Switzerland is known for many things, including its beautiful Alpine landscapes (and winter sports resorts), its strong watchmaking tradition, chocolate, and a unique mix of cultures and languages, but the European country is also notorious for its high cost of living.

According to a new report from online database Numbeo, Geneva is the most expensive city in the world. The company took into account the cost of groceries, eating out, rent and the general cost of living to rank the world’s most expensive travel destinations. New York City was used as the base, with a score out of 100.

Geneva scored 101.7 points, making it 1.7 percent more expensive than the Big Apple. But that doesn’t mean that all services are more expensive in the Swiss city. In fact, Numbeo found that Geneva’s rent index is 59.6, 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, consumer prices in Switzerland were 54 percent higher than in the European Union. (The country is not part of the EU but participates in the EU’s single market.) However, in the same year, Swiss citizens were able to save about 15 percent of their annual income, or around $11,300, according to official data.

One reason for the high prices in Geneva is that the city is home to the headquarters of several global organizations, such as the international office of the World Health Organization, the European headquarters of the United Nations and the European Organization for Nuclear Research (CERN).

However, Geneva is also consistently ranked as one of the most livable cities in the world. At the beginning of the year, the city shared fifth place with Calgary in the prestigious EIU’s annual Global Livability Index and achieved top marks in the healthcare and education categories.

Another Swiss city, Zurich, came second in Numbeo’s cost of living rankings with an overall score of 100.4. Like Geneva, Zurich, which is considered the financial center of Switzerland and the country’s most populous city, has a lower rent index than New York City, 46.5 percent lower, but groceries and dining out are more expensive. Numbeo estimates the cost of living for a family of four in Zurich at $6,184 a month. For a single person, the monthly cost is $1,689, not including rent.

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

You can see the full report on numbeo.com.