Published on : Saturday, March 23, 2019
In a recent survey on worldwide cost of living, Hong Kong, Paris and Singapore have split the title of the world’s most expensive city, according to a recent report released by a British think tank. This is the first time that three cities have been tied for the first place in the survey.
Using New York City as its base, the report found that the living costs in all three cities were seven percent higher than in the benchmark city.
The report named Worldwide Cost of Living 2019 is published by the Economist Intelligence Unit.
Singapore is the only city that has maintained its ranking from the previous year, marking its sixth straight year at the top of the rankings, with Hong Kong lept three places and Paris climbed one to reach the top.
The top 10 cities with the highest living cost are largely divided between Asia and Europe.
The report also revealed that the global cost of living has fallen to 69 percent of the cost in New York, down from 73 percent last year, remaining significantly lower than five years ago, when the average cost of living across the cities surveyed was 82 percent of the cost in the base city.
While inflation and devaluations were prominent factors in determining the cost of living, many cities surveyed tumbled down the ranking owing to economic turmoil, currency weakness or falling local prices, the report said.