This is all based on a new report from The Economist Intelligence Unit of its Global Cost of Living Survey. The survey, which the report says is “a biannual survey conducted by the EIU,” compared more than 400 individual prices across these cities.
“The Global Cost of Living Index evaluates a number of representative business destinations, comprising 173 cities in this year’s survey,” the EIU told Business Insider. “Several factors come into play behind the city listing, such as the size and population of the city, its economic and public importance, and its importance to our customers and subscribers.”
The cities were compared to New York City as a base case. In other words, New York had an index of 100 and ended up ranking third. Geneva had the same index of 100 as New York in the new study.
A EIU article noted that although New York and two other U.S. cities were among the top 10 most expensive cities based on cities analyzed, the article stated that “North American cities have, on average, fallen in our cost rankings of life “.
Singapore was also the most expensive city in the world last year, tied with New York. The new summary report notes that “Singapore retained its position as the world’s most expensive city this year, for the ninth time in 11 years.”
Zurich, with an index of 104, moved from 6th to 1st, according to the report.
“As our WCOL index relies on converting local currency prices to US dollars (as the common currency), Zurich’s rise partly reflects the strength of the Swiss franc, as well as high prices for food, household items and recreation,” the report states. .
Hong Kong took fifth place. EIU senior analyst Syetarn Hansakul said in a recent interview that Singapore and Hong Kong “have always ranked well”. Hansakul highlighted their size and appeal to global talent.
Hansakul added that “limited space” coupled with “many well-paid professionals” means there is “some degree of demand-pull inflation” that can compete “for housing and other resources.”
Tel Aviv, Israel, classifiedNo. 8, like Copenhagen, Denmark, with an index of 89.
The report notes that “the investigation was conducted before the start of the war between Israel and Hamas, which affected exchange rates in Israel and may have made it more difficult to purchase certain goods in Tel Aviv, affecting thus the prices.
Here are the most expensive cities, each with their index listed below in the EIU report.