The most expensive cities in the world unveiled


Eiffel Tower

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Paris is at the top of the ranking of the most expensive cities in the world, alongside Hong Kong and Singapore.

This is the first time three cities share the top spot in 30 years of annual survey of the Economist Intelligence Unit, which compares prices in 133 cities worldwide.

The French capital, ranked second largest city last year, is the only city in the euro zone in the top 10.

The survey compares the cost of common items, such as bread, in 133 cities.

It then checks whether prices have increased or decreased by comparing them to the cost of living in New York, which serves as a reference.

Haircut comparisons

The report's author, Roxana Slavcheva, said that Paris was among the ten most expensive cities since 2003 and that it was "extremely expensive".

"Only alcohol, transport and tobacco offer good value for money compared to other European cities," she said.

The average cost of a haircut for a woman, for example, is $ 119.04 in Paris, compared to $ 73.97 in Zurich and $ 53.46 in Osaka, a city in Japan.

"European cities generally have the highest costs in the household, personal care, leisure and entertainment categories – Paris being a good representative in these categories – perhaps reflecting a greater premium on discretionary spending," said Slavcheva. .

The ten most expensive cities in the world

1. Singapore (Singapore)

1. Paris (France)

1. Hong Kong (China)

4. Zurich (Switzerland)

5. Geneva (Switzerland)

5. Osaka (Japan)

7. Seoul (South Korea)

7. Copenhagen (Denmark)

7. New York (US)

10. Tel Aviv (Israel)

10. Los Angeles (US)

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Caracas was ranked the cheapest city

Inflation and exchange rate fluctuations have helped to change this year's ranking. Countries such as Argentina, Brazil, Turkey and Venezuela have all experienced a sharp decline in their cost of living ranking.

Caracas in Venezuela, where inflation was around 1,000,000 percent last year forcing the government to launch a new currency, was ranked as the least expensive city in this year's study.

The price of a cup of coffee in the capital Caracas doubled to reach 400 bolivars (0.62 USD) in the space of a week last December, according to Bloomberg.

Damascus in Syria was ranked the second cheapest city in the world.

The Economist Intelligence Unit said that a "growing number of locations" were becoming cheaper due to political or economic disruptions.

The ten cheapest cities in the world

1. Caracas (Venezuela)

2. Damascus (Syria)

3. Tashkent (Uzbekistan)

4. Almaty (Kazakhstan)

5. Bangalore (India)

6. Karachi (Pakistan)

6. Lagos (Nigeria)

7. Buenos Aires (Argentina)

7. Chennai (India)

8. New Delhi (India)

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