Living in the capital of Bermuda turned out to be more expensive than in New York
Numbeo has unveiled the ranking of the most expensive cities to live in 2023
Numbeo provides global databases for consumer prices and quality of life. Its latest Cost of Living Index 2023 reveals that Hamilton in Bermuda is the most expensive city compared to New York City, followed by Basel and Zurich in Switzerland. The Index only considers consumer goods prices, excluding rent.
The Numbeo web platform, featuring numerical data on cities and countries, uses the collective knowledge of its users to generate reliable information. The site evaluates the quality of life using eight main indicators, with half requiring a high score (such as purchasing power, security, healthcare, and climate). The remaining indicators (cost of living, housing affordability, traffic, commuting time, and pollution) have a lower benchmark for results.
Numbeo’s cost of living index, with New York City as the standard scoring 100, indicates that a city with a score of 70 is, on average, 30% cheaper to live in compared to New York.
These indices are periodically published and show a snapshot of the current status at a specific point in time. The platform allows for anyone to contribute or modify content.
Numbeo presents its readers with ample research opportunities through its compilation of global information.
New York City and Singapore are in a tie for first place, with New York making its debut at the top of the survey. The city’s high ranking is partly due to recent US inflation, which has caused basic goods to become more expensive as a result of the Federal Reserve’s 375 basis point interest rate hike this year. Two other American cities, Los Angeles (tied for fourth place with Hong Kong) and San Francisco (ranked eighth), also made the top 10 list.
Singapore’s high placement on the EIU survey is not surprising, as the country is known for having the world’s highest transportation costs due to the government’s strict control on vehicle numbers.
