New York and Singapore are the most expensive cities in the world

Singapore and New York are the world’s most expensive cities to live in, according to an annual survey by the Economist Intelligence Unit, the research arm of British publishing house The Economist Group. First place is a first for New York, Singapore is the (shared) leader for the eighth time in ten years.

Last year, the Israeli city of Tel Aviv took first place. That city can now be found in third place. The other cities in the top 10 are Hong Kong and Los Angeles (4), Zurich (6), Geneva (7), San Francisco (8), Paris (9) and Copenhagen and Sydney (10). The cheapest cities are Damascus in Syria and Tripoli in Libya.

The researchers write that the cost of living has generally increased, in part due to the war in Ukraine and the coronavirus measures. The food and energy supply chains are particularly affected.

Combined with rising interest rates and shifting exchange rates, this has led to a “livelihoods crisis,” say the researchers. They expect prices to slowly fall over the next year.

In the 172 large cities surveyed, prices increased by more than 8 percent on average last year, the highest rate in 20 years. The biggest climbers are the Russian cities of Moscow and St. Petersburg. Prices have risen sharply due to Western sanctions on the war in Ukraine. Moscow moved up 88 places on the list and St Petersburg up 70.