent any time doing just about anything this year — from grocery shopping to traveling — can tell you, the world is getting a lot more expensive. But, according to the Economist Intelligence Unit's (EIU) twice-yearly cost of living survey, things are really getting pricey in Singapore, which it named the most expensive city in the world. And the Asian city-state has won that accolade nine times in the last 11 years.

"Many cities across the world continue to struggle with a cost-of-living crisis, which has sent prices soaring over the past two years," the findings of the report noted. "This year's survey, which was conducted between Aug. 14 and Sept. 11, 2023, found that, on average, prices had risen by 7.4 percent year on year in local currency terms for over 200 commonly used goods and services. This is slightly below the 8.1 percent increase reported in last year's survey, but significantly higher than the trend in 2017 to 2021."

The survey, the team explained, covered 173 of the world's major cities, excluding Kyiv, Ukraine, and Caracas, Venezuela. It came to this conclusion after researching a list of more than 200 products and services, looking at more than 50,000 individual prices of these goods over six months. This included the price of food, clothing, household supplies, personal care, rent, and transportation.

While Singapore consistently ranks as one of the most expensive places this year, it wasn't alone in that top spot. It was joined by Zurich, Switzerland, which tied for first, pushing New York City into the third-place slot, where it tied with another Swiss city — Geneva.

As for why Singapore made it to the top spot, the team reported that this year has been "particularly expensive for transport and clothing." Zurich, on the other hand, moved up the ranks due to both the strength of the Swiss franc as well as the increasing cost of goods like groceries and entertainment.

Following Singapore, the two Swiss cities, and New York, is Hong Kong in the fifth spot, and Los Angeles in sixth place. Paris, Copenhagen, Tel Aviv, and San Francisco round out the top 10. (Importantly, the researchers note that the survey was conducted before the start of the Israel-Hamas war, which would now affect the rankings.)

And while several U.S. cities made the top 10 list, the researchers noted that "North American cities have, on average, slipped down our rankings compared with last year, as the region now reports the lowest inflation in our survey." But many of our wallets may disagree with that sentiment.

Find the full report and all the global rankings at eiu.com. 

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