February 29, 2024

Great Britain – Annual ranking: Zurich and Singapore are world’s most expensive cities

Passage in front of Kunsthaus Zurich Image: AFP

The most expensive cities in the world are Zurich and Singapore. The Swiss financial metropolis has landed at number one in the current rankings of British business magazine ‘The Economist’, primarily due to its high inflation.

The most expensive cities in the world are Zurich and Singapore. The Swiss financial metropolis took first place in the current ranking of the British business magazine “The Economist”, mainly due to high inflation – three other European cities in the top ten – Geneva, Paris and Copenhagen. “The Economist” took a closer look at 173 cities. The cost of living there has risen an average of 7.4 percent this year.

The magazine takes into account the prices of over 200 products and services for its list. In Europe, for example, in addition to the euro’s poor exchange rate against the dollar, prices for food and clothing rose sharply.

In 2022, New York will be the most expensive city in the world. Like other US cities, they are now falling behind in the rankings. New York tied for third place with Geneva, Los Angeles sixth and San Francisco tenth.

Hong Kong is fifth on this year’s list of most expensive cities, with Tel Aviv tied for eighth with Copenhagen.

The cheapest city on the list is Damascus, just ahead of Tehran. Russian cities suffered the biggest downgrades due to a weaker ruble – Moscow came in at 142nd, St Petersburg at 147th.

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