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<ul class="summary-list"><li>Apartments in Zurich cost around $19,000 per square meter, according to data from <a target="_blank" href="https://www.properstar.ch/suisse/zurich/prix-immobilier">Properstar</a>.</li><li>Transaction prices for apartments in the Zurich region rose 42.3% between 2013 and 2022.</li></ul>Property prices in Switzerland's finance capital are skyrocketing, according to a new report by <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-09-21/switzerland-home-prices-in-zurich-have-surged-past-london-and-paris">Bloomberg</a>. The average asking price per square meter for an apartment in Zurich in August was 17,196 Swiss franc (around $18,985), according to data from <a target="_blank" href="https://www.properstar.ch/suisse/zurich/prix-immobilier">Properstar</a>, or 15,792 Swiss franc ($17,435), per data from <a target="_blank" href="https://realadvisor.ch/en/property-prices/city-zurich">RealAdvisor</a>. Renting an apartment in the city, meanwhile, cost around 47 Swiss franc ($58) per square meter, according to the Properstar data. In comparison, buying an apartment in London — traditionally seen as Europe's most expensive property market — in August cost <a target="_blank" href="https://www.properstar.co.uk/united-kingdom/london/house-price">£12,099</a> ($14,815) per square meter, though renting one was much more expensive at £82 ($100) per square meter, per Properstar's data. Zurich, surrounded by mountains and next to the picturesque Lake Zurich, is Switzerland's richest city. According to <a target="_blank" href="https://www.henleyglobal.com/publications/wealthiest-cities">data</a> from Henley &amp; Partners the number of millionaires living in the city has increased by around a third over the past decade. It has 250 residents with a net worth of $100 million or more, and 12 billionaires. Transaction prices in the Zurich region, which encompasses an area wider than the city, rose 42.3% for apartments and 44.8% for single-family houses between 2013 and 2022, according to <a target="_blank" href="https://data.snb.ch/en/topics/uvo/cube/plimoinreg">data</a> from Wüest Partner, published by the Swiss National Bank. Prices in Switzerland overall rose by 26.8% for apartments and 39.8% for single-family houses in the same time period. UBS <a target="_blank" href="https://www.ubs.com/global/en/wealth-management/insights/2023/global-real-estate-bubble-index.html">said</a> in its Global <keyword id="23560766" type="General" weightage="20" keywordseo="real-estate-bubble" source="keywords">Real Estate Bubble</keyword> Index 2023, released Wednesday, that an increasing number of high-income earners and ultra-low interest rates in recent years had helped push up property prices. The bank said that the relationship between purchase prices and rents were "out of balance" and that a significant drop in building permits countrywide supported the perception of property as "concrete gold." Credit Suisse similarly <a target="_blank" href="https://www.credit-suisse.com/ch/en/private-clients/mortgages/schweizer-immobilienmarkt-aktuelle-fakten.html">said</a> in June that the "excessively low" rate of construction activity in the city meant it was unable to keep up with the high level of demand for property. Zurich "in particular" has an acute shortage of housing, it said in a March report. The city <a target="_blank" href="https://www.stadt-zuerich.ch/content/prd/de/index/statistik/publikationen-angebote/publikationen/webartikel/2023-02-15_Neubautaetigkeit-weiterhin-auf-hohem-Niveau.html">says</a> that there are more than 230,000 apartments in the city, with a net of around 2,000 added last year, including renovations. Zurich has a population of <a target="_blank" href="https://www.stadt-zuerich.ch/prd/de/index/statistik/themen/bevoelkerung/bevoelkerungsentwicklung/bevoelkerungsszenarien.html#szenarien">close to 450,000</a>. <a target="_blank" href="https://www.swissinfo.ch/eng/business/how-google-is-driving-up-rents-in-zurich/48569432">Swiss Info</a> reported that Google's research center in the city – its largest had outside the US – had pushed up rent in Zurich and is said to be triggering dramatic gentrification. Alongside Google, the city also has offices of large law, banking, insurance, and accountancy firms.

Apartment prices in Zurich are skyrocketing, with property being seen as 'concrete gold'

<ul class="summary-list"><li>The <keyword id="11896084" type="UNKNOWN" weightage="60" keywordseo="white-house" source="Orion">White House</keyword> on Wednesday announced "Operation Fly Formula" to address the national <keyword id="12019080" type="UNKNOWN" weightage="60" keywordseo="shortage" source="Orion">shortage</keyword>.</li><li>On Thursday, the White House said the first batch was being sent from Switzerland to Indiana.</li></ul>The first batch of <keyword id="11956953" type="UNKNOWN" weightage="60" keywordseo="baby-formula" source="Orion">baby formula</keyword> is being imported to the US from Switzerland as part of President Joe Biden's <a href="https://www.businessinsider.com/biden-invokes-defense-production-act-amid-baby-formula-shortage-2022-5">"Operation Fly Formula,"</a> which was launched to address the ongoing national shortage.The White House on Thursday <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/19/biden-administration-approves-first-operation-fly-formula-mission/">announced</a> a batch of Nestlé S.A. formula would be transported from Zurich, Switzerland, to Plainfield, Indiana, by commercial aircrafts contracted by the Department of Defense.Hypoallergenic formulas intended for babies with dairy milk allergies are being prioritized "because they serve a critical medical purpose and are in short supply in the United States because of the <a href="https://www.businessinsider.com/months-after-reopening-abbott-michigan-facility-baby-formula-available-2022-5">Abbott Sturgis plant closure</a>," the statement said.Operation Fly Formula was announced Wednesday and allows the Department of Health and Human Services and the Department of Agriculture to use military resources to pick up baby formula from overseas.The operation is part of a series of measures taken by the Biden administration to address the infant formula shortage as empty shelves have left <a href="https://www.insider.com/formula-shortage-is-worst-for-moms-babies-allergies-2022-5">parents across America scrambling to find food for their babies</a>.<a href="https://www.insider.com/er-doc-says-watered-down-homemade-formulas-putting-infants-danger-2022-5">Insider's Anna Medaris</a> reported Wednesday that an emergency room in Texas has been treating babies whose parents fed them homemade or watered-down formula, putting the infants at risk for life-threatening seizures.

First batch of infant formula headed to US from Switzerland as at least one hospital reported treating babies fed homemade and diluted formulas

<ul class="summary-list"><li>Western European cities like Zurich and Copenhagen are ranked among the most "liveable." </li><li>But the Economist Intelligence Unit's ranking doesn't factor in affordability. </li></ul>Living in a global city with a high quality of life is increasingly reserved for the wealthiest.Last year, the Economist's Intelligence Unit (EIU) <a target="_blank" href="https://www.businessinsider.com/where-are-the-best-most-livable-cities-in-the-world-2023-6#3-melbourne-australia-9">published its influential ranking</a> of the living conditions in 173 global cities, measured by a range of factors in five categories: stability, healthcare, culture and environment, education, and infrastructure. It ranks cities based on the quality of these aspects of life, but not on their cost.The cities with the highest quality of living include:<ol><li>Vienna, Austria</li><li>Copenhagen, Denmark</li><li>Melbourne, Australia</li><li>Sydney, Australia</li><li>Vancouver, Canada</li><li>Zurich, Switzerland</li><li>Geneva, Switzerland, and Calgary, Canada (tied)</li></ol>EIU's livability ranking is designed, in part, to help employers determine how challenging it is to live in a particular city, so they can adjust their employee incentives accordingly."Assessing liveability has a broad range of uses, from benchmarking perceptions of development levels to assigning a hardship allowance as part of expatriate relocation packages," EIU says in its report.But one major factor is missing — one that most people considering a move would need: the cost of living. It's especially important now amid high global inflation and widespread housing crises. While inflation globally has slowed in 2023 to 7.4% year-over-year (from 8.1% inflation in 2022), according to EIU, the costs of things like housing, groceries, clothing, and recreation are still rising too quickly for many.Some of the most liveable cities — like Zurich, Geneva, and Copenhagen — are also among the most expensive cities in the world this year, according to EIU's <a target="_blank" href="https://www.eiu.com/n/campaigns/worldwide-cost-of-living-2023/?utm_source=media&amp;utm_medium=press_release&amp;utm_campaign=wcol-23">Worldwide Cost of Living Index</a>.The cities with the highest cost of living include:<ol><li>Zurich and Singapore (tied)</li><li>Geneva and New York (tied)</li><li>Hong Kong</li><li>Los Angeles</li><li>Paris, France</li><li>Copenhagen and Tel Aviv, Israel (tied)</li></ol>EIU looks at "400 individual prices across more than 200 products and services" to determine the cost of living in 173 cities around the world.<h2>The world's most liveable cities — for the wealthy</h2>The rising cost of housing, food, and other household goods is helping worsen the affordability crisis in these cities. In the US, rising rents and home prices have been <a target="_blank" href="https://www.politico.com/news/2023/07/12/housin-inflation-fed-00105757">the biggest drivers of inflation</a> in recent years.Some cities with the highest quality of life have managed to remain somewhat affordable. Vienna, for example, has kept housing costs remarkably low through its <a target="_blank" href="https://www.nytimes.com/2023/05/23/magazine/vienna-social-housing.html">generous social housing system</a>. But others, like Vancouver and Sydney, can't say the same — both are facing housing shortages and affordability crises.While Switzerland has one of the wealthiest populations of any country in the world, it has the lowest homeownership rate — 36% — in the West, The New York Times recently <a target="_blank" href="https://www.nytimes.com/2023/11/06/realestate/zurich-switzerland-renting-homes.html">reported</a>. The average studio apartment in Zurich costs $1.1 million and the average home across the country costs $1.4 million, the Times reported. Remarkably, the cost of housing per square foot in Zurich is 80% more than in Paris, the world's fifth-most expensive city.There are strict limitations on when landlords are allowed to raise rent, but the spike in interest rates means rents <a target="_blank" href="https://www.swissinfo.ch/eng/society/rent-increases-of-15--possible-for-swiss-tenants-by-2026/48780916">could rise up to 15%</a> across Switzerland by 2026. Like in many American cities, a severe <a target="_blank" href="https://swissmarketplace.group/brands/homegate/shortage-of-living-space-causes-asking-rents-to-continue-to-rise-in-2023/#:~:text=Among%20the%20cities%20surveyed%2C%20asking,canton%20of%20the%20same%20name.">housing shortage</a> in cities like Zurich and Geneva is also contributing to rising home costs. The strength of the Swiss franc and the rising cost of groceries and household goods have also contributed to Zurich and Geneva's high cost of living.

The global cities with the best quality of life show how dire the affordability crisis is

<ul class="summary-list"><li>Ashgabat is in the grip of an ongoing financial crisis, driving up inflation and food prices.</li><li>A standard internet subscription plan in the city costs $186 a month, while a gallon of milk is $15.</li><li>The country is ruled by an idiosyncratic dictator who has spent money erecting gold statues in his honor.</li></ul><keyword id="113695" type="COUNTRY" weightage="60" keywordseo="Turkmenistan">Turkmenistan</keyword>'s capital Ashgabat has been named the most expensive city to live in for expatriates, dethroning Hong Kong, according to <a href="https://www.mercer.com/content/dam/mercer/attachments/private/gl-2021-cost-of-living-city-ranking-mercer.pdf">Mercer's 2021 Cost of Living city ranking</a>.But it's not for reasons you may think. Ashgabat, which came in second last year, owes its ranking "primarily due to a continuing socio-economic crisis which has led to food shortages and hyperinflation," said Mercer's Asia Pacific global mobility leader Julia Radchenko in a statement.The country was also hit hard by COVID-19. "The volume of imported food products shrunk as a result of having no foreign currency in the country. This has caused further shortages of food, as raw materials and ingredients are necessary for local food production," added Radchenko. For example, <a href="https://www.xpatulator.com/cost-of-living-review/Turkmenistan-Ashgabat_206.cfm">a gallon of full cream milk costs $15.23</a>, according to Xpatulator, a website that calculates living costs across the world, compared to <a href="https://www.ams.usda.gov/sites/default/files/media/RetailMilkPrices.pdf">$4.15 in New York City,</a> while the average price of a standard monthly internet subscription plan is $186, compared to <a href="https://www.allconnect.com/blog/cost-of-high-speed-internet">about $40 in the US</a>.But the isolated and reclusive Central Asian capital's facade paints a different picture.It is known for its <a href="https://edition.cnn.com/style/article/ashgabat-turkmenistan-marble-city/index.html">grandiose white marble buildings</a> - more than 500 of them. Turkmenistan is estimated to have the <a href="https://www.worldbank.org/en/country/turkmenistan/overview">world's fourth-largest gas reserves </a>that represent about 10% of global reserves, according to the World Bank. However, the country was plunged into an economic crisis due to a global slump in gas prices in 2014, driving up inflation and food prices. Turkmenistan - formerly part of the USSR until 1991 - is known for its secrecy and dismal human rights record, with the World Human Rights Watch calling it "an isolated and repressive country" under the dictatorship of President Gurbanguly Berdymukhamedov, <a href="https://www.hrw.org/world-report/2020/country-chapters/turkmenistan">in a 2020 report.</a> The leader is also <a href="https://www.businessinsider.com/turkmenistan-leader-gurbanguly-berdymukhamedov-biography-2020-1">known for his eccentricity</a> and just last year erected a <a href="https://edition.cnn.com/2020/11/13/asia/turkmenistan-dog-statue-intl-hnk-scli/index.html">19-foot golden statue in honor of his favorite dog breed.</a>In a similar economic predicament is the Lebanese capital Beirut, which was named the third most expensive city to live in - a leap from 45th in last year's ranking.<a href="https://www.mercer.com/newsroom/covid-19-disruptions-compel-companies-to-re-evaluate-their-approach-to-mobility.html">Mercer said high living costs</a> there are the "result of a severe and extensive economic depression due to escalation of several crises - the country's largest financial crisis, COVID-19 and the <a href="https://www.insider.com/beirut-explosion-could-cost-lebanons-struggling-economy-15-billion-2020-8">Port of Beirut</a> explosion in 2020." Meanwhile, the others in the top 10 costliest cities to live in should come as no surprise, with Hong Kong, Tokyo, Zurich, and Shanghai coming in at second, fourth, fifth, and sixth place, respectively. New York City is the most expensive place to live in the United States, coming in 14th in the global ranking, falling eight places from last year. Los Angeles and San Francisco are next, ranking 20th and 25th globally. Georgia's capital Tbilisi, Zambia's capital Lusaka, and Kyrgyzstan's capital Bishkek round out the bottom of the list and are considered some of the most affordable cities in the world. The annual report uses New York City as a baseline to rank 209 cities based on factors including housing, food, transportation, and entertainment costs.

Turkmenistan's secretive capital of Ashgabat is named most expensive city for expats in the world

<ul class="summary-list"><li>US futures rise, with the Nasdaq 100 boosted by <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword>'s surge to $1,000, with more Big Tech earnings due.</li><li>Third-quarter earnings are coming in strong, helping dispel some concern around <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>.</li></ul>Global shares climbed on Tuesday, propelled by strong earnings, particularly across the technology sector, where shares in Tesla surged to record highs, that has helped soothe some of the deeper fears around a damaging spike in inflation over the longer term. <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futuresures">S&amp;P 500</a> and <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones futures</a> were up roughly 0.2%, while those on the <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq 100</a> rose by 0.5%, lifted by a burst of positive sentiment after Tesla secured a bulk order from rental car company Hertz, which pushed shares in the luxury electric vehicle maker past $1,000 - and into the $1 trillion valuation club. Facebook's third-quarter earnings were mixed, as the social media company missed revenue estimates, but beat on earnings - adding to an already robust earnings season across the <keyword id="12391926" type="UNKNOWN" weightage="60" keywordseo="tech-sector" source="Orion">tech sector</keyword>. Microsoft, Twitter, and Google parent Alphabet all report later on Tuesday. Its shares were up 2.3% in Tuesday's premarket.The benchmark indices hit record highs the previous day, driven by more bumper earnings in a season in which 83.2% of companies have beaten expectations, according to Reuters. This outperformance is against a backdrop of bottlenecks across the global supply chain, along with a shortage of labor and raw materials have ignited inflationary pressures around the world in recent months."Even though this has been a good earnings season in aggregate we are starting to see more companies with supply backlogs, hiring difficulties, and rising input prices that are eating into profits," Deutsche Bank strategist Jim Reid said.Central bankers such as the Federal Reserve Chair Jerome Powell have insisted these pressures are temporary. And despite evidence to the contrary across the fixed-income <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>, where gauges of investor inflation expectations are <a href="https://fred.stlouisfed.org/series/T5YIE">running at 16-year highs</a>, some high-profile business leaders share the view of the policymakers to an extent.ARK invest boss <keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword>, one of 2020's most successful stock-pickers, said she believes the current inflationary pressures will soon subside. In a series of <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-jack-dorsey-tweet-hyperinflation-innovation-cyclical-technology-2021-10">tweets</a> on Monday, she laid out the three deflationary forces that will "overcome the supply chain-induced inflation," responding to Jack Dorsey less than 72 hours after the Twitter CEO sounded an alarm on rising prices.In Europe meanwhile, the major indices pushed higher, with the <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> up 0.6%, London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> up 0.7% while Frankfurt's <a href="https://markets.businessinsider.com/index/dax">DAX</a> gained 1.1%. Swiss lender UBS saw its strongest quarterly profits in six years in the three months to September, pushing its shares up 1.4% in Zurich. Asia markets painted a mixed picture after Modern Land, another Chinese property developer, missed a payment on its overseas debt, becoming the fourth such Chinese firm to do so, as ripples from the debt problems at Evergrande wash through the sector.Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> fell 0.5%, while the <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> lost 0.3%. Seoul's <a href="https://markets.businessinsider.com/index/kospi">Kospi</a> gained 1.2% and Tokyo's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> rose 1.8%. "The Chinese housing sector continues to fall under the watchful eye of investors after Modern Land China Co. followed in Evergrande's footsteps in missing a payment on a dollar bond. Chinese defaults on offshore bonds are now at a record high," analysts at broker <a href="https://www.ig.com/uk/news-and-trade-ideas">IG</a> said in a daily note.A decline across major <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> such as crude oil, copper, coal and lumber soothed some of the concern over the persistence of inflation. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI futures</a> were last down between 0.2 and 0.3% ahead of key US inventory data, while <a href="https://markets.businessinsider.com/commodities/lumber-price">lumber futures</a> dropped 1.4% and London Metal Exchange <a href="https://markets.businessinsider.com/commodities/copper-price">copper futures</a> fell around 1%. But so far this month, most raw material prices have been on a tear, with Chinese coal and UK natural gas up nearly 20%, and US gasoline up 10%.

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Apartment prices in Zurich are skyrocketing, with property being seen as 'concrete gold'

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First batch of infant formula headed to US from Switzerland as at least one hospital reported treating babies fed homemade and diluted formulas

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The global cities with the best quality of life show how dire the affordability crisis is

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Turkmenistan's secretive capital of Ashgabat is named most expensive city for expats in the world

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