If contemplating a move beyond India, one seeks a locale endorsing a lavish and wholesome lifestyle. Relocating abroad is a weighty decision, scrutinizing diverse facets such as the local economy, lifestyle, and safety, among others. This compilation serves as a guide to discern the prime cities, as per a survey, for settling. In the year 2023, these cities are distinguished as the world's most opulent, offering insights for those contemplating an international relocation.
The survey took place from August 14 to September 11, scrutinizing over 400 specific prices across 173 cities worldwide.
The following comprise the world's priciest cities, delineated by their 2023 rankings, with a few instances of cities sharing the same position.
Singapore — 1
Zurich — 1
Geneva — 3
New York — 3
Hong Kong — 5
Los Angeles — 6
Paris — 7
Copenhagen — 8
Tel Aviv — 8
San Francisco — 10
Singapore and Zurich have outpaced New York, emerging as the world's priciest cities to reside in this year, as per a recent global survey. Factors such as the exorbitant cost of car ownership, expensive alcohol, and soaring grocery prices propelled Singapore ahead of its American counterpart, with which it jointly held the top spot last year, according to the Economist Intelligence Unit’s Worldwide Cost of Living 2023 report. Zurich made a significant leap from sixth place, sharing the first position, influenced by the robust Swiss franc and elevated costs of groceries, household items, and recreation.
Zurich
Geneva, tying with New York for third place, and Hong Kong completed the roster of the five most expensive locales. On a global scale, prices increased by an average of 7.4 percent year-on-year in local currency terms, a marginal dip from the previous year's 8.1 percent surge. Chinese cities experienced notable declines in rankings, primarily attributed to the nation's sluggish post-pandemic recovery and subdued consumer demand.
Los Angeles, ranking sixth, and San Francisco, holding the tenth spot, were the sole US representatives in the top 10 of the costliest cities globally. Damascus, Syria, retained its position as the least expensive city, despite a 321% rise in its cost-of-living basket price. Mexico's Santiago de Querétaro and Aguascalientes saw significant upward shifts due to a strengthened peso against the US dollar. Conversely, Tokyo slipped 23 places to 60th, and Osaka dropped 27 spots to 70th, reflecting the impact of a weaker Japanese yen. Tel Aviv secured a top 10 spot, although the survey occurred before the Israel-Hamas conflict, which might have influenced prices. Utility prices experienced the slowest increase among the examined categories, rising by 5.7%. Upasana Dutt, head of worldwide cost of living at EIU, noted that supply-side shocks and energy price spikes had eased, anticipating a global inflation deceleration in 2024. The survey, conducted between Aug 14 and Sept 11, compared over 400 prices across 173 cities globally.
