ECA International, a global transportation company, published its annual ranking of the top 10 most expensive areas to live around the globe. Again, Hong Kong has remained in the top position due to factors like a strong money supply and higher costs. This is SARs third straight year of being the most costly place to reside globally. This article reveals the most costly cities in the world for 2023 with the following Pacific Prime article.
What factors should be considered when deciding the most suitable city to relocate to? The first things that occur to your mind are the appeal to the area, security, the health system of the country, and the range of housing options offered, but not only… what is the price of living in the area! Foyer Global Health offers an overview of the top 10 most expensive cities around the globe…
New York City
New York City’s Manhattan City is among the top costliest in the United States. Of the 8.5 million residents of New York City home, around 1.7 million reside in Manhattan. The cost of living in Manhattan is 237.8 per cent higher than the standard for the nation.
Everything costs are higher when you live in New York City, from grocery items to public transportation and housing. The median home price in the five boroughs comprising New York is about $776,946, compared to an average of 355,852 in the national median. In July 2022, the unemployment rate in New York was 6.6 0.9%, which was a tiny improvement from the month before and a decrease from the unemployment rate in July 2021 of 10.1 10%. It’s much lower than the national unemployment rate of 3.5 per cent. Another reason is that when you can make it here, you can do it wherever.
Tokyo, Japan
The EIU’s Worldwide Cost of Living Survey evaluates more than 400 individuals’ prices for 160 different products and services, such as beverages, food and household products, as well as clothing and personal care products across cities all over the globe. Tokyo is the sole Asian city that is ranked among the top 10, complemented by European cities Zurich, Geneva, and Paris.
The study attributes Tokyo’s top position to its strong currency, which has made imports more costly, along with pricey local items and services.
If you’re considering going to Tokyo, Be prepared to spend a lot to pay for The EIU estimates that two meals at a moderately priced restaurant would cost around $190. you can get a cup of coffee, for will cost you $6. The cost of a bottle which costs 20 dollars in New York City, will set an amount of $38 when you travel to Tokyo.
Despite the high cost, Tokyo remains a popular tourist destination with visitors from all over the globe. Tokyo was recently voted one of the top places to travel in 2019 by the publishing company Lonely Planet.
Singapore
Singapore is said to be among the most costly cities for tourists to explore. Transport costs a lot of money in Singapore’s expensive city. You must have substantial savings if you plan to purchase and operate a car. Singapore’s government maintains the vehicle rates at the highest to control vehicles on the road. In addition, clothing and food items are more expensive. It’s the best-developed city, with a buzzing restaurant lifestyle. Most frequent visitors are professional couples on honeymoon and those with a wealth of resources.
Zurich, Switzerland
Zurich, Switzerland, is widely thought to be among the most costly cities globally. This is not without reason, as the price of living here is staggering. Everything in Zurich is costly, from the cost of a cup of coffee to the expense of renting.
But what makes Zurich so expensive? Below are some of the aspects that lead to the cost of living expenses in the Swiss city:
Hong Kong, China
As per EIU, Hong Kong ties with LA for the fourth spot as one of the most costly cities. With more than 7 million residents living there but it’s not the price of renting which makes it expensive; it’s the competition for housing and all the things Hong Kong has to offer, including its endless market entertainment, nightlife and other attractions.
Geneva, Switzerland
Geneva is the second-most popular city in Switzerland and is among the cities with the highest cost of living. The city is situated west of Lake Geneva and has a total population of 82,000. The city is famous as a city with a global flavour and greater than 40% of the residents are foreign-born. Geneva is a city that has a global appeal with a host of international organisations, such as those of the United Nations and the Red Cross.
Living costs in Geneva are very high, and the city is ranked as the world’s fourth-highest-priced city by the Worldwide Cost of Living Survey. The biggest cost is housing, and a studio apartment in downtown Geneva costs around $3000 a month. Transport, food and utility bills are all expensive in the city and an extremely high sales tax of 8.8%.
Despite the cost of living there, Geneva is a stunning city with plenty to provide. Geneva is located on the shores of Lake Geneva, with the Alps appearing in the distance. The city has parks, green areas, and an active cultural scene. Geneva is the home of various world-class institutions, making Geneva a fantastic location to study and live in.
Shanghai
Shanghai is the biggest city in the world, with an estimated population of 26 million. Shanghai, located in Eastern China, is the world’s most crowded container port and one of the most important international financial centres. The city is frequently referred to as the “showpiece of the booming Chinese economy; it’s no surprise to be among the top cities around the globe.
Copenhagen, Denmark
Copenhagen, Denmark, is the most expensive city in the world, in recent research conducted by Mercer. The city that beats Zurich was ranked as the city with the highest cost to ex-pats last year.
Living costs in Copenhagen are 27 per cent more costly when compared with New York City, the basic city for Comparative Cost of Living by Mercer. The study examines the price of over 200 things in each city, including housing, transportation, food, clothing, household items, and entertainment.
The cost of living in Copenhagen results from the high tax rates. Copenhagen is home to an average of 25% value-added tax (VAT) for goods and services, as opposed to 20 per cent in the remainder of the European Union. Its high tax rates could reach as high as 60 per cent.
Paris, France
Paris is known as France’s capital and one of the most costly cities to reside in. Living costs in Paris are very high, but it’s also a gorgeous city with plenty to provide. There are numerous attractions, parks as well as historical sites to see. The food of Paris is one of the finest around the globe. If you’re searching for a place to go with many things to offer, Paris is the perfect alternative.
Vancouver
Of course, it is often considered one of the best cities regarding quality of life. Surprise, Vancouver ranks in the top ten list of expensive places to purchase properties. Its status as a city is one of the most diverse in Canada’s culture and the cleanest. It boasts some of the biggest natural areas and three major reasons behind Vancouver’s competitive market for real estate.
London, England
London, England, is one of the most costly cities globally. If you’re considering travelling to or moving into London, expect to pay a hefty sum. These are the most costly things you could explore in London.
- Choose a hotel with a high-end reputation. To enjoy the glam life during your stay in London then, you’ll have to shell out a significant amount for accommodation. Staying in a luxurious hotel is often more than PS1 000.
- Go to a Michelin-starred establishment. Michelin-starred restaurants are a must. London is the home of many of the top dining establishments in the world. If you’d like to dine like a king, you must. You’ll need to shell out an enormous amount of money. An evening at the Michelin-starred restaurant could run up to PS200 per head.
- Shop on Bond Street – If you’re seeking luxury retailing, Bond Street is the spot. The famous street is filled with designer stores such as Chanel, Dior, and Louis Vuitton. The prices for the items sold at Bond Street are sky-high; therefore, be ready to shell out lots of cash for shopping on Bond Street.
- Take in a show at The West End – The West End is the home of the finest theatres worldwide. If you’re looking to attend an event in London, paying for tickets is necessary. Costs for West End shows start at about PS30 for a person.
- Take a trip to Buckingham Palace – Buckingham Palace is among the top tourist destinations in London. If you’d like to explore the palace’s interior, you must purchase tickets. Tickets to Buckingham Palace start at PS21.50 for adults.
London is a costly city. If you’re considering travelling to or moving to London, you should be ready to pay a substantial amount of cash.
Singapore
The price of living in Singapore isn’t a fool. Indeed, Singapore’s city-state is frequently thought to be among the most costly cities in the world.
If you’re considering moving to Singapore, prepare to shell out a nice dollar. These are the ten items which are particularly expensive in Singapore.
- Housing
Housing is a major one of the most expensive expenses to deal with in Singapore. Renting a single-bedroom unit in prime areas can be as low as at least $2,500 per month.
- Utilities
The cost of utilities is also high In Singapore. It is possible to spend about $200 monthly for electricity, water, and gas services.
- Transportation
Travelling to and from Singapore is also costly. A month-long pass on Singapore’s MRT (Mass Rapid Transit) train service costs 100 dollars, while taxis are also expensive.
- Food
Food is another essential expense that could add up quickly in Singapore. A moderate eatery meal can cost 30 or more dollars, while food items are also quite expensive.
- Clothing
The clothing cost is another one that can cost a lot in Singapore. An inexpensive pair of jeans could be as much as $100, and a good outfit or shirt can be priced at $200.
- Education
If you’re a parent and want to educate them, this is an additional expense you must consider. Private schools can be expensive, with at least $20,000 per year in tuition charges.
- Healthcare
Health care is also expensive In Singapore. An appointment with a doctor may cost 100 or more. Prescription medicines can also cost quite a lot.
- Entertainment
If you’re looking to experience one of the many nightlife options in the city, make sure you have the cash. Nights out in a club may quickly cost you $200 or greater.
- Shopping
Singapore is also an excellent shopping destination. However, it’s not cheap. Designer handbags, designer clothes, and other luxury things can be expensive.
- Travel
If you are planning to visit Singapore
San Francisco, USA
San Francisco will be the eighth most expensive city on earth in 2023. The city is beautiful, filled with things to explore. Its food is excellent, and there are many destinations to explore. Also, the city is spotless, and people are welcoming.
There’s a variety of various types of housing within San Francisco. One of the most costly types of homes is single-family houses. These are homes that usually reside situated in desirable communities and also have the most prestigious schools.
San Francisco will be the most expensive city on earth in 2023. The median rental cost for a single-bedroom apartment in San Francisco is $4,500. A typical cost for an apartment with two bedrooms is $5500. The median price for a 3-bedroom house is $6,500.
The median monthly wage of a worker in San Francisco is $8,000. Food transport, utilities, and food cost $1200. The average monthly expenses for lodging and child childcare are $2,000.