Think your grocery shop has been stacking up lately? You might be surprised by the result of The Economist’s latest annual Worldwide Cost of Living report, which ranks 133 cities according to how expensive it is to by a set “basket” of everyday goods in each.
And this year, it’s a three-way tie for the top spot.
Compiled by The Economist Intelligence Unit, the report has revealed the most expensive places to live right now are Paris, Hong Kong and Zurich.
Following them in fourth place is Singapore, then Osaka and Tel Aviv (tied in fifth). New York and Geneva (joint seventh), Los Angeles and Copenhagen (joint ninth) round out the top ten.
The report found that the events of 2020 had changed the rankings significantly, with currency fluctuations and changing spending habits sending some cities soaring and others plummeting down the table. The survey looks at the cost of groceries, household supplies and toiletries, clothes, utilities, entertainment, transport, rent and more.
Back in June, the Mercer Cost of Living Survey 2020 revealed its own list of the world’s most expensive cities – and the number one spot also went to Hong Kong, this time on its own.
It was followed by Ashgabat, capital of Turkmenistan, home to many grandiose marble-clad buildings and a major economic crisis that has hugely driven up the cost of living. Tokyo was the third most expensive city to be an expat, down from second last year.
International cultural capitals Singapore, New York, Shanghai and Beijing also made the top ten, with the only European entries being the Swiss cities of Zurich, Bern, and Geneva, thanks to the high value of the Swiss franc.
Meanwhile, cities where you might think of life as being pretty costly – think Los Angeles, London, Dubai and Miami – were outranked by Ndjamena (the capital of Chad), Shenzhen in China and Lagos in Nigeria.
More recently, in October, Dubai and Abu Dhabi ranked among the greatest cities in the world, according to the annual Best Cities report by Resonance Consultancy.
Dubai was ranked in sixth place, behind London, New York, Paris, Moscow and Tokyo and ahead of Singapore, Los Angeles and Barcelona.
It was praised for its tourist attractions including the Burj Khalifa, malls and activities, its diverse mix of nationalities, educational attainment and more.
Dubai’s outdoor experiences, which rank fifth globally, were a significant factor in the rankings, as well as safety and weather, which were both ranked eighth.
Further down the list, Abu Dhabi was ranked in fifteenth place for the 2021 list.
The UAE capital was praised for attracting international talent, ranking in first place in the foreign born residents subcategory and leapt 90 places to sixteenth in the rankings for educational attainment.
