3 Asian Cities Topped The List Of The Most Expensive In The World

Japan replaced Paris (France) as one of the most expensive cities in the world to live in.
3 Asian cities topped the list of the most expensive in the world
The 2020 global cost of living survey by the Economic Intelligence Agency (EIU) reveals that the top positions of the ranking are currently in 3 Asian cities: Osaka (Japan), Hong Kong (China). and Singapore.
New York followed closely behind in fourth place. The survey every 2 years showed that Paris (France) dropped to 5th place, the same rank as Zurich (Switzerland)

. By contrast, Osaka climbed 3 places to the top of the chart, while Tokyo rose five places to eighth, with both Japanese cities' soaring rankings thanks to the appreciation of the yen.
Osaka (Japan) has become the most expensive city in the world to live with Hong Kong (China) and Singapore. Photo: Shutterstock
Of the 37 European cities surveyed, 31 names dropped.



This is due to the modest domestic demand and weak global energy prices that have reduced inflationary pressures across Europe over the past year. Currently, the top 10 most expensive cities in the world have only 3 European names (Paris, Zurich and Geneva), compared to 7 cities in 2010.
Geneva (Switzerland) is a familiar member of the top 10 most expensive cities but has dropped from 5th to 10th place this year. Copenhagen (Denmark) is no longer listed in the top 10. However, Istanbul (Turkey) is the city with the most increase position in the ranking, rising 24 places to 96th place.
Meanwhile, US cities saw higher cost of living due to the strength of the dollar, with 15 out of 16 cities increasing their ranking on the list.
The survey found that cost of living was reduced by an average of 4% across the 133 surveyed cities The EIU contends that the money reflects the global impact of monetary policy easing, the uncertainty surrounding the US-China trade war and the strength of the US economy.




The survey was compiled in November 2019 prior to the Covid-19 outbreak. Outcomes may have an impact on subsequent outcomes.
According to Uyen Hoang / ZIng news
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