The world has already faced several crises and violent ups and downs. However, in recent years the world economy seems to be more unstable than normal, especially after the economic crisis caused by pandemic of Covid-19.
As a consequence of this, the cost of living is increasing dramatically across the globe, especially in the perception of less developed countries.
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This occurs mainly because in the midst of crises some currencies tend to appreciate more than others, unbalancing the economic balance.
And, by the way, have you ever wondered which are the most expensive cities in the world? Next you will find out. Keep reading!
The most expensive cities today
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According to a recent global survey by the Economist Intelligence Unit (EIU), average inflation across the world is hovering around 7.4% per year. In 2022, this percentage was 8.1%.
To arrive at these numbers, the researchers observed the price variations of 200 different products. However, it was discovered that the drop in inflation did not translate as expected into consumers' pockets.
The same survey pointed out the cities of Singapore, which is a kind of Asian city-state, and Zurich, capital of Switzerland, as the most expensive places to live in the world today.
Singapore, which is also an important commercial and educational center, justifies its high costs with quality of life. The city is extremely technological and safe.
Zurich, a true safe haven for the rich and powerful from all over the world, receives the influence of the always valued Swiss franc, and also the euro, which is more valued because of the interest rate increases carried out by the Central Bank European recently.
In fact, this appreciation of the euro also affects cities such as Copenhagen, in Denmark, Dublin, in Ireland, and Vienna, in Austria, whose cost of living has increased due to the appreciation of the euro in relation to the dollar.
Other cities where the cost of living is high
In the global ranking obtained by the EIU, cities such as new York, in the USA, which was the most expensive city in the world in 2022, and even the unlikely Santiago de Querétaro, in Mexico, and San José, capital of Costa Rica.
It is worth noting that the EIU list has dozens of cities around the world and is constantly updated.
On the other hand, several famous and important cities had their economies shaken in some way and lost positions in the ranking between 2022 and 2023. This is the case of Beijing, in China, and Moscow and Saint Petersburg, in Russia.
As a way of alerting readers, the Economist Intelligence Unit makes it clear that factors such as the economic sanctions imposed by the West on Russia, the war between Israel and Hamas, and El Niño, can contribute to economic instability in several countries and their cities, respectively.
Graduated in History and Human Resources Technology. Passionate about writing, today he lives the dream of working professionally as a Web Content Writer, writing articles in several different niches and formats.