Singapore and Zurich have overtaken New York as the world's most expensive cities to live in this year, according to a new global survey. The high cost of owning a car, expensive alcoholic beverages and rising food prices have pushed Singapore above New York, which it shared the top spot last year, according to the Economist Intelligence Unit's Global Cost of Living Report 2023.
Zurich jumped to joint first place from sixth place last year, partly due to a stronger Swiss franc and expensive groceries, home furnishings and entertainment.
Geneva tied for third with New York, and Hong Kong ranked fifth.
Overall, global prices rose by an average of 7.4% year-on-year in local currency terms, slightly lower than last year's 8.1% increase.
Affected by the depreciation of the yen, the rankings of Japanese cities fell sharply, with Tokyo falling 23 places to 60th and Osaka falling 27 places to 70th.