New York has leapfrogged Hong Kong as the world’s most expensive city to live in as an expat, while skyrocketing rents saw Singapore crash into the top five, according to a new study.
Soaring inflation and rising accommodation costs were cited as reasons for New York topping ECA International’s Cost of Living Rankings for 2023, while Geneva and London remained in third and fourth places.Singapore climbed from 13th place last year to break into the top five for the first time. That move bucks a general trend among Asian cities of slipping down the rankings, partly attributed to lower rates of inflation relative to other regions.
The biggest riser of the year was Istanbul, which climbed 95 spots to 108th place, on the back of an 80% surge in prices driven by President Recep Tayyip Erdogan’s economic policies, according to the report. While most European cities rose in rankings, Norwegian and Swedish cities fell on weak currencies and French cities slipped on lower inflation rates compared to EU peers
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