Singapore and Zurich Named Most Expensive Cities in Recent Survey

In a year where costs seem to be skyrocketing across the globe, Singapore has clinched the title of the world’s most expensive city, according to the Economist Intelligence Unit’s (EIU) latest cost of living survey. This marks the ninth time in the last 11 years that the Asian city-state has secured this prestigious accolade.

The survey, conducted between Aug. 14 and Sept. 11, 2023, analyzed over 200 commonly used goods and services in 173 major cities worldwide. The results revealed an average year-on-year price increase of 7.4 percent in local currency terms for these products, reflecting a continued global cost-of-living crisis.

Singapore shares the top spot with Zurich, Switzerland, dethroning New York City, which now occupies the third-place position alongside another Swiss city, Geneva. The rise in Singapore’s living costs this year is attributed to particularly elevated expenses in transportation and clothing.

Zurich’s ascent can be attributed to the strength of the Swiss franc and the increasing costs of groceries and entertainment. Following closely in the rankings are Hong Kong in fifth place and Los Angeles in sixth. Paris, Copenhagen, Tel Aviv, and San Francisco round out the top 10.

Despite several U.S. cities making the list, the EIU researchers noted a slip in the rankings for North American cities compared to the previous year, citing the region’s reported lowest inflation in the survey. However, many individuals may find their wallets in disagreement with this assessment, as the overall trend points to a sustained global increase in living expenses.