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By Annabelle Dufraigne
Every year, The Economist publishes a list of the world’s most expensive cities, and the most recent rankings are available. To find out which metropolises will get a spot, the publication analyzes the cost of living index, which compares the prices of many products. and facilities in 172 cities around the world. As well as looking at how other countries rank against each other, The Economist’s data found that inflation remains incredibly high across the board, with the goods and facilities rate averaging over 7. 4%. , living in one of the most expensive cities in the world is a blessing or a curse. Dive into the list below to find out where to stop or where to avoid.
Zurich, Switzerland
Two localities share the name of this year’s most expensive city: Zurich and Singapore. For Switzerland’s largest city, the strength of the Swiss franc has been a determining factor in its ranking.
Singapore
The city-state of six million people shares Zurich’s most expensive square with Zurich, but for anyone who helps keep an eye on the most expensive cities, this comes as no surprise. For more than a decade, Singapore has topped The Economist’s list (alone and sharing the distinction). Here, shipping and apparel are two categories where prices are particularly above average.
Geneva, Switzerland
Geneva is the second Swiss city to feature in the top 10. The other cities of Zurich and Zurich have a similar percentage of taxes, which contributes to the increase in the standard of living.
New York, United States
In 2022, New York City shared the most sensible place with Singapore. This year, it has dropped a bit in the ratings and now occupies the third position with Geneva. Governments face the risk of inflation, have turned the dollar into a vital safe-haven and, in the process, pushed up prices in the United States.
Hong Kong, China
Hong Kong ranked fifth this year. Spread over 260 mountainous islands, construction land is scarce in China. With limited supply, construction costs increase dramatically.
Los Angeles, United States
Like New York, the strength of the dollar is a major factor in the California city’s rating this year.
Paris, France
Are you surprised that Paris doesn’t appear until seventh place on the list of the world’s most expensive cities? While prices have indeed risen in France’s capital, the relative weakness of the euro has pushed the city down in the rankings.
Tel Aviv, Israel
In 2022, Tel Aviv was the third most expensive city in the world, but it has since fallen a few spots. It should be noted that The Economist’s investigation was carried out before the start of the confrontation between Israel and Hamas, and the publication acknowledges that this “affected exchange rates in Israel and possibly would have made it more difficult to buy certain products in Tel Aviv, thus affecting prices. “
Copenhagen, Denmark
High taxes contribute to the Danish capital’s position on The Economist’s 2023 list. A 25% tax is levied on all goods and services, with additional taxes on certain products such as tobacco, alcohol, and chocolate.
San Francisco, California
California’s second-most sensitive city is one of the most expensive in terms of consumer goods and real estate, where housing costs are much higher than in other U. S. cities. U. S. San Francisco jumped from eighth position last year, and given its difficult recovery from COVID, it may be more affordable.
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