In a study conducted by the Economic Intelligence Unit, Singapore and Zurich emerged as the most expensive cities
The starry lights of these bustling cities beckon tourists and immigrants from across the world. Metropolises like Singapore, Paris and Los Angeles are not only some of the most popular cities in the world but also the most expensive as per the annual Worldwide Cost of Living Index that was published by the Economist Intelligence Unit recently.
Conducted from August to September in 2023, the survey analysed around 400 prices of more than 200 products and services across 173 cities. While the coveted top spot was shared by Singapore and Zurich, other cities like New York, Tel Aviv and Copenhagen too made it to the top ten.
REM TIMES take a detailed look at some of the most expensive cities in the world –
Over the last 11 years, Singapore, despite being a tiny island nation/city, has emerged as the world’s most expensive city nine times! With sparse land spanning across 733.1 square kilometres and a dense population of 5,453,600, property is a priced commodity in the country. Add to these factors like the world’s highest transport prices and the most expensive clothing, groceries and alcohol, and it’s surely easy to see why Singapore is the world’s most expensive city/nation.
The strong value of the Swiss Franc and the high value of groceries and housing make these snow-capped cities of Switzerland highly sought-after. Moreover, the excellent policies of the nation that include a robust healthcare system and an education system and social services par excellence attract tourists and immigrants from all across the world to these cities.
One of the most populous cities in the United States, New York is home to the largest multi-national conglomerates and offers attractive job opportunities with high salaries. Also a booming economy with a vibrant cultural scene, ‘The City That Never Sleeps’ has a high demand for housing leading to soaring real estate costs.
Unlike its vast neighbouring nation China, Hong Kong, like Singapore, is a small nation where land is scarce. With more than seven million residents spread across 1,106 square kilometres, the financial hub has high property rates with a majority of the off-plan land under the control of the government, which in turn offers land to developers behind the scenes via tenders.