Kyiv breaks into top expensive cities ranking: See where it stands
Kyiv ranked 132nd in the ranking of the most expensive cities in the world (Photo: RBC-Ukraine/Vitalii Nosach)
Kyiv has made it into the ranking of the most expensive cities to live in worldwide. Ukrainian capital city landed at the 132nd position out of 173 possible, according to the Economist Intelligence Unit (EIU).
Who entered the top ten most expensive cities
This year, the most expensive cities for living are Zurich and Singapore. Also in the top five are Geneva, New York, and Hong Kong.
The top ten most expensive cities include:
- Zurich and Singapore
- Geneva (Switzerland) and New York
- Hong Kong
- Los Angeles
- Paris
- Tel Aviv and Copenhagen
- San Francisco
It's worth noting that last year Kyiv did not enter the ranking due to the full-scale invasion by Russia. In 2021, the Ukrainian capital ranked 118th.
Experts also add that inflation remains high worldwide: prices for 200 essential goods and services increased by an average of 7.4% over the past year. This is slightly lower than the 8.1% in 2022 but remains significantly higher than the average of 2.9% over the previous 5 years.
Map with the most expensive cities in the world (screenshot)
Changes in positions in this year's ranking compared to last year
This year, Singapore and Zurich took the first place. Singapore is not a new leader; it has been the most expensive place to live for nine out of the last 11 years. Products, alcohol, and clothing in the international business center can cost a considerable sum. However, the cost of a certificate required for car ownership recently exceeded $106,000.
Meanwhile, Zurich jumped five places compared to last year. Switzerland's largest city is "traditionally expensive"; it was in the first place in 2020 and rarely leaves the top ten.
Its leap to the top spot is explained by the fact that the Swiss franc has grown by more than 10% against the dollar in the past year.
Western European cities, including Copenhagen, Dublin, and Vienna, make up about half of the top 20. Rising prices are one reason. Another reason lies in the fact that the European Central Bank raised interest rates six times in 2023 to tame inflation, leading to a 7% increase in the euro against the dollar.
North American cities fell in the ranking this year: New York, which was the most expensive last year alongside Singapore, dropped to the third position.
