The Economist Intelligence Unit’s Worldwide Cost of Living report for 2023 has been released, and three American cities are amongst the most expensive to live in on Earth.
The report compares more than 400 prices across 200 products and services in 173 cities across the world and found that while supply chain disruptions and energy price hikes have eased, overall prices rose by an average of 7.4 percent.
According to EIU, two cities are tied for the most expensive places to live: Singapore and Zurich, Switzerland.
This is the ninth time in 11 years that Singapore has been ranked as the most expensive city in the world to live in, EIU data showed.
Three U.S. cities were included in this year’s list, including New York City, which tied with Singapore as the most expensive city in the world last year. In 2023, the Big Apple is tied for third place with another major Swiss city, Geneva.
Los Angeles, meanwhile, is sixth on 2023’s list for most expensive cities; the City of Angels has several neighborhoods that require almost a six-figure salary to live comfortably, and new data shows that the median home price in L.A. County has surpassed $900,000.
L.A. is more expensive than other major cities including Paris, Copenhagen, Tel Aviv and the world’s tenth most expensive city to live in: San Francisco.
Research shows that San Fran has some of the highest rents in the country, and a study revealed that Bay Area residents who make $100,000 per year can be considered “low income.”
The ten most expensive cities according to the Economist Intelligence Unit can be viewed below:
- Singapore, Singapore (tied for 1st)
- Zurich, Switzerland (tied for 1st)
- Geneva, Switzerland (tied for 3rd)
- New York City, U.S. (tied for 3rd)
- Hong Kong, Hong Kong
- Los Angeles, U.S.
- Paris, France
- Copenhagen, Denmark (tied for 8th)
- Tel Aviv, Israel (tied for 8th)
- San Francisco, U.S.
Click here to see the EIU’s full Worldwide Cost of Living Report.