New York Isn’t the World’s Most Expensive City to Live in 2023
Living in the world’s most exciting cities often comes with a steep price tag. Thanks to a new report, you can get a feel for exactly how these metros stack up against each other.
Using data from the Worldwide Cost of Living Index, the Economist Intelligence Unit ranked the most expensive cities to live in 2023, and the results may surprise you. The survey was conducted between August 14 and September 11 and compared over 400 prices for more than 200 products and services across 173 cities.
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New York City, which previously took the top spot, is no longer No 1. This year, it’s tied for third place with Geneva. Two other U.S. cities landed in the top 10—Los Angeles was No. 6 and San Francisco was No. 10.
The Big Apple was bumped down a few notches this year by Zurich and Singapore, which tied as the most expensive cities in the world. According to the report, the Swiss city’s rise from sixth place in 2022 was a result of elevated prices on groceries, household items, and recreational activities, while this year marks the ninth time in 11 years that Singapore has kept its position at the top of the EIU leaderboard. The survey specifically referenced the city-state’s high costs of clothing and transportation.
“A slight weakening of the US dollar against some currencies is responsible for some of the movements in this year’s survey,” notes the report. “Rankings can also be driven by other factors, such as consumer demand as well as competition and the availability of goods, whether imported or locally produced.”
Hong Kong, in fifth place, was the only other Asian city in the top 10. Paris ranks No. 7, and Israel’s Tel Aviv is tied for eighth place with Copenhagen. However, the data was collected before the start of the Israel-Hamas war.
Overall, global prices rose by 7.4 percent in 2023. For context, the cost of living in 2022 rose by 8.1 percent. The survey attributed the decline to the easing of supply chain pressures, which were a direct result of the pandemic and partly due to China lifting its COVID restrictions. Additionally, the report noted that the energy price spike following Russia’s invasion of Ukraine has also returned to pre-war levels.
The World’s 10 Most Expensive Cities To Live
1. Singapore (tie)
1. Zurich, Switzerland (tie)
3. New York City (tie)
3. Geneva, Switzerland (tie)
5. Hong Kong
6. Los Angeles
7. Paris
8. Copenhagen, Denmark (tie)
8. Tel Alviv (tie)
10. San Francisco
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