Which city is the most expensive in the world? Every year, the Economist Intelligence Unit (EIU) prepares a report in which it rates more than a hundred cities throughout the planet, and compares the price of shopping and leisure, with basic and common items, in any of them to check where the highest prices are set for the consumer.
At this present time, the cost of living in these destinations takes on a special role. If you have been wondering about who the top ten on this list are, today we have taken our time to research and reveal the most expensive cities in the world to live in.
According to the Worldwide Cost of Living 2021, which has taken into account the impact of COVID-19 and has also taken reference to the prices recently registered globally, below are the top ten most expensive cities to live in.
The 10 most expensive cities in the world in 2021
- Paris (France).
- Hong Kong (China).
- Zurich (Switzerland).
- Singapore (Singapore).
- Osaka (Japan).
- Tel Aviv (Israel).
- New York, (USA).
- Geneva, (Switzerland).
- Los Angeles (United States).
- Copenhagen (Denmark).
#1. Paris, Zurich and Hong Kong
The top three on the list, with equal scores, are two European cities and one Asian city. We refer to Paris, the beautiful capital of France, Zurich (Switzerland) and Hong Kong (China), which have become the most expensive cities to live on the planet. This is due to the rise of the euro against the dollar, currently, the Western European cities such as those indicated have become more expensive than others in America, Africa and Eastern Europe.
The city of Singapore, which always ranked among the most expensive in the world, decreased its position on this list due to the exodus that occurred when a large number of workers ceased to reside there due to the pandemic. In fact, in the 2019 report, Singapore, Hong Kong and Osaka tied for first place. Today, Hong Kong is the only one of the three that remains in such a position.
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#5.Osaka and Tel Aviv
The capital of Israel, Tel Aviv, also increased its position regarding two posts last year. The increase in the cost of living in this place is due, in large part, to the high prices of public transport and vehicles.
In Osaka (Japan), one of the cities with the highest prices in the world, the cost of living also fell due to the government taking measures such as subsidizing public transport. Many clothing stores closed and the prices of such products also fell in this sector. However, it is still the most expensive to buy a computer, for example. But it is also true that, at a general level, the increase in prices of products with high demand, as is the case, increased in most cities.
#7. Geneva and New York
Next are the Swiss city of Geneva and the American city of New York. Once again, a European city slips into the top ten most expensive cities in the world to live in times of pandemic. To carry out the reference report, the cost of living in New York has been taken as an average to compare the rest, which falls three positions with respect to last year’s classification.
Although it does not appear among these first results, the city that climbed the most positions during 2020 was Tehran, the capital of Iran, which rose no more and no less than 27 positions. This fact was produced by the different sanctions that the United States imposed on the country, which caused the supply of goods to be affected and, consequently, prices to skyrocket in a general way.
#9. Copenhagen and Los Angeles
Once again, a European city and a North American city tie in points and positions. We refer to Copenhagen (Denmark) and Los Angeles (United States). The first of them stands out for its cultural and leisure offer, but also because it is one of the most expensive in the world to do the shopping. And it is that, as it happens this year with the rest of European cities, the Danish capital rose two positions with respect to last year.
As for Los Angeles, that city that reminds everyone of Hollywood celebrities and artists who live there continues to be one of those with the highest cost of living. If we think that in the latter is the emblematic Beverly Hills and that the square meter of surface is around 7,500 dollars, it is also not surprising that it is among the most expensive cities to live among all those on the planet.
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As a general rule, in most cases, and due to the new circumstances and habits of life that the pandemic has caused, the largest increase in prices has been led by tobacco and consumer electronics. On the contrary, the textile industry has been one of the most affected, since it has seen its sales reduce and its prices have plummeted.
The world’s most expensive city is currently Paris, we do not expect this city to remain in this position in the next year but who knows, it might retain the position.