A beautiful European city has been dubbed the world’s most expensive – tied with another several thousand miles to the east.
Switzerland is one of the world’s most expensive countries thanks to what locals identify as an “oligopolistic-corporatist structure” that governs local industry, retail and distribution.
While not the capital, Zurich is the country’s largest city, being home to 421,878 people, more than three times the population of Bern.
Switzerland was rated the second most expensive country in the world this year, and Zurich, as its largest city, has naturally placed as the most expensive in its own category.
But it is not alone, as it has tied with an Asian city nearly tens of thousands of miles to the east.
The Economist ranked Zurich the most expensive city in the world based on its cost of living index, a value which accounts for food, shelter, transportation, energy, clothing, healthcare, and childcare costs from 2023.
The report from the Economist Intelligence Unit ranked Zurich first with an index of 104, four points higher than notoriously expensive New York.
The city has moved up six places since the previous ranking and now stands joint first with Singapore.
The capital of the Republic of Singapore also boasted an index score of 104, a value that likely wouldn’t surprise many visitors or residents.
Singapore is 7,972 miles (12,831km) to Zurich’s east, a distance that takes roughly 12 hours by plane.
Singapore (the city and country) has rapidly grown as Asian business centres in recent decades, primarily thanks to its exports.
Electronics, financial services, manufacturing and machinery, and tourism are all prime Singaporean exports.
While good for the economy, Singapore City’s titanic success means prices are set high for its – admittedly wealthy – residents.
The report noted: “It is also among the most expensive cities for clothing, groceries and alcohol, due to its success as a premier location for business investment.”
Zurich was not the only Swiss city on the Economist’s list, as Geneva came third thanks to its index of 100, matching New York, with Hong Kong, Lost Angeles and Paris following thanks to indexes of 98, 97 and 91.
Source: express.co.uk