UK cities have risen up the list, but it’s a three-way tie at the top for the most expensive cities in the world!
This year, for the first time in its thirty-year history, the Economist Intelligence Unit’s (EIU) Worldwide Cost-of-Living Survey has Paris, Singapore and Hong Kong in joint place at number one.
Paris, which has been in the top ten since 2003 rose one spot, while Hong Kong rose three places and Singapore stayed at number one for the sixth year running. The survey shows that all three cities are 7 per cent more expensive than New York.
Zurich and Geneva complete the top five of the survey which compares the cost of 160 common items such as rent, food and public transport in 133 cities globally, using New York as a benchmark.
Only two UK cities were in the list; London rose eight places up to joint 22nd with Melbourne and Milan, and Manchester was joint 51st alongside Adelaide, Lyon and Boston in the USA.
Some may be surprised that London isn’t higher up, however, last year London had dropped to 30th in the list. The rankings show a recovery in value for Sterling amid ongoing politics and a surge in domestic prices as a major factor in its climb back up the list. London is still 14% cheaper than New York, which has an index of 100 for the survey.
US cities were the most expensive when it comes to utilities and domestic help, while Swiss cities Zurich and Geneva have the highest costs when it comes to personal care, household goods, recreation and entertainment.
Globalisation has been cited for the increased cost of living in the top ten with the author of the report, Roxana Slavcheva saying, “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 the overall cost of living.”
The survey is designed to help firms calculate the cost-of-living allowances and build compensation packages for expatriates and business travellers and is released twice a year.
Interestingly, while Asia has four cities in the top ten most expensive, it also has four in the top ten cheapest.
The 10 most expensive cities:
1 Hong Kong
7 New York
10 Tel Aviv
10 Los Angeles
The 10 cheapest cities:
8 Buenos Aires
10 New Delhi
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