The Economist Intelligence Unit has just released its 2020 ranking of the world’s most expensive cities. This barometer measures the cost of living in more than 130 cities, revealing how expensive it is to eat, drink and shop in each city compared to the others. New York City is used as the benchmark for the survey.
The result is surprising. Based on the consumer goods index, Zurich, Paris and Hong Kong are all tied as the most expensive cities in the world right now. This is followed by Singapore at No 4 while Osaka and Tel Aviv share the No 5 spot. Rounding out the top ten list are Geneva (No 7), New York (No 7, a tie), Copenhagen (No 9) and Los Angeles (No 9, another tie). Strangely enough, Tokyo is nowhere in the top ten most expensive cities.
To compile this list, the biannual Worldwide Cost of Living survey by The Economist Intelligence Unit looks at the prices of 138 products and services across more than 130 cities around the world. This year’s shuffle in ranking revealed how the coronavirus pandemic has not only affected cost of living but also spending habits and currency fluctuations in the global market.
Previously, the top three spots were held by Hong Kong, Singapore and Osaka. This year, however, Zurich and Paris have overtaken the latter two Asian cities.