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The study rated the cities according to how expensive it is to buy basic items there at supermarkets, mid-priced stores and specialty outlets, using the price of food, drinks, clothing, recreation and entertainment and the cost of buying and running a car (including the cost of gasoline).
It also includes recurring expenses, including the cost of renting a home, utility bills, private schools and domestic help. It takes into account the relative strength of each of the countries’ respective currencies. A slight weakening of the U.S. dollar, for instance, contributed to New York’s relatively low ranking and kept many other pricey U.S. cities off the list.
Follow @newslexpointCheck out these 10 most expensive cities
Country | City | Rank |
Singapore | Singapore | 1 |
Hong Kong | Hong Kong | 2 |
Switzerland | Zurich | 3 |
Japan | Tokyo | 4 |
Japan | Osaka | 5 |
South Korea | Seoul | 6 |
Switzerland | Geneva | 7 |
France | Paris | 7 |
U.S. | New York | 9 |
Denmark | Copenhagen | 9 |
And the cheapest cities in the world? Almaty in the former Soviet state of Kazakhstan, which is located in the foothills of the Trans-Ili Alatau mountains, ranked the bottom of 133 countries on the Economist Intelligence Unit’s list. It was ranked just below Lagos, Nigeria; Bangalore, India; Karachi, Pakistan; and Algiers, Algeria.
Four European cities made the Top 10. Zurich and Geneva are known for expensive recreation and entertainment, the report says. Paris remains an expensive city, the report says, save for two items: alcohol and tobacco. Paris is also one of the most popular cities in the world for tourists, which means local vendors can afford to up their prices. And its status as an historical European capital makes it difficult to build or expand on apartment blocks to help lower property prices.
Source: Market watch
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