For the first time in 30 years, the Economist Intelligence Unit revealed its list of the most expensive cities to live in and the No. 1 spot is split in a three-way tie between Paris, Singapore and Hong Kong. The annual survey, which evaluates the cost of over 150 items in 133 cities around the world, features a top 10 largely dominated by Asian and European cities.
The report, entitled the “Worldwide Cost of Living 2019,” analyzes regions based on several factors including food, transportation and clothing prices, as well as currency fluctuations.
Singapore retained its number one spot from last year but what makes the ‘Crazy Rich Asian‘ city truly expensive to live in? “Singapore remains consistently expensive in several categories. It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system,” Robert Wood, Principal Economist at The Economist Intelligence Unit, says. “Transport costs in Singapore are 2.4 times higher than in New York. Alongside Seoul and Japanese cities, Singapore and Hong Kong are also very expensive locations to buy clothes and pay for utility costs.”
One of the factors behind Asia’s strong showing 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. Though Singapore has maintained its spot since 1992, it now shares its spot with French and Chinese metropolises. According to the EIU, Paris has been one of the ten most expensive cities since 2003.
New York and Los Angeles were the only two U.S. cities to make the top ten. The strengthening of dollar has resulted the change in the American cities. “This trend can be attributed to a stronger local currency, as well as to changes in the ranking elsewhere rather than U.S. cities becoming more expensive domestically.”
The full list, below:
- Singapore, Singapore
1. Paris, France
1. Hong Kong, China
4. Zurich, Switzerland
5. Geneva, Switzerland
5. Osaka, Japan
7. Seoul, South Korea
7. Copenhagen, Denmark
7. New York, United States of America
10. Tel Aviv, Israel
10. Los Angeles, United States of America