This Is the Most Expensive City in the World

Geneva is also known as the "capital of peace."

Skyline view towards the Jet d’Eau fountain in Lake Geneva in Geneva, Switzerland.

Switzerland is known for many things, among which are its beautiful Alpine landscapes (and winter resorts), high watchmaking traditions, chocolate, and unique blend of cultures and languages. However, the European country is also notorious for its high cost of living.

According to a new report by the online database Numbeo, Geneva is the most expensive city in the world. The company considered the cost of groceries, eating out, rent, and overall cost of living to rank the priciest of destinations around the world. It used New York City as a baseline with a score of 100. 

Geneva scored 101.7, making it 1.7 percent more expensive than the Big Apple. But that doesn't mean all services in the Swiss city come with a higher price tag. In fact, Numbeo found that Geneva's rent index is 59.6, or 40 percent lower than New York City. However, groceries are 11.4 percent more expensive, and restaurant prices are 1.5 percent higher.

In 2021, Swiss consumer prices were 54 percent higher than those in the European Union. (The country is not part of the EU but participates in the EU’s single market.) However, that same year, Swiss citizens could save about 15 percent of their annual income, or about $11,300, according to official data.

Part of what makes Geneva so expensive is that the city is home to the headquarters of multiple global organizations, such as the World Health Organization's international office, the United Nations' European headquarters, and the European Organisation for Nuclear Research (CERN).

However, Geneva also repeatedly ranks as one of the best cities in the world to live in. Earlier this year, it shared fifth place with Calgary in the prestigious EIU’s annual Global Livability Index, with perfect scores in the healthcare and education categories.

Another Swiss city, Zurich, took the second spot on Numbeo's cost of living ranking, with an overall score of 100.4. Like Geneva, Zurich, known as Switzerland's financial hub and the country's most populous city, has a lower rent index than New York City, or 46.5 percent lower, but groceries and eating out have steeper prices. Numbeo estimates the cost of living for a family of four in Zurich to be $6,184 a month. For a single person, the monthly costs are $1,689, without rent.

New York City ranked third, San Francisco fourth, and Boston fifth in Numbeo's list of the most expensive cities in the world. Seven of the top 10 cities are in the U.S., and three are in Europe. 

You can see the full report on numbeo.com.