ALBAWABA – The United States (US) city of New York topped the ECA International Cost of Living Rankings for 2023 on the most expensive cities in the world, with Hong Kong, Geneva, and London in the second, third, and fourth places, respectively.
Singapore climbed from 13th place last year to the fifth place.
The Southeast Asian financial hub’s rise “was due largely to major increases in accommodation costs,” said ECA International’s Regional Director for Asia, Lee Quane.
Increased demand for rental homes, partially driven by the earlier relaxation of Covid-19 restrictions compared to other key locations in the region, was not matched by corresponding increases in the supply of accommodation.
Dubai rents rose by nearly one-third on an influx of Russian expats, bringing the city to 12th place on the most expensive cities for expats ranking, according to the study.
While most European cities rose in rankings, Norwegian and Swedish cities fell on weak currencies and French cities slipped on lower inflation rates compared to EU peers.
Istanbul saw the biggest rise on the index of most expensive cities in the world, rising 95 spots to the 108th.
President Recep Tayyip Erdogan’s policies have driven prices and accelerated inflation, with the Turkish Lira losing most of its value against the US dollar in the past two years.
These are the world’s top 20 most expensive places for expats to live (with the 2022 rankings in parentheses):
New York, US (2)
Hong Kong, China (1)
Geneva, Switzerland (3)
London, UK (4)
Singapore (13)
Zurich, Switzerland (7)
San Francisco, US (11)
Tel Aviv, Israel (6)
Seoul, South Korea (10)
Tokyo, Japan (5)
Bern, Switzerland (16)
Dubai, UAE (23)
Shanghai, China (8)
Guangzhou, China (9)
Los Angeles, US (21)
Shenzhen, China (12)
Beijing, China (14)
Copenhagen, Denmark (18)
Abu Dhabi, UAE (22)
Chicago, US (25)
