.A recent research ranked the three most expensive cities in the world to live in: New York, Los Angeles, and San Francisco.
.According to the Economist Intelligence Unit’s Worldwide Cost of Living study from this year, New York and Geneva are tied for the third-most expensive cities on earth.
.The Big Apple and Singapore were tied for first place on the list the previous year.
The Worldwide Cost of Living 2023 study by the Economist Intelligence Unit lists New York, Los Angeles, and San Francisco as three of the world’s ten most expensive places to live in.
Singapore and New York cities shared the title of most expensive cities in the world last year.
However, the survey states that Zurich dethroned New York as the top city this year, in part due to the strength of the Swiss currency and the high cost of groceries, home goods, and reaction. Right now, New York City is tied for third place globally.
On the other hand, Los Angeles and San Francisco ranked as the sixth and tenth most costly cities, respectively.
The poll, which incorporated information from 173 major cities, was carried out between August 14 and September of 2023. The paper states that in order to determine inflation averages, Caracas and Kiev were left out.
According to the report, nearly 200 widely used goods and services had an average price increase of 7.4 percent in the previous year.
Although that figure is marginally less than the 8.1 percent average price increase from the previous year, it is still far higher than the patterns observed from 2017 to 2021.
According to the report, a decrease in supply-chain problems that resulted from China relaxing its COVID-19 limitations late last year has contributed to some price reductions.
According to the research, energy prices have also somewhat decreased as a result of the easing of the price increase that followed Russia’s invasion of Ukraine.
The full list of the top ten most expensive cities in the world is as follows:
- Singapore, Singapore (tied for 1st)
- Zurich, Switzerland (tied for 1st)
- Geneva, Switzerland (tied for 3rd)
- New York, U.S. (tied for 3rd)
- Hong Kong, Hong Kong
- Los Angeles, U.S.
- Paris, France
- Copenhagen, Denmark (tied for 8th)
- Tel Aviv, Israel (tied for 8th)
- San Francisco, U.S. ALSO READ: How U.S. News Determined the Rankings of the Best Colleges for 2024