Most people has the ultimate dream of moving into a big city in a foreign country and living the life they have always imagined, to be glam and fab. But everything in this world comes at a cost, and in order to live in some global cities, one has to pay a hefty price.
In a challenging year, the global pandemic has impacted countries in varying ways, which is reflected in the results. Paris and Zurich have joined Hong Kong to become the world’s most expensive cities as the prices of everyday items keep on surging amid the crisis.
According to new research conducted by the Economist Intelligence Unit (EIU) — which rates 133 global cities, and compares the price of a basket of 138 everyday items in each — has ranked the three said cities as the joint top of the list.
The European cities have skipped over Singapore and Osaka, which tied with Hong Kong in the previous Worldwide Cost of Living Survey, carried out in March.
The changes are especially marked this time around, with the report doubling as an assessment of the impact of the Covid-19 pandemic on prices around the world.
According to a report, the current findings of the research represent the impact the world has had because of the ongoing pandemic. As such, currency fluctuations — including a dip in the US dollar — have meant that while cities in Africa, the Americas, and eastern Europe have got less expensive since March, western Europe — where the euro has risen in value against the dollar — has seen prices rise.
The world’s most expensive cities
Singapore and Osaka are now down to fourth and fifth respectively, with Tel Aviv tying with Osaka in fifth place. An exodus of foreign workers during the pandemic is behind Singapore’s drop — which saw its population fall for the first time in 17 years — according to the EIU.
The top 10 is completed by Geneva, New York City, Copenhagen, and Los Angeles. Sydney is at number 15, London at 20, and Nairobi at 77. Moscow is at number 106, and Delhi at 121.
The biggest rise is Tehran, which has climbed up the ladder from 106th to 79th, due to US sanctions impacting supplies. Reykjavik, Rio de Janeiro, and Sao Paulo show the biggest price drops. The EIU attributes the Brazilian cities’ rankings to “weak currency and rising poverty levels.” Brazil, of course, has suffered hugely during the pandemic.
Damascus in Syria is the city with the lowest cost of living, followed by Uzbekistan’s Tashkent, Lusaka in Zambia, Caracas (Venezuela) and Almaty, Kazakhstan.
The bottom 10 is rounded out by Karachi (Pakistan), Buenos Aires (Argentina), Algiers (Algeria), and Bangalore and Chennai, in India. The Argentinian government has introduced price controls during the pandemic, which could explain Buenos Aires’ position.
World’s most expensive cities to live 2020
|1||(tie) Paris, France|
|1||(tie) Hong Kong|
|1||(tie) Zurich, Switzerland|
|5||(tie) Osaka, Japan|
|5||(tie) Tel Aviv, Israel|
|8||New York City|