BEIJING (China) March 22 (APP): Singapore and Hong Kong are the most expensive cities in the world, according to the latest survey by the Economist Intelligence Unit.
Other Asian metropolitan cities – Japan’s Tokyo and Osaka – are in
fourth and fifth place, while the Republic of Korea capital Seoul is sixth. Zurich in Switzerland is third, and New York is ninth.
According to “China Daily”, other cities making the list include Geneva,
Paris and Copenhagen from Western Europe.
London fell out of the Top 10, mainly because of the 15 percent
devaluation in sterling that happened after the United Kingdom voted to leave the European Union.
The Chinese cities also fell down the world rankings, because of the
steady devaluation of the RMB. Beijing fell 16 places to 47, while Suzhou, Guangzhou, and Tianjin fell more than 13 places to share 69th place.
The metropolis of Almaty in Kazakhstan is the world’s cheapest large
city to live in – although it would feel expensive for residents using the local currency because of high inflation.
Also at the affordable end of the range are Lagos in Nigeria, Bangalore
in India, and Karachi in Pakistan.
Despite the rankings, there is a wide variety between the cities in the
costs of different goods and services.
While Singapore is the most expensive place to buy and run a car, some goods and services are relatively cheap. The cost of food, for example, is similar to Shanghai.
The survey is published twice a year and is aimed at human resource and finance departments, to help them calculate allowances and compensation packages for staff.