Being a city dweller is like nothing else you have ever done. You can easily access various cultural offerings, including museums, galleries, restaurants, and bars. There is a good reason why places like Paris, China; Shanghai, China; and Boston, Massachusetts, are sought after. However, there is a cost associated with urban life.
To determine the most costly places to live in the globe in 2023, researchers examined the cost of housing, transportation, food, clothes, and other necessities. If you are in the market for a new location to call home, seeking travel ideas or are just curious, here are the top ten most expensive cities in the world. Discover the rich pasts, cultures, and people that have made these locations so desirable.
1. Hong Kong, China
The sheer number of people living in Hong Kong is the main factor that puts it ahead of any other city on this list. With over 7 million people calling the city home, it is not only the high expense of living due to the high demand for housing and the abundance of shopping, dining, and entertainment options.
2. Zürich, Switzerland
When you visit Zürich, you’ll understand why it’s one of the most expensive cities in the world. Located at the northern tip of Lake Zurich, the financial capital is renowned for its lakeside promenades, upscale boutiques, and delectable chocolate. A one-bedroom apartment in this city will set you back almost $2,000 per year, making it the most expensive place to rent in all of Switzerland.
3. Geneva, Switzerland
Geneva, home to the Jet d’Eau (the highest water fountain in the world), is renowned for its abundance of high-end restaurants and boutiques. However, such opulence does not come cheap. A single person may expect to spend around $3,500 per month on necessities including housing, food, and transportation.
4. Basel, Switzerland
Basel, the oldest university city in Switzerland, hosts the largest art market in the world every June. The city is situated on the Rhine River, not far from the Swiss borders with France and Germany. Approximately $3,000 per month will provide you a place to stay in a neighbourhood full with history, innovation, and culture.
5. Bern, Switzerland
Bern, Switzerland’s capital city, is another regular on lists of the world’s ten most expensive places to live because of its stunning mediaeval architecture, beautiful fountains, and rich history. It’s so important that UNESCO has designated it a World Heritage Site. Taking a family of four there for a week would cost close to $6,000, and the average monthly cost of living is astronomical at over $2,500 due to rent and basic living expenditures.
6. Tel-Aviv, Israel
Tel Aviv features beautiful beaches, a vibrant nightlife, and award-winning cuisine from throughout the globe. But the price tag for all that excitement is very high. Tel-Aviv, Israel’s biggest city, has a reputation for being a great destination to have a good time as well as a place with a rich cultural heritage and a welcoming attitude toward visitors. Nevertheless, real estate is pricey, with a median one-bedroom apartment rental costing $1,725.
7. New York City, New York
High prices, plenty of people, and flashing signs sum up to one thing: the big city. The average New York City rent has increased by the most in almost a decade, with increases of 3.25 percent for one-year leases and 5 percent or more for two-year leases. In May of 2022, the average cost of rent reached $4,000. In June of the same year, it reached a new high of $5,000.
8. Singapore, Singapore
Singapore has been ranked by the Economist Intelligence Unit’s Worldwide Cost of Living as the most expensive city six times between 2014 and 2020. Because of its compact size, available land is in short supply. The real estate market is very competitive due to rising demand and a shrinking supply of available homes. Water, natural gas, and electricity are all imported since the city has so few natural resources.
9. Tokyo, Japan
The capital city of Tokyo, Japan, and the country as a whole are notorious for their very high cost of living. People in a vibrant city that consistently ranks among the top 10 most expensive places to live spend the bulk of their income on rent, followed by the cost of owning a vehicle and getting about town.
10. Beijing, China
Beijing is a much cheaper than western cities. However, it has one of the highest prices of living in China because of the large number of people who want to live in the country’s cultural and political hub. Just the increase in population over the last decade has had a significant impact on rising costs, including the doubling of the average monthly rent for a one-bedroom apartment from $360 to $700.
11. London, England
London is the nation’s and the United Kingdom’s capital, home to more than 9 million people, and if you think it’s expensive to live there, you should see what it costs to run a company there. People have to shell out more cash for necessities due to a combination of factors including limited availability and expensive storage space leasing costs.
12. Seoul, South Korea
Seoul, South Korea is a cultural and artistic mecca with its contemporary skyscrapers, high-tech subways, temples, palaces, and street markets. The average cost of living in the city is around $1,400 per person, thus they lack what they need most: low living expenditures.
13. Shenzhen, China
Many of China’s youth reside in the city of Shenzhen, which is flourishing and popular. One of the youngest cities in the nation, with a median age of 32 years old. Utilities and internet access are quite cheap despite the high cost of rent and groceries.
14. Shanghai, China
Forbes’ 2021 ranking of Shanghai as the most expensive city in the world reflects the city’s dynamic economic climate and high concentration of wealthy individuals. As of 2021, it was home to the sixth highest number of billionaires per capita. It’s no surprise that so many people want to settle down in this seaside city, which happens to be China’s largest and a worldwide financial centre with a gorgeous skyline and a rich cultural past. However, due to the large concentration of both residents and businesses, the local cost of living is rather expensive at $1,453 per month on average.
15. Copenhagen, Denmark
Many people’s ideal city would be Copenhagen because of its picturesque canals and brightly coloured buildings, but the hefty taxes and housing costs make living there a nightmare. In addition to rent, a typical local resident should expect to spend more than $1,000 monthly, while visitors can anticipate spending between $108 and $205 each day.
