Singapore remains at the top as the world's most expensive city, along with Zurich, as reported by the Economist Intelligence Unit (EIU), which also highlights that the global cost-of-living challenge is ongoing. In this report, Zurich surpasses New York, which shared the top position with Singapore in the previous year.
The survey is designed to help companies calculate cost-of-living allowances and design compensation packages for expatriates and business travelers. The results of the survey indicate that the global cost-of-living crisis continues despite an easing of inflation.
General statistics show an annual price increase of 7.4 percent in local currency terms. Although price growth has slowed from the 8.1 percent reported in the same period last year, it remains significantly higher than the trend from 2017 to 2021.
According to the EIU report, Singapore has regained the top spot for the ninth time in the past 11 years due to high prices in several sectors. The city-state is known for having the highest transportation costs in the world, due to strict government regulations on the number of cars. Singapore is also among the most expensive for clothing, food and alcohol, thanks to its reputation as a prime location for business investment.
Meanwhile, Zurich's price increase reflects the strength of the Swiss franc. The city is also known for its high prices for daily necessities such as food, household items and entertainment. Overall, cities in Europe have risen in the rankings amid high inflation conditions and the strengthening of the euro and other local currencies in the region.
The report notes that price increases tend to be lower in Asia, with four cities in China and two cities in Japan experiencing the largest declines in the rankings this year. Cities in China such as Nanjing, Wuxi, Dalian and Beijing, as well as Osaka and Tokyo in Japan, all experienced significant declines in rankings.
In general, two of the top ten cities in the report are in Asia (Singapore and Hong Kong), four are in Europe (Zurich, Geneva, Paris and Copenhagen), three are in the United States (New York, Los Angeles and San Francisco) and Tel Aviv is in Israel.
