Under The Angsana Tree: World’s most expensive city 2023

Singapore and Zurich take joint top spot in most expensive cities in the world list

Singapore and Zurich have jointly dethroned New York City as the most expensive cities in the world to live in, according to the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living 2023 report. Hong Kong, at fifth place, is the only other Asian city in the top 10.

This ranking is based on a comparison of over 400 individual prices for everyday goods and services across 173 cities worldwide. The survey was carried out between 14 August and 11 September.

EIU’s survey found that prices rose by 7.4 per cent year on year on average in local-currency terms. “Price growth has slowed from the 8.1 per cent reported in last year’s survey, but remains significantly above the trend in 2017-21,” the report says.

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Worldwide Cost of Living: Singapore and Zurich top the ranking as the world’s most expensive cities

Worldwide Cost of Living 2023

This year’s Worldwide Cost of Living survey found that, on average, prices had risen by 7.4% year on year in local-currency terms for over 200 commonly used goods and services. This marks a decline from the record 8.1% increase reported last year, but price growth remains significantly higher than the trend in 2017-21. Although this year’s survey covers 173 of the world’s major cities, the global average has been calculated by excluding Kyiv (which was not surveyed in 2022) and Caracas (which continues to face hyperinflation), as was the case last year.

Zurich moved up from sixth place to join Singapore at the top, bumping New York (which tied with Singapore for first place last year) down to third place. Zurich, which is back at the top after three years, moved up due to the strength of the Swiss franc, as well as high prices for groceries, household goods and recreation. Overall, our top ten this year consists of two Asian cities (Singapore and Hong Kong), four European cities (Zurich, Geneva, Paris and Copenhagen), three US cities (New York, Los Angeles and San Francisco) and Tel Aviv in Israel. Our survey was conducted before the start of the Israel-Hamas war, which has affected the exchange rates in Israel and may have made it harder to procure some goods in Tel Aviv, thereby affecting prices.

Globally, utility prices (household energy and water bills) witnessed the slowest inflation of the ten categories covered in our survey. This was the fastest-rising category in 2022 and the moderation suggests an easing of the energy price shocks caused by Russia’s invasion of Ukraine. Grocery, on the other hand, saw the fastest pace of price growth. Food inflation has been sticky across the world as many manufacturers and retailers have passed on higher costs to consumers and the increasing frequency of extreme weather events continues to keep supply-side risks elevated.

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The Top 10 Most Expensive Cities in the World Right Now

WORLDWIDE COST OF LIVING 2022

Many of the major cities around the world are known for the allure of bustling nightlife, efficient public transportation and a unique culture that draws in foodies, lovers of the arts and adventurers alike. And while the offerings of well-known places like Tokyo, Japan, London, England and New York City are usually enough to make them ideal destinations for vacations and the backdrops that inspire wanderlust Instagram captions, there’s no denying that they are more often than not, quite expensive.

From the rising cost of living to the fluctuating real estate market and food and transportation costs, we’ve outlined the most expensive cities in the world as determined by the Economic Intelligence Unit's latest survey. The EIU focuses on country reports and economic forecasts through research and analysis. The survey, which was conducted from August 16 to September 16, 2022, tracks expenses including services and goods in 172 cities around the world.

Don’t get us wrong, many of these places will easily make for amazing girls trip getaways, extremely luxurious family vacations and some may even convince you to pick up everything, buy a house and make a new life for yourself in a different part of the world. However, if you’ve landed on this page purely out of aspirational interest we also have some of the most affordable places to travel that may also catch your attention:

1 (tied) Singapore, Singapore
1 (tied) New York City, New York
3 Tel-Aviv, Israel
4 (tied) Hong Kong, China
4 (tied) Los Angeles, California
6 Zürich, Switzerland
7 Geneva, Switzerland
8 San Francisco, California
9 Paris, France
10 (tied) Copenhagen, Denmark
10 (tied) Sydney, Australia

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Singapore becomes world’s most expensive city for luxury living

Singapore becomes world’s most expensive city for luxury living

In a first, Singapore on Tuesday emerged as the most expensive city globally for luxury living, surpassing Shanghai and Hong Kong, according to a report by Julius Baer Group Ltd, a Swiss wealth manager. The city-state was ranked fifth in the previous year, while Shanghai was on the top as per the Global Wealth and Lifestyle 2023 report.

Singapore's success in reopening its borders during the pandemic has contributed to its attractiveness to high-net-worth individuals. By the end of 2022, the city counted around 1,500 family offices, twice the number from the previous year. Singapore is particularly known for its high car prices, with residential property and essential health insurance also being significantly more expensive compared to the global average.

Julius Baer's Lifestyle Index evaluates the 25 most expensive cities worldwide based on various factors such as residential property, car prices, business class flights, fine dining experiences, and more. The Asia region has maintained its position as the most costly for luxury living for the fourth consecutive year. Notably, New York witnessed a significant rise, ranking fifth compared to its 11th position in the previous year, attributed to a strengthening dollar and a post-pandemic rebound. “The greatest price increase are in high-demand, premium consumables such as wine and whisky, as well as luxury cars and hospitality services,” the report said.

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Singapore Is Most Expensive City For Wealthy Individuals In 2023

Singapore is ranked priciest city for HNWIs

Singapore is constantly making it into yearly rankings of the most expensive places to live in. Recently, the country rose to become the most expensive city in the world for high-net-worth individuals (HNWIs), according to a report by Swiss private bank Julius Baer.

A big part of the rise is apparently property prices. High living standards and demand for property, as well as highly taxed cars and prices for essential health insurance, are way above the global average. This is amid plans by the authorities to entice more HNWIs to our country since last year.

According to the Julius Baer Global Wealth and Lifestyle Report 2023, Singapore is now the priciest city for HNWIs to live in on the index, up from fifth place previously. Investopedia describes HNWIs as people who generally have at least US$1 million (S$1.3 million) in liquid financial assets.

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These are the world's most expensive cities in 2023

For the wealthy as well as everyone else, the cost of living has climbed over the past year as prices rose. Some cities were hit harder than others. The Julius Baer Lifestyle Index, which ranks the world’s most expensive cities annually, finds that Asia is the costliest region for luxury living, with Singapore ranking as the world’s most expensive city. This year, it surpassed Shanghai, the No. 1 city in 2022.

The index from Julius Baer (pdf), a Swiss money manager, evaluates the cost of 20 items associated with a high-end, cosmopolitan lifestyle, such as premium residential property, luxury cars, business-class flights, and extravagant dinners.

Based on the latest prices for this basket of goods, Hong Kong moved from the fourth to third most expensive city. Bangkok climbed from No. 15 to No. 11, while Taipei fell from third to eighth place. Zurich and Tokyo dropped from seventh and eighth, respectively, to 14th and 15th.

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Julius Baer Lifestyle Index

We are navigating uncharted territory when it comes to understanding the lasting effects of the pandemic and finding a way forward in the ‘new normal’. Will life go back to as it was before, or are the changes irreversible? It is too early to tell definitively, but this brings us to the core of this year’s Global Wealth and Lifestyle Report: analysing the cost of living well and the reactions of wealthy individuals in an environment that is still shaken by the pandemic. One of the key, and somewhat surprising, takeaways in this edition is that the average cost increase of our proprietary.

Lifestyle Index is bang in line with previous readings. This means prices of premium goods and services kept climbing at their ‘normal’ levels of mid- to high-single-digit percentage points. Before 2022 the rule of thumb was that the affluent consumer had to face about double the rate of inflation of average consumer. Taking 2022 as a basis (with global inflation flirting with 8 per cent) this would have meant our Index would have overshot 15 per cent in US dollars. Considering the unexpectedly strong performance of the dollar in 2022 and the general inflationary environment, this figure was only 6 per cent, although it did reach 13 per cent in local currencies. With this backdrop, and the enduring influences of geo-political and market uncertainty, wealthy individuals are adapting their consumption and lifestyle habits both to make hay while the sun shines and to brace for any future shocks. Our findings show that the world is on the move again, the thirst for travel, experiences, and luxury goods has risen significantly, and people are consistently spending more. They are also conscious that health and wellbeing are essential to future-proofing themselves and their families, as well as shoring up their finances to face any unexpected adversity.

Within the city rankings we see notable shifts, with Singapore rising to first place. Asia remains the costliest region, while Europe, Middle East, and Africa, (EMEA) becomes the most affordable region, despite Dubai racing into the top ten. The Americas are resurgent, particularly New York, and São Paulo becomes the first Latin American city to reach the top ten. Considering these changes, high-end consumption may not be driven as much as we might expect by input prices such as commodities that spurred broad-based inflation gauges. Price rises in premium goods and services underpin the case that wealthy consumers need to achieve a high-single-digit investment return in US dollar terms to preserve their wealth. These findings also support the insight that rock solid currencies and, in particular, assets denominated in such currencies (eg the US dollar or Swiss franc) help you to weather these storms and secure a healthier, wealthier future.

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World Competitiveness Index 2023

Singapore drops one spot on global competitiveness index, now ranked 4th

The International Institute for Management Development (IMD) published the 2023 World Competitiveness Ranking earlier this month, showing that Singapore has slipped by one spot and is now ranked fourth.

Singapore ranked first on the list in 2019 and 2020 before falling to fifth place in 2021. Last year, the city-state was ranked third. Denmark has taken the pole position for the second year in a row, followed by Ireland and Switzerland, respectively. Following Singapore’s fourth-place ranking are the Netherlands (fifth), Taiwan (sixth), Hong Kong (seventh), Sweden (eighth), USA (ninth), and UAE (tenth). Ireland’s jump from 11th in 2022 to second place this year is noteworthy.

The report says that the economies in the top four spots “make good use of their access to markets and trading partners.” The criteria for evaluating each nation’s competitiveness may be broken down as follows: business efficiency, economic performance, government efficiency, and infrastructure.

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World Competitiveness Index 2023