singapore

Introduction:

According to the announcement made by the Economist Intelligence Unit (EIU), Singapore and Zurich have surpassed New York to become the two cities that share the title of being the most expensive city in the world this year.

Hong Kong, Geneva, and New York are the three cities that are following closely behind.

Detailed Description:

According to the Worldwide Cost of Living 2023 report published by the Economist Intelligence Unit, Singapore has surpassed New York, which it shared the top rank with in the previous year. This development was brought about by the sky-high cost of car ownership, the high cost of alcohol, and the rising cost of groceries.

This is the ninth time in the past eleven years that Singapore has recovered the top spot in the rankings. This is owing to the high price levels that are present across a variety of categories.

The city-state is known for having the highest transportation costs in the world, which can be ascribed to the government’s stringent limitations on the number of cars. As an additional point of interest, it is among the most expensive in terms of apparel, groceries, and alcoholic beverages.

In the year 2023, Zurich climbed from sixth place the previous year to joint first place. According to the survey, its rise is a reflection of the strength of the Swiss franc as well as significant increases in the pricing of groceries, household items, and recreational activities.

Geneva and New York were tied for third position, while Hong Kong and Los Angeles were ranked fifth and sixth, respectively.

Asia continues to face relatively lower price rises on average compared to other regions, according to the survey, which additionally mentioned this fact.

There has been a fall in the rankings of Chinese cities, with four cities — Nanjing, Wuxi, Dalian, and Beijing — being among the most significant movers down the rankings this year. Additionally, Osaka and Tokyo in Japan have also experienced a decline in their rankings.