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Report: Three U.S. Cities Listed in ‘Top 10’ Most Expensive in the World

Three U.S. cities are among the top 10 costliest places to live in the world, according to the latest cost-of-living report from the Economist Intelligence Unit (EIU).

The 2023 Worldwide Cost of Living report, produced by the Economist publication’s sister unit, places New York City at the third most expensive city, down from sharing the first place with Singapore last year.

While the city-state of Singapore is still number one, it is now tied with Zurich, Switzerland.

The other two American cities on the list are both located in California.

Los Angeles and San Francisco came in at sixth and tenth place, respectively.

Although multiple U.S. cities made it on the top 10 list, North American cities on average fell in the rankings compared to in 2022.

The survey took place between mid-August and mid-September, comparing “400 individual prices across 200 products and services in 173 cities.”

The study found that overall, major cities’ prices rose by an average of 7.4 percent since 2022.

In the extended top 20 list, Western European cities filled around half of those spots, “largely due to rising interest rates and higher prices,” according to Business Insider.

According to the most recent U.S. Consumer Price Index, the states have seen a 3.2 percent year-over-year rise for October.

The Russian cities of Moscow and St. Petersburg saw the most drastic drop in the EIC rankings, as a result of economic sanctions from the West. The capital city fell 105 places lower at 142, and St Petersburg dropped 74 places to 147.

Four Chinese cities, including Beijing, were also among the 10 largest drops in the ranking, as the renminbi has “depreciated and the country’s decades-long run of growth came to an end amid a slow post-pandemic economic recovery,” Insider reported, noting that the country is also facing a property market crisis.

At the very bottom of the rankings are Damascus, Syria; Tehran, Iran; Buenos Aires, Argentina; and Chennai, India.

 

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