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The Most Expensive Cities in the World to Live In (During COVID-19)
What are the most expensive cities in the world? According to the Economist Intelligence Unit (EIU) survey, Hong Kong, Paris, and Zurich are among the most expensive cities in 2020. The annual survey evaluates 133 urban centers by comparing the price of a basket of 138 everyday items.
From the Economist's research, it is evident that some European cities have surpassed Singapore and Osaka, which topped the rankings in previous years regarding the global cost of living. The changes are particularly pronounced and also account for the impact of COVID-19 on prices worldwide.
As noted in the report, due to the pandemic, the value of the dollar has decreased while the currencies of Western Europe and Northern Asia have strengthened, which has contributed to the rising prices of goods and services. The Swiss franc has also increased in value.
As mentioned, Singapore and Osaka have lost positions in the ranking compared to last year, now standing in fourth and fifth place, respectively. The exodus of foreign workers due to the pandemic is behind the fall in rankings for the city, which has seen its population decrease for the first time in 17 years.
What are the most expensive cities to live in? Here's the top 10.
- 1. Paris
- 2. Hong Kong
- 3. Zurich
- 4. Singapore
- 5. Osaka
- 6. Tel Aviv
- 7. Geneva
- 8. New York
- 9. Copenhagen
- 10. Los Angeles