The most expensive cities in the world have been declared and the first place does not belong to a single city, but to three.
The Economist Intelligence Unit (EIU), of the British magazine The Economist, makes an annual survey in which prices are compared in more than 100 cities around the world, this is how they decide annually which are the most expensive cities of the world. This year there are three cities that share the title of the best city in the world and it is about Singapore, Paris and Hong Kong.
For the first time, in 30 years of history, there are three cities that share the first place as the most expensive in the world. The survey is designed so that companies can calculate the benefits that their migrant workers face, as well as living costs.
What they do is compare the cost of common items, such as bread, in the cities and then track if prices went up or down compared to the cost in New York, which is the city used as a benchmark. Prices are converted to dollars and weighted using an international standard to build a comparable index.
These are the 10 most expensive cities in the world:
- Singapore (Singapore)
- Paris France)
- Hong Kong (China)
- Zurich (Switzerland)
- Geneva, Switzerland)
- Osaka (Japan)
- Seoul, South Korea)
- Copenhagen (Denmark)
- New York (EU)
- Tel Aviv (Israel)
Paris is the only city in the European area among the 10 most expensive, despite the valuation of the euro. The EIU report says that the French capital is still “extremely expensive to live, and only alcohol, transport and tobacco offer good value for money compared to other European cities.”
The report also highlights that Mexico City is the one that climbed the most points, with an advance of 23 levels compared to last year, and is now in 59th place.
Although Asia is the region that has the most expensive places in the world to live, it also has some of the cheapest. According to the report, cities in South Asia, such as Bangalore, Chennai, Karachi and New Delhi, provided good value for money. This year, Damascus in Syria and Caracas in Venezuela were ranked as the cheapest in the world.