Three US cities make list of most expensive in world

Alejandra O'Connell-Domenech
·2 min read
5

Story at a glance

  • New York, Los Angeles and San Francisco are three of the most expensive cities on the planet to live in, according to a new report.

  • New York tied with Geneva as the third most expensive city on earth in this year’s Economist Intelligence Unit’s Worldwide Cost of Living report.

  • Last year, the Big Apple tied with Singapore for the top spot on the ranking.

New York, Los Angeles and San Francisco are among the top 10 most expensive cities on the planet to live in, according to the Economist Intelligence Unit’s Worldwide Cost of Living 2023 report.

Last year, New York City tied with Singapore as the most expensive city in the world.

But Zurich bumped New York from its top rank this year, in part because of the strength of the Swiss franc and the high prices of groceries, household goods and reaction, according to the report. The Big Apple is now tied for third in the world.

Los Angeles and San Francisco, meanwhile, came in as the sixth and tenth most expensive cities on the list.

The survey was conducted between August 14 and September of 2023 and used data from 173 major cities. Inflation averages were calculated by excluding Kiev and Caracas, according to the report.

The report found that on average, prices for over 200 commonly used goods and services rose by 7.4 percent over the past year.

That number is slightly lower than last year — when prices rose by an average of 8.1 percent — but still well above trends seen between 2017 and 2021.

A decline in supply-chain issues stemming, in part, from China lifting its COVID-19 restrictions late last year have helped drive down some prices, according to the report.

On top of that, the spike in energy prices seen after Russia invaded Ukraine have also eased causing energy prices to slightly decrease, the report added.

Here’s the complete list of the world’s top 10 most expensive cities:

  1. Singapore, Singapore (tied for 1st)

  1. Zurich, Switzerland (tied for 1st)

  1. Geneva, Switzerland (tied for 3rd)

  1. New York, U.S. (tied for 3rd)

  1. Hong Kong, Hong Kong

  1. Los Angeles, U.S.

  1. Paris, France

  1. Copenhagen, Denmark (tied for 8th)

  1. Tel Aviv, Israel (tied for 8th)

  1. San Francisco, U.S.

For the latest news, weather, sports, and streaming video, head to The Hill.