The World’s 10 Most Expensive Cities To Live In

The world is your oyster, but just be prepared to pay for it.

In its latest report on the world’s most expensive cities, the Economist Intelligence Unit found that prices worldwide increased a tad less in the past year than the previous year. Still, they had gone up at an annual rate significantly higher than they had from 2017 to 2021. Utility prices increased the least and groceries the most.

The EIU — the research arm of The Economist magazine — found that most U.S. cities became less expensive to live in while some Western European and Latin American cities became more expensive.

To conduct its study, the EIU measured more than 400 prices across more than 200 products and services in 173 cities worldwide. New York City is used as the benchmark for the report’s cost of living index and is given a score of 100. Therefore, all other scores in the report reflect the cost-of-living in that city relative to New York City.

Here’s a look at the most expensive cities in the world, according to the EIU.

San Francisco

Cost of living index for this city: 86

Real estate brokerage firm Redfin found that in 2023 people looked to flee the City by the Bay to areas of the country that, although more prone to disaster, are cheaper to live in than San Francisco and other coastal U.S. cities.

Tel Aviv, Israel

Cost of living index for this city: 89

Inflation in Israel increased from 1.51% in 2021 to 4.39% in 2022. The cost of housing also rose 20% in 2022. But inflation has eased a bit since the beginning of the war with Hamas in October 2023.

Copenhagen, Denmark

Cost of living index for this city: 89

Forget about finding a bunch of tax loopholes in Denmark’s capital. The average resident of this city of more than 600,000 has an income tax rate in the range of 37% to 53%. The benefits of that high tax rate include no-cost health care and free higher education.

Paris, France

Cost of living index for this city: 91

The tax rate on individual workers in this European country increased to 47% in 2022, significantly higher than the average of 34.6% among the 38 member countries of the Organisation for Economic Co-operation and Development.

Los Angeles

Cost of living index for this city: 97

The Southern California megalopolis saw a net outflow of 23,500 residents from August to October 2023, according to Redfin. The top destination for Angelinos? Las Vegas, where homes cost roughly half as much. Rent-wise, L.A. is top 10 in the nation with one-bedroom units running about $2,400 per month, Zumper says.

Hong Kong, China

Cost of living index for this city: 98

Annual consumer price inflation in this special administrative region in China was higher (2.5%) than the Asia-Pacific regional average (2.1%) from 2012 to 2022. Monthly costs for a family of four are estimated to be a bit more than $4,000, not including rent.

New York City

Cost of living index for this city: 100

Prepare for some sticker shock when eating out in the Big Apple. A three-course meal for two at a medium-priced restaurant can set you back about $120, and rental costs in the heart of downtown can be nearly $8,000 per month for a three-bedroom.

Geneva, Switzerland

Cost of living index for this city: 100

Monthly costs for a family of four in this city that is home to the International Committee of the Red Cross are estimated at more than $6,000, not including housing costs.

Zurich, Switzerland

Cost of living index for this city: 104

The cost to buy or rent a home in this Swiss metropolis is skyrocketing even beyond that of New York City, London and Paris, and some residents are blaming the “Zooglers.” That group of more than 5,000 Google employees can afford very expensive abodes with their high salaries, and some believe this is driving up housing costs.

Singapore

Cost of living index for this city: 104

This island country and city-state on the southern tip of the Malay Peninsula has been the world’s most expensive city for nine of the past 11 years, according to the Economist Intelligence Unit. But the Singaporean government has a plan to ease the burden on residents, including “more support for lower- to middle-income families.”