Zurich (pictured here) and Singapore are the most expensive cities in the world ahead of New York amid the ever-rising cost of living, according to a new ranking by The Economist magazine.
Zurich and Singapore are the most expensive cities in the world ahead of New York amid the ever-rising cost of living, according to rankings published Thursday by The Economist magazine.
The British weekly estimated that prices have increased an average of 7.4 percent over the past year in 173 major cities, a slight slowdown compared to a record 8.1 percent inflation in 2022.
In addition to Zurich, Geneva tied in third place with New York, followed by Hong Kong and Los Angeles.
Paris placed seventh, while Copenhagen and Tel Aviv—which topped the ranking in 2021—tied at eighth.
San Francisco rounded out the list.
The largest drops in rankings were seen by the Russian cities Moscow, listed at 142nd place, and Saint Petersburg at 147, a reflection of the weakening ruble due to hefty sanctions in response its war in Ukraine.
The cheapest city in the world is Damascus, according to the ranking, followed by Tehran.