Singapore &Zurich ranked world's most expensive cities

In a surprising turn of events, Singapore and Zurich have dethroned New York City as the world's most expensive cities, according to the latest Worldwide Cost of Living report by the Economist Intelligence Unit (EIU). This marks the first time in years that a city other than New York has held the top spot.

Both the Singapore dollar and the Swiss franc have strengthened significantly against the US dollar in recent years, making imported goods and services more expensive in these cities. Housing costs have skyrocketed in both Singapore and Zurich, driven by limited land availability and high demand from wealthy individuals and businesses. Transportation costs have also risen in both cities, thanks to factors such as fuel price increases and government policies aimed at reducing traffic congestion.

The EIU's report also highlights the impact of the global pandemic on the cost of living. Supply chain disruptions and labor shortages have led to price increases for a wide range of goods and services, contributing to higher living costs in many cities around the world.

While Singapore and Zurich have taken the top spot, New York City remains a close third in terms of overall cost of living. Other cities that rank high on the list include Hong Kong, Los Angeles, and Geneva.

Singapore and Zurich are now the world's most expensive cities,overtaking New York City.

Stronger currencies, rising housing costs, and increased transportation costs are some of the factors driving up costs in these cities.
The global pandemic has also contributed to higher living costs around the world.
New York City remains a close third in terms of overall cost of living.

This news has implications for individuals and businesses alike. For individuals, it means that they need to be more mindful of their spending habits in these expensive cities. For businesses, it means that they need to factor in the higher cost of living when making decisions about where to locate and operate.

[image credits : hindustan times, CNBC]