Singapore has been ranked as the world’s most expensive city for the ninth time in the last eleven years, according to the Economic Intelligence Unit’s (EIU) Worldwide Cost of Living survey. In the latest survey, Singapore shares the top spot with Zurich, Switzerland. Notably, this is the first time Zurich has reached the top position, moving up from sixth place.
New York, which tied with Singapore for first place last year, slipped to third place. The top ten list also includes Geneva, Hong Kong, Los Angeles, Paris, Copenhagen, Tel Aviv, and San Francisco. The survey covers 173 cities globally and indicates a global slowdown in price growth compared to the previous year’s 8.1% increase.
North American cities, on average, have slipped down in the cost-of-living ranking. Moscow and St Petersburg in Russia experienced significant drops in the ranking due to weakened currency amid sanctions. European cities, benefiting from sticky inflation and currency appreciation, have moved up the ranks.
In Asia, four Chinese cities (Nanjing, Wuxi, Dalian, and Beijing) and two Japanese cities (Osaka and Tokyo) saw notable decreases in the ranking. It’s important to note that the survey was conducted before the Israel-Hamas war, which has impacted exchange rates in Israel.
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