The most expensive cities in the world in 2020 have been revealed. The number one position belongs to three cities. On the Economist Intelligence Unit’s 2020 Worldwide Cost of Living Survey, Hong Kong, Singapore and Osaka stood at the top position.
The top 10 cities are Singapore, Osaka in Japan, Hong Kong, New York City in U.S, Paris, Zurich in Switzerland, Tel Aviv in Israel, Los Angeles in the U.S, Tokyo, and Geneva in Switzerland.
New York went up to 4th position while Los Angeles stood at eight position. EIU said that by “strong local currency and firm domestic demand” prices have been pushed up for clothing and domestic help.
For more than 30 years, the bi-annual survey that evaluates the cost of more than 160 goods and services in 133 cities in the world has been carried out.
The French capital went down to 5th place which equals Zurich in Switzerland. A clear trend is noted in the survey across the 37 European cities. Moscow, St. Petersburg, Kiev and Istanbul dropped down in the rankings for 2020.
EIU said, “Modest domestic demand and weak global energy prices have kept inflationary pressures subdued across Europe in the past year.”
The only Middle Eastern city in the top 10 is the Israeli city of Tel Aviv. Due to rising transport costs, the city jumped three places to the number 7 slot.
Geneva, the Swiss city went down from 5th place to 10th place.