Top 10 Cities with Highest Cost of Living Globally, Seven in the United States

In the midst of lingering inflation, the cost of living has become a topic of concern for the general public. In some countries, living expenses can be more expensive than in others. Even within the same country, there can be significant differences in the cost of living in different regions. According to the annual city cost of living index recently released by data company Numbeo, seven out of the top ten most expensive cities in the world are located in the United States.

Numbeo’s rankings are based on data from January to mid-year 2024, using the cost of living in New York City as a benchmark and setting the city’s baseline index at 100. The cost of living index for other cities is relative to that of New York City.

Numbeo evaluates cities based on the following indices:

– Cost of living (excluding rent or mortgage): This index indicates the relative prices of consumer goods such as groceries, dining, transportation, and utilities. It does not include housing expenses like rent or mortgage. A city with a cost of living index of 120 means that the cost of living in that city is 20% higher than in New York City.

– Rent: This index estimates a city’s apartment rent compared to that of New York City. If the rent index is 80, it means that the average rental price in that city is about 20% lower than in New York City.

– Groceries: This index provides an estimate of grocery prices in a city relative to those in New York City.

– Dining: This index shows the prices of restaurants and bars in a city relative to those in New York City.

– Cost of living plus rent: This index estimates the comparison of consumer goods prices, including rent, to those of New York City.

– Local purchasing power: This index represents a city’s relative purchasing power based on the average net salary.

Numbeo’s research reveals that out of the top ten most expensive cities globally, the United States dominates with seven cities on the list.

Here are the top ten cities with the highest cost of living:

1. Geneva, Switzerland: Cost of living index 101.7

2. Zurich, Switzerland: Cost of living index 100.4

3. New York, USA: Cost of living index 100.0

4. San Francisco, California, USA: Cost of living index 90.5

5. Boston, Massachusetts, USA: Cost of living index 85.8

6. Reykjavik, Iceland: Cost of living index 83.9

7. Washington D.C., USA: Cost of living index 82.5

8. Seattle, Washington, USA: Cost of living index 81.5

9. Los Angeles, California, USA: Cost of living index 80.9

10. Chicago, Illinois, USA: Cost of living index 80.2

Geneva, Switzerland, tops the list with a cost of living index of 101.7, making it the most expensive city in the world in terms of living costs. The city is 1.7% more expensive than New York.

Geneva is the second largest city in Switzerland and serves as a significant global financial center, attracting numerous private banks and multinational companies across various sectors.

According to Numbeo’s data, the monthly expenses for a family of four in Geneva, excluding rent or mortgage, are estimated at 5,866.6 euros, equivalent to approximately 6,393 US dollars. The monthly expenses for a single person are estimated at 1,596.7 euros, around 1,740 US dollars.

Among the seven US cities in the top ten, New York ranks third. Based on Numbeo’s data, the monthly expenses for a family of four in New York City, excluding rent or mortgage, are estimated to be 5,597.1 euros, approximately 6,110.1 US dollars. For a single person, the monthly expenses are 1,510.1 euros, equivalent to 1,648.5 US dollars.