If you think San Francisco is pricey, you should see some of the other metropolises that appear in a new ranking of the 10 most expensive cities in the world. As The Real Deal reports, Singapore, Paris, and Hong Kong have been jointly named as the three cities with the highest cost of living in a new analysis by The Economist Intelligence Unit (EIU).
It was the first time in the history of the Intelligence Unit’s Worldwide Cost of Living report that three cities have tied for first place. Billing itself as a global business intelligence group, the EIU takes the prices of more than 400 items into consideration for its annual list, including food, clothing, household supplies, private school fees, and recreation.
Singapore's appearance on the list is no surprise, considering that it has been crowned the world’s most expensive city for the past five years in a row, and Paris has consistently made the top 10 since 2003. Hong Kong, meanwhile, rose three places in the newest ranking, while Osaka, Japan rose six places.
New York City and Los Angeles also made the top 10 list this year, tying with other cities for fourth and fifth place, respectively. This is partly due to exchange rates.
“A stronger U.S. dollar last year has meant that cities in the U.S. generally became more expensive globally, especially relative to last year’s ranking,” the report notes. “New York has moved up six places in the ranking this year, while Los Angeles has moved up four spots.”
Check out the 10 most expensive cities below, and visit the EIU’s website to download a full copy of the report.
Singapore; Hong Kong; and Paris, france (tied)
Geneva, Switzerland; and Osaka, Japan (tied)
Seoul, South Korea; Copenhagen, Denmark; and New York City (tied)
Tel Aviv, Israel and Los Angeles (tied)