The world's elite had a busy year of jet-setting in 2023, spending thousands of dollars to fly private to events like Burning Man, the Super Bowl, and Sun Valley, Idaho's annual "summer camp for billionaires."
09.02.2024 - 19:40 / cntraveler.com
Every year, The Economist publishes a list of the most expensive cities in the world, and the 2023 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. With a few notable changes from last year, the list spans Asia, Europe, the Middle East, and the US. Below, see the full list and the factors that contributed to each area's high cost of living—from local taxes and currency exchange rates to pricey real estate markets.
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 shares the title of the world's most expensive city with Zurich this year.
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.
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, which previously held the title as the world's most expensive city, is tied for third on this year's list.
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.
Hong Kong, a city and a special administrative region in 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.
Los Angeles is more expensive than San Francisco, according to this year's ranking.
As with New York, the strong dollar is a large factor behind the Los Angeles' high ranking this year.
Paris, France
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The world's elite had a busy year of jet-setting in 2023, spending thousands of dollars to fly private to events like Burning Man, the Super Bowl, and Sun Valley, Idaho's annual "summer camp for billionaires."
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