Zurich jumped from sixth place on last year’s list to first because of the strong Swiss Franc and the high costs of food, home goods, and fun activities. Singapore’s expensive clothes and transportation were also talked about.
Last year, New York tied with Singapore for first place as the expensive city. The famous US destination fell to third this year, tied with Geneva in Switzerland, as prices have increased by 1.9%, according to the study.
Fifth on the list was Hong Kong, the only Asian city in the top 10 expensive city. Los Angeles came in at number six, and Paris was named the seventh most expensive city in the world.
The eighth spot goes to Copenhagen, Denmark.
Finally, San Francisco came in 10th. It was one of three US places in the top 10.
According to the poll, Chinese cities like Beijing, which was ranked 34th last year, fell several spots on the list. This was because of “subdued consumer demand” and the slow recovery from the pandemic.
Damascus, Syria, is still the cheapest city in the world. Tripoli, Libya, and Tehran, Iran, are two other cities near the bottom. They are ranked 172nd and 171st, respectively.
Costs for utilities, housekeeping, and tobacco were highest in cities in the US. On the other hand, costs for entertainment, transportation, and home goods were highest in cities in Western Europe.
The poll found that food and alcohol were the most expensive in Asian cities.
The 2023 Worldwide Cost of Living Report looked at more than 400 prices for 200 goods and services in 173 big cities. It didn’t include Caracas, Venezuela, where prices have increased 450% since 2022.
