List of the 10 Most Expensive Cities in the World in 2023, Including Israel

Daftar 10 Kota dengan Biaya Termahal di Dunia Tahun 2023, Ada dari Israel

List of the 10 Most Expensive Cities in the World in 2023, Including one from Israel

Dream - Economist Intelligence Unit (EIU) re-released the Worldwide Cost of Living survey. Singapore once again ranked top as the most expensive city to live in. This survey was conducted from August 14 to September 11, 2023. By comparing over 400 individual prices across more than 200 products and services in 173 cities.

This is the 9th time Singapore has ranked first in the past 11 years. This research company stated that Singapore achieved the top position due to the high prices of food, alcohol, clothing, and owning private vehicles.

List of the 10 Most Expensive Cities in the World in 2023, Including Israel

Similar to Hong Kong, which ranks fifth, senior analyst at EIU, Syetarn Hansakul, said Singapore is a small country with a successful financial center.

"So naturally, when you have limited space with many high-paid professionals, there is a certain level of demand pull inflation competing for housing and other resources," said Hansakul on the show "Squawk Box Asia".

quoted from CNBC International, Friday, December 1, 2023.

Among the largest declines in the EIU list are cities in China and Japan, which have been dragged down by the weakening value of the Chinese yuan and the Japanese yen. Cities in China, such as Nanjing, Wuxi, Dalian, and Beijing, all dropped more than 25 points, while Tokyo and Osaka in Japan declined by 23 and 27 points respectively.

"10 Cities with the Most Expensive Cost of Living in the World"

The following is the translation of the text from Bahasa to English while preserving any HTML tags: "The EIU's list of the top 10 most expensive cities includes two cities in Asia, four cities in Europe, and three cities in the United States. Tel Aviv, Israel is also included in the top 10 rankings, but EIU notes that this survey was conducted before the Israel-Hamas war broke out."

The following is a list of the top 10 most expensive cities in the world:

Singapore
Zurich
Geneva
New York
Hong Kong
Los Angeles
Paris
Copenhagen, Denmark
Tel Aviv
San Francisco

EIU highlights that many cities continue to experience sharper price increases due to high inflation, with prices rising by 7.4 percent year-on-year in local currency for over 200 frequently used goods and services.

Although this figure is 0.7 percentage points lower than last year's figure, it is still higher than the trend from 2017 to 2021. Inflation in Asia is relatively lower compared to other countries in the world, which explains why there are only two cities in Asia in the top 10 rankings," said Hansakul. "The average cost of living increase in the world in 2023 is 7.4%. However, in Asia, the average increase is only 3%," said Hansakul, adding that many governments in Asia are able to keep prices under control compared to the governments in the United States and Europe.

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