Top 10 Most Expensive Cities in the World
New York, Los Angeles, and San Francisco in the Top 10
The Economist Intelligence Unit (EIU) has released its latest Worldwide Cost of Living report, revealing the top 10 most expensive cities in the world. Three US cities have made the list, including New York, Los Angeles, and San Francisco. Despite the housing crisis, Los Angeles and San Francisco managed to secure the sixth and tenth positions, respectively, while New York dropped to third place from last year’s tie with Singapore. Zurich, Switzerland, and Singapore retained their positions as the first and second most expensive cities.
North American Cities Fall in Rankings
While three US cities made it to the top 10, North American cities, on average, dropped in the rankings compared to the previous year. The cost of living in major cities around the world increased by an average of 7.4% in the past year. This growth rate was lower than the previous year but still significantly higher than the average of 2.9% in the previous five years. In comparison, the US’s Consumer Price Index indicated a 3.2% year-over-year rise for October.
Western European Cities Dominate the Top 20
Western European cities dominated around half of the top 20 spots in the cost of living index. Rising interest rates and higher prices contributed to this trend. Four Chinese cities, including Beijing, experienced a significant fall in the rankings due to the renminbi depreciation and the end of the country’s growth streak in the post-pandemic economic recovery period.
The Impact of Sanctions on Moscow and St Petersburg
Moscow and St Petersburg, Russia, witnessed the largest drop in the rankings. Western sanctions caused the collapse of the rouble against the dollar, resulting in Moscow plummeting 105 places to 142nd position and St Petersburg dropping 74 places to 147th.
The World’s Cheapest Cities
The report also highlighted the world’s cheapest cities, including Damascus (Syria), Tehran (Iran), Buenos Aires (Argentina), and Chennai (India).
Source: 3 US cities made the list of the world’s top 10 most expensive places to live, report says
