What is the most expensive city in the world?

The most expensive city in the world is Singapore, tied with Zurich, according to the Economist Intelligence Unit's (EIU) latest Worldwide Cost of Living survey, followed by Geneva, New York, Hong Kong, Los Angeles, Paris, Copenhagen, Tel Aviv and San Francisco.

The EIU's biannual survey has been analysing the cost of living in 173 cities worldwide for over thirty years. Its global researchers compile the list by comparing a basket of like-for-like consumer goods and services, including groceries, entertainment expenses, clothing, utility costs, public transport, and accommodation. From this data, the EUI factors in current currency fluctuations, inflation rates, and shifting market dynamics to deliver a comprehensive analysis, providing invaluable data for businesses, policymakers, and curious minds alike.

6 highest cost of living cities

1. Singapore

Singapore's status as one of the world's most expensive cities is a testament to its unique blend of economic dynamism and urban sophistication. Boasting a strategic location at the crossroads of global trade routes, Singapore has emerged as a thriving hub of commerce and finance in the heart of Southeast Asia.

Thanks to excellent healthcare, infrastructure, and education, the city-state offers plenty of chances for career advancement and a high quality of life. However, its small size has led to an unstoppable demand for real estate causing property prices and rental rates to soar. 

2. Zurich (Switzerland)

Nestled amidst breathtaking Swiss scenery, it's no surprise that Zurich's picturesque surroundings, impeccable cleanliness, and high living standards come with a hefty price tag.

Another global financial powerhouse and a leading centre for banking, the city's robust economy, fueled by a strong currency and stable political environment, attracts a steady stream of affluent individuals, driving demand for premium properties and luxury goods.

3. Geneva (Switzerland)

Geneva, Switzerland's second-most populous city, is a cosmopolitan hub on the shores of Lake Geneva. Known for its diplomatic significance as the European headquarters of the United Nations, the city is a bastion of high-class living and a magnet for those with a high net worth.

Plus, Switzerland's reputation as a tax haven has long been a lure for the wealthy seeking financial security and favourable fiscal policies. However, this influx exacerbates competition for housing and services.

4. New York City (USA)

From Broadway to Wall Street, New York is a vibrant melting pot of culture and commerce. The city that never sleeps draws high-income earners from across the globe due to world-class restaurants, upscale properties and iconic nightlife.

However, the cost of real estate in Manhattan is notoriously high. And skyrocketing rents and housing prices, particularly in desirable neighbourhoods like Chelsea, SoHo, and Greenwich Village, have made homeownership a distant dream for many New Yorkers.

5. Hong Kong

The dazzling jewel of the East, Hong Kong's reputation as one of the world's most expensive cities stems from its strategic location as a gateway to China and its status as a financial powerhouse. However, with limited land available and businesses, professionals, and investors all vying for a piece of the action, demand for real estate in Hong Kong is relentless.

Although tiny apartments and sky-high rents are the norm, the city's robust economy, world-class infrastructure, and sparkling streets make the expense of daily life worth it.

6. Los Angeles (USA)

Los Angeles, the epitome of the American Dream with its palm-lined streets and iconic Hollywood sign, is renowned for its glamorous allure. One of the main factors driving up the cost of living in this sun-soaked metropolis is its booming real estate market. From trendy neighbourhoods like Beverly Hills and Santa Monica to hip enclaves such as Silver Lake and Venice Beach, renting is the only affordable option for those yet to strike it lucky.

The city's sprawling layout and heavy traffic also contribute to high transportation costs, as residents spend significant time and money commuting between home, work, and leisure destinations.

Most expensive cities in the US*

The most expensive cities in the US are New York City (New York), Los Angeles (California), San Francisco (California), Honolulu (Hawaii) and Washington, D.C. (District of Columbia).

Source: Payscale

_{*according to costs and exchange rates on the day of writing.}

Most expensive cities in Europe*

The most expensive cities in Europe are Zurich (Switzerland), Geneva (Switzerland), Paris (France), Copenhagen (Denmark) and Oslo (Norway).

Source: Expatistan

_{*according to costs and exchange rates on the day of writing.}