Paris, Hong Kong and Singapore among the world’s most expensive cities
A new study has found that Paris, Singapore and Copenhagen are among the most cities in the world.
Other cities include Hong Kong, Zurich, Geneva, Osaka, Seoul, New York, Tel Aviv and Los Angeles.
A group of researchers explored the prices of 150 items from 133 cities round the globe. Specifically, the study included the cost of general details such as transport, food, clothing and utility bills.
As part of the 2019 Worldwide Cost of Living Survey, The Economist Intelligence Unit found that Singapore, Paris and Hong Kong are the three most expensive cities.
“We note converging costs in traditionally more expensive cities like Paris, Singapore, Zurich, Geneva, Copenhagen and Hong Kong,” Roxana Slavcheva, the editor of the survey said.
Elsewhere Zurich, Geneva and Osaka make up the top five. London meanwhile, doesn’t appear int he top ten but it has raised eight places to 22nd, making it 14% cheaper than New York which is the seventh most expensive city.
“It is a testament to globalisation and the similarity of tastes and shopping patterns. Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living.
“More remarkable is the severe fall in the ranking of emerging economy cities –Istanbul, Tashkent, Moscow and St Petersburg – owing to sustained high inflations and currency depreciations,” she added.
World’s most expensive cities in 2019
1 – Singapore 1 – Paris 1 – Hong Kong 4 – Zurich 5 – Geneva 5 – Osaka 7 – Seoul 7 – Copenhagen 7 – New York 10 – Tel Aviv 10 – Los Angeles