Paris and Hong Kong joins Singapore, to become the most expensive cities of the world. It was Singapore which has hold the top position for the last five years. Now Paris, Singapore and Hong Kong are joint leaders on the Economist Intelligence Unit’s 2019 Worldwide Cost of Living Survey.
Swiss cities Zurich and Geneva, coming in at fourth and joint fifth with Osaka respectively. while New York and Los Angeles reclaimed spots in the top 10 by ranking in seventh and 10th. after slipping to 13th and 14th last year. The weakening dollar has helped these cities fetch this position .
The survey is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travelers.
The trio of cities sharing the top spot are 7 percent more expensive to live in than New York, according to the EIU, which compiles its list from a survey of 160 products and services across 93 countries.
Seoul (joint seventh place), Copenhagen (also seventh) and Tel Aviv (10th) round out the top 10 — which actually consists of 11 cities thanks to tied places.
‘Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking,’ the EIU said, accounting for Sydney’s absence after it scraped into 10th position in last year’s report.
Outside the top 10, the EIU said the cost of living in Chinese cities remains relatively stable, while Southeast Asian destinations were moving up the ranks.
One of the factors behind Asia’s strong show at the top of the table is that some Asian cities are among the world’s priciest locations for general grocery shopping, according to the EIU.
Within Asia, the best value for money has traditionally been offered by South Asian cities, particularly those in India and Pakistan,’ the EIU said.
But while parts of Asia remain the most expensive places on Earth, the continent also makes several appearances at the bottom of the list.
‘To an extent this remains true, and Bangalore, Chennai, New Delhi and Karachi feature among the 10 cheapest locations surveyed.