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Planning To Relocate? Choose Wisely! Living In These Expensive Cities In 2023 Will Cost You A Fortune
Despite the easing of supply-chain disruptions and rising interest rates, global prices rose by 7.4% on average in 2023. The Economist Intelligence Unit's (EIU) latest annual report Worldwide Cost of Living Index reveals, which cities are being affected by the cost-of-living crisis. So, the big city dwellers will feel the pinch in their pockets.
The top expensive cities in the world are economic/financial powerhouses, and IT centers, apart from being pricey and therefore, they draw companies, experts, and dreamers all the time. Be it strong job markets, booming businesses, or first-rate amenities, some people are willing to pay extra to live here, but not everyone!
Even though this is a bit lower than the 8.1% jump that was recorded in the same survey in 2023, the numbers remain significantly higher than "historic trends." Only, the good news is that in the fastest-rising category in the 2023 survey, Utility prices showed the least amount of inflation this time around.
The Cheapest Cities In The World
Damascus, Syria, remains the world's cheapest city, according to the same report. Tehran, Iran, and Tripoli, Libya, are also near the bottom, ranking in 172nd and 171st place respectively.
What Does Worldwide Cost of Living 2023 Report Say?
The city-state of Singapore and Switzerland's Zurich were named as the most expensive cities in the world. The third position has a tie- New York and Geneva. Hong Kong secured the fifth position in the top 10 list of expensive cities for 2023, At number six is Los Angeles and Paris secured seventh position. Further, Tel Aviv and Denmark's Copenhagen shared the eighth place. Finally, San Francisco secured the 10th place.
World's 10 Most Expensive Cities For 2023: List
1. Zurich and Singapore (tie)
3. New York and Geneva (tie)
5. Hong Kong
6. Los Angeles
7. Paris
8. Tel Aviv and Copenhagen (tie)
10. San Francisco
The 2023 Worldwide Cost of Living surveyed 173 major cities, comparing more than 400 individual prices across 200 products and services. This report excluded Venezuela's Caracas, where prices have risen by 450% since 2022.
This survey was conducted before the outbreak of the Israel-Hamas conflict in October.
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