Monaco retains its position as the most expensive city and country to live in as at October 2024, not only in Europe but also globally, with a Cost of Living Index (COLI) of 138, where New York City is the baseline at 100. Monaco is 22 points pricier than the second most expensive city globally, Singapore.
In Europe, Switzerland secures the next two spots with Zurich and Geneva. Zurich, with an overall COLI comprising all 13 baskets of 114, and Geneva, at 106.
The cities topping this list share a few common traits. Limited housing availability, limited space, high-quality living standards, and robust economies keep them expensive. For places like Monaco, it's also about the prestige and tax advantages attracting high-net-worth individuals.
The Bank of England has raised interest rates multiple times to curb inflation in the UK, creating a higher yield environment for investors, which attracts capital flows to the pound. With the strengthening of the British Pound against the US Dollar, cities in the UK have become more expensive when the prices of the over 200 items in 13 different cost of living baskets are priced in USD. As a result cities in the UK are climbing higher in the global cost of living rankings. Despite their rise, cities in the UK remain 20-30% cheaper than New York, while London is just 2% cheaper than New York.
No comments:
Post a Comment