Singapore, Zurich, New York: the world’s most expensive cities 2023/2024



Singapore, Zurich, New York: the world’s most expensive cities 2023/2024

Moving to big cities can be exciting and diverse, but the cost of living can be high, especially in the most prestigious and exclusive locations. Financial organizations and publications regularly rank the most expensive cities in the world, taking into account the cost of living, real estate, medical services, and other aspects. Learn more about the top 10 most expensive cities in the world and the main factors that influence their economic attractiveness

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The recent leader New York (USA) fell to third place, which it shared with the Swiss city of Geneva. Swiss cities have risen sharply in the ranking, thanks to the strength of the Swiss franc and high prices for food and household goods. Singapore, on the other hand, was recognized for its high transportation and clothing tariffs. According to the EUI study, global prices grew by 7.4%, but the inflation rate slowed down compared to the previous year. Despite this, inflation remains significantly higher than in the previous periods of 2017-2021.

Zurich, Switzerland

According to the authors of the study, the strong Swiss franc, as well as high prices for food, household goods, and entertainment, have put Zurich on the top of the list. It is a financial giant with spectacular alpine views and luxurious cultural institutions. The cost of living in Zurich is determined by the high level of security and exceptional quality of services.

Singapore, Singapore

This is not the first time Singapore has topped this ranking: over the past 11 years, the city has been named the most expensive place to live 9 times. Recently, the cost of a certificate confirming the ownership of a car exceeded 106 thousand dollars.

It is an Asian source of luxury, high technology and cosmopolitan style. Singapore is famous for its modern architectural solutions and luxurious shopping centers. Here, the costs of transportation and clothing are impressive even for experienced global travelers. Over the years of Singapore's economic growth, its image as a financial center has been reinforced by high prices for all types of services. However, the city is also famous for its technological excellence and high level of security.

New York, USA

Last year, New York, which shared the top spot with Singapore, dropped to third place this year. Traditionally known for its dynamism and diversity, New York has once again surprised with its cost of living. This city that never sleeps has some of the highest real estate prices in the world. In addition, the cost of services, entertainment, and transportation significantly affects the daily budget of residents. Despite this, a large part of the population chooses this city as their place of residence, attracted by its culture and economic opportunities.

Geneva, Switzerland

Geneva, the international diplomatic capital of the world, is famous for its sophistication, elegance and high level of comfort. As one of the world's major financial centers, Geneva attracts numerous banks, financial institutions and international companies. High salaries and a wealth of career opportunities determine the high level of spending.

Geneva is the center of international relations and home to numerous diplomatic missions and organizations such as the UN and the Red Cross. This creates a demand for upscale housing and services. With a variety of higher education institutions, an excellent medical system and security, Geneva offers a high standard of living, which affects the cost of living.

Hong Kong, China

An economic giant in the east that impresses with its modernization and technological progress. Located in the east of Asia, this special administrative region of the People's Republic of China is a financial, economic and cultural center, which determines the high level of costs. 

The real estate market in Hong Kong is known for its high price category. The cost per square meter of living space in this city can be one of the highest in the world. As a financial giant, Hong Kong attracts professionals and businessmen. High salaries and competition in the labor market determine the high level of living expenses. The variety of restaurants, theaters, clubs and other entertainment options creates a demand for luxury and entertainment, which also increases overall costs.

Los Angeles, USA

Although Los Angeles is known for its luxury and star power, the cost of living here can vary depending on specific areas of the city and individual preferences. Housing prices can be high, especially in exclusive neighborhoods such as Beverly Hills or Malibu. The rental market can also be demanding. Transportation, car maintenance, and parking costs can be substantial. The city offers many restaurants, clubs and entertainment venues where you can spend significant amounts of money.

Paris, France

Paris, the capital of France and one of the most expensive cities in the world to live in, is famous for its luxury, cultural richness and architectural grandeur. The cost of living in this city can be high for various reasons. The cost of housing in Paris can be staggering, especially in the central areas and close to historical monuments. Apartments overlooking the Eiffel Tower are very expensive.

Parisian's restaurants and cafés are known for their sophistication, and food costs can be significant. It is worth considering the cost of French desserts, cheese and wine. The cost of public transportation, taxis, and your own car in Paris can be high. In particular, car maintenance and parking can contribute to the budget. Paris offers many cultural events, museums, and exhibitions, but the cost of visiting these places can be significant. Paris is considered a fashion center, and the cost of shopping in luxury boutiques can be high.

Tel Aviv, Israel

Tel Aviv, which topped the ranking for the first time, has become the epicenter of high costs due to the dynamics of the shekel against the dollar. Increasing food and transportation costs are also noted as an important factor. This year, average prices jumped by 3.5%, compared to last year's 1.9% increase. The report indicates that the rapid growth of the currency was made possible by the successful COVID-19 vaccination in Israel. Another key factor that affects the cost of living is the investment attractiveness of Tel Aviv, which has become a kind of "Silicon Valley" of Israel, which has led to a significant increase in real estate prices.

Copenhagen, Denmark

Western European cities occupy about half of the top 20 places. Rising prices are one reason. Another is that the European Central Bank has raised interest rates six times in 2023 to tame inflation. This led to a 7% appreciation of the euro against the dollar.

Copenhagen, the capital of Denmark, is recognized as one of the most expensive cities in the world to live in. This city attracts attention for its sophistication, richness of cultural and entertainment opportunities. The cost of housing in Copenhagen is high, especially in the central areas and on the banks of water bodies. Renting an apartment is often a large element of the cost.

As in many Scandinavian cities, the cost of public transportation and car ownership is high. Car taxes and fuel can also be a significant expense. Private education and healthcare costs can also contribute to the costs of Copenhagen residents.

San Francisco, USA

San Francisco, located in the western United States, is considered one of the most expensive cities in the world to live in. This city attracts attention for its cultural diversity, technological innovations and unique architecture.  The cost of housing in San Francisco is strikingly high. There is a great demand for real estate on the market, which leads to high prices for renting and buying a home.

San Francisco is located in an earthquake zone, which can affect the cost of insurance and the cost of building earthquake-resistant buildings. Due to the location of numerous tech companies, including Silicon Valley, the cost of living in San Francisco can be higher due to high salaries and rising prices for services.

Despite the high prices, these cities remain high-tech, cultural, and economic centers. Their leadership positions in the ranking of the most expensive cities in the world put them in the spotlight for investors, businesses, and those seeking a high quality of life. Economic and currency factors play an important role in determining the cost of living. Cities that are identified as the most expensive offer not only high prices, but also great potential for development, innovation and quality of life.

Daria Rogova, Head of Insurance at Visit World

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