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SINGAPORE: Singapore, Hong Kong and Paris have been named as the most expensive cities in the world for expatriates, according to a survey conducted in 133 cities by the Economist Intelligence Unit (EIU), published Tuesday (March 19).
This is the first time in the history of the survey that three cities share the title of the most expensive city in the world, according to EIU.
Hong Kong and Paris ranked respectively fourth and second last year, with Singapore being the most expensive city in the world in the last five years.
EIU's 2019 Global Cost of Living Survey compares the prices of more than 400 items for 160 products and services. These include food, beverages, clothing, housewares and personal care items, as well as private schools, housekeeping and recreation expenses.
The bi-annual survey is designed to help companies calculate cost of living allowances and set up compensation systems for expatriates and business travelers.
READ: Singapore is the most expensive city in the world for expatriates for the fourth year in a row: EIU survey
According to the report, Singapore and Hong Kong cost 7% more than New York. In comparison, the South Korean city of Seoul is tied with New York in seventh place.
Four Asian cities are in the top 10 worldwide this year, Osaka in Japan and Seoul joining Singapore and Hong Kong. Other top 10 cities include Zurich, Geneva, Copenhagen, New York, Tel Aviv and Los Angeles.
He added that while Asia is home to some of the world's most expensive cities, it also has many of the world's cheapest cities, including the Indian cities of Bangalore, Chennai and New Delhi, as well as Pakistan's Karachi, among others. the ten cheapest cities surveyed.
The report noted that economies whose currencies appreciated, such as the United States, climbed considerably in the ranking.
"These movements represent a sharp increase in the cost of living relative to five years ago, when New York and Los Angeles tied for 39th position," he said.
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