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Zurich and Singapore: The most expensive cities - financial expert analyzes Economist ranking 2023
According to a report from www.tagesschau.de, in 2022 New York was still the most expensive city in the world. This year, the “Big Apple” was replaced by Zurich and Singapore in the rankings of the British business magazine “Economist”. Russian cities became cheaper. The most expensive cities in the world are Zurich and Singapore. The Swiss financial metropolis landed in first place together with the Asian city state in the current ranking of the British business magazine “Economist”. The three other European cities in the top ten – Geneva, Paris and Copenhagen – were rated as particularly expensive, among other things because of high inflation. The list of the most expensive cities included...
Zurich and Singapore: The most expensive cities - financial expert analyzes Economist ranking 2023
According to a report by www.tagesschau.de,
In 2022, New York was still the most expensive city in the world. This year, the “Big Apple” was replaced by Zurich and Singapore in the rankings of the British business magazine “Economist”. Russian cities became cheaper.
The most expensive cities in the world are Zurich and Singapore. The Swiss financial metropolis landed in first place together with the Asian city state in the current ranking of the British business magazine “Economist”. The three other European cities in the top ten – Geneva, Paris and Copenhagen – were rated as particularly expensive, among other things because of high inflation. This year's list of most expensive cities also included Hong Kong in fifth place and Tel Aviv in eighth place - together with Copenhagen.
The “Economist” took a close look at 173 cities for the evaluation. The magazine takes into account the prices of 200 products and services in its list. In Europe, for example, the prices of food and clothing rose sharply, in addition to the poor exchange rate of the euro against the dollar. Zurich and Singapore were tied, so the two cities share first place, so there is no second place.
In 2022, New York was still the most expensive city in the world - along with Singapore. Like other US cities, New York slipped down to third place along with Geneva. Los Angeles came in sixth and San Francisco in tenth. The cheapest city on the list is Damascus, just ahead of Tehran. The biggest downgrade occurred for Russian cities due to the weak ruble - Moscow landed in 142nd place, St. Petersburg in 147th place.
The effects of this development on the market and the financial industry can be diverse. Rising costs of living in European cities such as Zurich, Paris and Copenhagen could dampen investment in these regions. At the same time, this could lead to alternative locations in Asia, such as Singapore and Hong Kong, as well as in the USA, becoming more attractive for international investors. In addition, currency fluctuations, such as the poor exchange rate of the euro against the dollar, could influence investment decisions.
It remains to be seen how the rankings of the most expensive cities will impact global financial markets and whether investment flows will shift in response.
Read the source article at www.tagesschau.de