Year after year, the Economist Intelligence Unit produces a report analyzing the cost of living in the main cities of the world in order to prepare a ranking list. According to its 2023 findings, the United States has three cities among the ten most expensive in the world, making it the country with the most representatives on the list.
The poll to determine the rankings was conducted between August 14 and mid-September, using data from 173 major cities. According to the report, the inflation averages were calculated, excluding Kyiv and Caracas.
The American cities that stand out on the list are New York, Los Angeles, and San Francisco, which make the United States the country with the most cities in the top ten.
The list has some modifications compared to 2022, such as the position of the Big Apple, which dropped from first to fourth place.
The report also found that, on average, prices of more than 200 commonly used goods and services increased by 7.4%. The figure is slightly lower than last year, when prices increased by an average of 8.1% but still well above the trends observed between 2017 and 2021.
Lastly, a decline in supply chain issues stemming partly from China lifting its COVID-19 restrictions late last year has helped lower some prices.
The 10 most expensive cities in the world
- Singapore, Singapore (tied for first place)
- Zurich, Switzerland (tied for first place)
- Geneva, Switzerland (tied for third place)
- New York, USA (tied for third place)
- Hong Kong, Hong Kong
- Los Angeles, United States
- Paris France
- Copenhagen, Denmark (tied for 8th)
- Tel Aviv, Israel (tied for 8th place)
- San Francisco, United States
