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The most expensive cities in the world 2023 – new ranking. A change in the lead

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Hong Kong is no longer the most expensive city in the world. New York overtook him for the first time in four years. Among European cities, Geneva is the most expensive, according to the new ECA International ranking. The authors of the list also drew attention to the situation of Polish cities, which after the Russian invasion of Ukraine recorded a “colossal increase in rental prices”, and Krakow and Warsaw significantly advanced in the global ranking.

In the latest ranking of the most expensive cities in the world “Cost of Living” by ECA International, published on Wednesday, Hong Kong failed to top the list for the first time in four years. It dropped one place, and New York was ranked first. The authors of the list noted that although the indicators inflation Hong Kong is historically high, accommodation prices there fell in 2022, and prices rose faster in the American city.

Manhattan, Hudson River in New York CityShutterstock

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The most expensive cities in the world – ranking

The ranking includes 207 cities in the world, assessed in terms of affordability for foreigners. They were ranked based on the prices of common, daily purchased products and services, such as food, utilities, public transport and household goods. The top ten most expensive cities in the world include:

1. New York 2. Hong Kong 3. Geneva 4. London 5. Singapore
6. Zurich 7. San Francisco 8. Tel Aviv 9. Seoul 10. Tokyo

Singapore is in the top five for the first time (up eight places from last year), which is also the second most expensive city in Asia. This is mainly due to the rapidly growing costs of accommodation. Singapore is also one of the few Asian cities to see an increase in the ranking. As the authors of the ranking indicate, all the largest cities of this continent recorded a decrease, which means that living in these locations is now relatively cheaper than in other parts of the world.

SingaporeShutterstock

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The most expensive cities in Europe – ranking

Geneva is the most expensive city in Europe, just like last year. In second place was London, while all other British cities included in the ranking recorded a decrease in it. The high position of the British capital is mainly due to the prices of food, utilities and housing. The top twenty most expensive cities in Europe look like this:

1. Geneva 2. London 3. Zurich 4. Bern 5. Copenhagen 6. Moscow 7. Oslo 8. Luxembourg 9. Dublin 10. Amsterdam 11. Stavanger 12. Vienna 13. Paris 14. The Hague 15. Stockholm 16. Munich 17. Reykjavik 18. Helsinki 19. Berlin 20. Frankfurt

GenevaShutterstock

The authors of the list noted that 54 percent. European cities moved up in the ranking due to high inflation. It also had an impact war in Ukraine. As indicated, prices in places where Ukrainian refugees have settled have risen sharply for both foreigners and locals, with Polish cities being the hardest hit. There has been a “colossal increase in prices apartment rental from 25 to 50 per cent. Kraków moved up 23 places in the ranking the world’s 178th position, a Warsaw at 11 places on the 158th position.

The authors also explained why Moscow’s position was so high – according to them, despite the imposed Russia Due to the sanctions last year, the Russian ruble rebounded, thanks to which the capital of the country jumped by as much as 37 places in the world ranking, and in the European ranking it was placed 6th.

– Our cost of living ranking is influenced by two factors: prices and exchange rates. Even if prices are rising rapidly, as is the case in much of Europe, a city can become relatively cheaper for visitors if the currency is weaker, explains Steven Kilfedder of ECA International. “This is the case, for example, in Norwegian and Swedish cities, where inflation rates peaked at around 10%, but have dropped by an average of 10 places due to the weakening of their currencies,” he explains.

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Main photo source: Shutterstock



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