As inflation and greedflation drives prices up around the globe, the Worldwide Cost of Living Index has released its 2023 list of the most expensive places to live in the world. Can you guess the top spots?
Every year the Economist Intelligence Unit (EIU) releases the cost of living index, and this year found that the average cost of living rose by 7.4% this year. Groceries increased in price faster than any other daily living cost. According to CNN, a steady increase in prices can be traced back to supply chain issues that began during the pandemic. Â
The cost of living is of course based on many factors; housing, school zones, taxes, cost of daily needs like groceries, heat, water, electricity, etc. So with all of these factors in mind, EIU’s list ranks the ten most expensive places to live in the world. And the results probably won’t surprise you.Â
Zurich and Singapore tie at the number one spot. Switzerland has been known to be expensive due to the high cost of groceries and the strength of the Swiss Franc. Singapore earns a top spot with costly transport and clothing which drive up daily spending.
1 and 2:Â Zurich and Singapore (tie)
3 and 4: New York and Geneva (tie)
5. Hong KongÂ
6. Los AngelesÂ
7. Paris
8 and 9: Tel Aviv and Copenhagen (tie)
10: San FranciscoÂ
Other results from this year’s survey found that utilities, domestic help and tobacco costs were highest in cities across the U.S., while expenses in recreation, transport and household goods were higher in Western Europe, and groceries and alcohol saw the highest rates in Asian cities.
Featured Image: Singapore (Photo by Molpix)
