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Travel
Can you guess which locale topped the list?
By Annabelle Dufraigne
The streets of Montmartre, in Paris.Photo: Alexander Spatari/Getty Images
Every year, The Economist publishes a list of the world’s most expensive cities, and the latest rankings are in. To determine which metropolises will snag a spot, the publication looks at the cost of living index, which compares prices of hundreds of products and services in 172 cities around the globe. In addition to looking at how different locales ranked against each other, The Economist’s data found that inflation remains extremely high across the board, with the cost of goods and services rising on average by 7.4%. Depending on who you ask, living in one of the world’s most expensive cities is either a blessing or a curse. Dive into the below list to know where to visit or perhaps where to avoid.
1. Zurich (tie with Singapore)
Zurich, Switzerland
Two locales shared the title of this year’s most expensive city: Zurich and Singapore. For Switzerland’s largest city, the strength of the Swiss franc was a significant factor in pushing it up the charts.
— Singapore (tie with Zurich)
Singapore
The city-state of six million inhabitants shares the spot for the world’s most expensive city with Zurich, but for anyone who keeps an eye on expensive cities, that’s no surprise. For more than a decade, Singapore has topped The Economist’s list (sometimes alone and other time sharing the distinction). Here, transportation and clothing are two categories where costs are significantly above average.
3. Geneva (tie with New York)
Geneva, Switzerland
Geneva is the second Swiss city to appear on the top 10 list. Residents of both it and Zurich share similarly high taxes that help to drive up the cost of living.
— New York City (tie with Geneva)
New York City, USA
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In 2022, New York City shared the top spot with Singapore. This year, it’s dropped a bit down the list and now sits in the third spot with Geneva. The ongoing economic uncertainty as the world navigates the new post-COVID reality and governments battle the threat of inflation has made the dollar an important refuge and has, in the process, driven up costs in the United States.
5. Hong Kong
Hong Kong, China
Hong Kong took the fifth spot this year. Spread over 260 mountainous islands, buildable land is scarce in the Chinese territory. With limited supply, prices are significantly up.
6. Los Angeles
Los Angeles, USA
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As with New York, the strong dollar is a large factor behind the California city’s high ranking this year.
7. Paris
Paris, France
Are you surprised that Paris doesn’t appear until seventh place on the list of the world’s most expensive cities? While prices have indeed risen in France’s capital, the relative weakness of the euro has pushed the city down in the rankings.
8. Tel Aviv
Tel Aviv, Israel
In 2022, Tel Aviv was the third most expensive city in the world, but it has since slipped a few spots. It’s worth noting that The Economist’s survey was performed before the conflict between Israel and Hamas began, and the publication acknowledges this “has affected the exchange rates in Israel and may have made it harder to procure some goods in Tel Aviv, thereby affecting prices.”
— Copenhagen
Copenhagen, Denmark
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High taxes contribute to the Danish capital’s place on The Economist’s 2023 list. There is a 25% tax imposed on all goods and services, with additional taxes on some products like tobacco, alcohol, and chocolate.
10. San Francisco
San Francisco, California
The second California city on the top ten list is one of the most expensive in terms of consumer goods and real estate, where prices for homes are far above those in other American cities. San Francisco fell from the number eight spot last year and, given its difficult recovery from COVID, may become more affordable.
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