Singapore continues to hold the championship of the most expensive city in the world for the 3rd consecutive year. Hong Kong places the 2nd place, which is followed by Zurich. Meanwhile, living in the French capital – Paris, seems to be cheaper than it used to be before.
Paris, the capital of France is the only one in the Eurozone ranked the 5th position on the list of top 10 most expensive cities in the world this year. However, the city also fell 3 places from the previous rankings. The reason given is due to the decline of confidence in Euro of the city’s residents.
Despite being affected by the weakening Euro, we could see Paris but is still a very expensive city to live. Geneva is ranked the 3rd position, which is higher than its 6th place last year. This is also the 2nd year witnessing the representative of Switzerland in the ranking when the 2nd place belongs to the city of Zurich. The researchers believe that the decision of floating the franc against the euro made by the Central Bank of Switzerland has made the local currency stronger.
Stronger dollar is also the reason why the position of Hong Kong increases. To be more specific, Hong Kong dollar going with USD dollar helps it to avoid being weakened compared to other currencies in the region.
Notably, both Sydney and Melbourne in Australia have left the chart of 10 most expensive cities in the world this year, because the Australian dollar has decreased by more than 7% against the dollar since the beginning of 2015.
London also joins the Top 10 most expensive cities this year when it climbs five steps to No. 6. Meanwhile, the largest shifts are recorded with American cities when New York climbed 15 places to No. 7 (in 2011, New York City fell to No. 49). Los Angeles also rises by 19 positions to No. 10 in the ranking.
EIU's survey was based on a comparison of prices (converted to the dollar) of 160 products and services in various countries, including the cost of food, clothing, personal items, the cost of rent, transport, private school, of the cost of hiring an assistant, and entertainment activities.
Here is the detailed list of the top 10 most expensive cities:
- Singapore, Singapore
- Zurich, Switzerland
Hong Kong, China
- Geneva, Switzerland
- Paris, France
- London, England
- New York, USA
- Copenhagen, Denmark
Los Angeles, USA