According to the magazine’s ranking, Zurich, Switzerland, and the city-state of Singapore lead as the most expensive destinations to settle in currently.

These findings are derived from the latest Global Cost of Living Index by The Economist Intelligence Unit, a renowned research center affiliated with one of the most respected economic and business magazines worldwide.

This index is a comprehensive assessment that measures and compares the cost of living across various cities globally. Developed by the EIU, a division of The Economist, it considers a wide range of economic factors such as the prices of food, housing, transportation, utilities, and entertainment.

The index’s methodology typically involves collecting price data on a broad range of goods and services in each surveyed city. These data are then weighted based on their relevance to the average living cost of a typical resident. The result is a ranking that allows comparisons of the relative cost of living in different parts of the world.

The Global Cost of Living Index by The Economist Intelligence Unit is a valuable tool for businesses, expatriates, students, and researchers who aim to understand and plan for the costs associated with life in various global cities.

The cost of living in a city, as initially reported in November 2023, is often influenced by the local sociopolitical and economic situation. Currency fluctuations, fiscal policies, the economic context, and even armed conflicts in the region can significantly impact this equation.

Below, we present the top 10 most expensive cities to live in:

Zurich, the Swiss metropolis, is characterized by its high cost of living, primarily attributed to the appreciation of the Swiss franc against the dollar, with a 10% increase in the past year, according to The Economist. Additionally, the high costs of food, household products (like cleaning supplies), and leisure activities contribute to its top position.

The city-state of Singapore has maintained its position at the top of the ranking as one of the most expensive cities to live in for a decade, sometimes sharing the spot with other cities, sometimes not. High transportation and clothing costs are among the main reasons for this classification, significantly exceeding the global average.

Geneva shares its prominent position with New York, and aside from the strength of the local currency, high taxes are cited as a significant factor for the elevated cost of living in the Swiss city, an issue that also affects Zurich, the top-ranked city.

New York has been in the top 10 since the onset of the pandemic and led the ranking in 2022, alongside Singapore. Despite a slight drop, the economic crisis stemming from COVID-19 and high inflation in the U.S. continue to contribute to the high cost of living in the country.

The real estate market plays a crucial role in this aspect, with competition for space, gentrification, and many properties being converted into vacation rentals, reducing the supply of homes for rent or purchase and driving up prices.

In fifth place is Hong Kong, China. The geography of this location is one of the main reasons contributing to its high cost of living. With its territory spread over more than 260 mountainous islands, space for property development is extremely limited. This results in exorbitant housing prices, especially due to the high costs of construction materials.

In sixth place is Los Angeles, U.S. Like New York, inflation in the United States and fluctuations in the dollar on the international market are significant factors behind Los Angeles’ high cost of living.

Paris, France, occupies the seventh position. This year has been relatively favorable for the City of Light, as despite rising prices in the French capital, the weakening of the euro has helped keep Paris at the bottom of the list of the world’s most expensive cities.

Tel Aviv, Israel, and Copenhagen, Denmark, are tied in the eighth position. “The Economist” highlights that the study’s data were collected before the conflict between Israel and Hamas, so they do not fully reflect the current situation in the Israeli capital.

In 2022, Tel Aviv ranked third among the world’s most expensive cities, but in the months that followed, it became comparatively more affordable. However, the magazine acknowledges that the conflict has affected the country’s currency, making it harder to purchase certain products in local markets, consequently affecting prices. Thus, by the end of 2024, Tel Aviv may rise in the rankings.

Copenhagen, on the other hand, faces high taxes, with a rate of about 25% applied to all goods and services. This makes the Danish capital a somewhat expensive destination for foreign visitors. Additionally, certain products, like chocolate, tobacco, and alcohol, are further impacted by additional taxes.

In tenth place is San Francisco, U.S. Among the weaknesses of this third U.S. representative on the list are consumer goods and real estate, with housing notably expensive even by American standards. However, a year earlier, San Francisco ranked eighth, showing a relative improvement in its situation. This is partly due to the difficult recovery from the economic crisis caused by COVID-19 faced by its residents.

As for South American cities, the study reveals that major cities in the region are, on average, becoming progressively more expensive to live in, due to various countries’ efforts to contain inflation. However, Buenos Aires, Argentina’s capital and largest city, stands out as one of the 10 cheapest cities in the world to live in. It is renowned for its eclectic architecture, reflecting its colonial history, European influences, and modernity, with its neoclassical mansions, cobblestone streets, historic colonial homes, and famous antique fairs.

Finally, the most economical city to live in today, according to “The Economist,” is Damascus, the capital of Syria and one of the oldest continuously inhabited cities in the world. Damascus is famous for its historical landmarks, including the Old City, surrounded by ancient walls, which houses many historically significant sites and is a UNESCO World Heritage Site.

In addition to its historical value, Damascus is an important cultural and economic hub in Syria. The city is known for its production of traditional crafts, such as textiles, carpets, and ceramics, sold in its vibrant souks. Damascus’ cuisine is also renowned, offering a variety of delicious Syrian dishes, including the famous pita bread and dishes featuring fresh meat, grains, and vegetables.