Findings from the EIU’s latest Worldwide Cost of Living (WCOL) survey have just been released, and it turns out there are plenty of cities more expensive than ours. The report outlines the key reasons for the cost of living crisis, and shines a light on the most expensive cities to live in from across the world. Despite our consistent gripes with the cost of renting, retiring and getting a cup of coffee in Sydney, our Harbour City didn’t even make the top ten.
The survey found that, globally, prices rose by an average of 7.4 per cent over the past year in the world’s major cities. This rise in prices isn’t as significant as the previous year (between September 2021 and September 2022, prices rose by an average of 8.1 per cent), but it’s still a marked hike in the cost of going about your business. And while Sydney was included in the survey, the factors that were most significantly pushing up prices – most notably supply chain disruptions – have impacted us Sydneysiders a little less than elsewhere in the world.
In the rankings, Singapore retained its place among the world’s most expensive cities – sharing the position with the equally pricey Zurich. New York, which tied with Singapore in 2022, has now fallen in the rankings – now sitting pretty(ish) as the third most expensive city in the world. Other cities to rank in the top ten most expensive cities in the world include Geneva, Paris, Hong Kong and Los Angeles. Not one Australian city made the cut – we can drink to that.
The WCOL survey is conducted by assessing the prices of over 200 commonly used goods and services, so yes, the rising cost of getting around has been taken into account. Out of the ten categories assessed in the price index, the cost of utilities rose the most slowly – suggesting that the impact of Russia’s invasion of Ukraine in 2022 is waning. The price of groceries, however, has continued to rise significantly, and it’s looking like the pesky El Niño could add to the issue of expensive supermarket shops. Looks like we’ll have to spend more time seeking out at the best happy hours.
You can read the full survey here, and check out the top ten most expensive cities below:
1. Singapore
1. Zurich
3. Geneva
3. New York
5. Hong Kong
6. Los Angeles
7. Paris
8. Copenhagen
8. Tel Aviv
10. San Francisco