These Are the World’s Most Expensive Cities!
Let’s say you had the money to live a wealthy lifestyle in the most upmarket cities. Where would you live? Well, n the year 2020, these are the top most expensive cities to live in, so if you plan to move to one of these cities, you had better be sure that you have plenty of money to live off of! The ranking of these cities is based on a bi-annual Economist Intelligence Unit’s survey. It was conducted by evaluating the cost of over 160 staple goods and services in 133 countries across the globe.
Singapore, Osaka (Japan) and Hong Kong
For the most expensive city to live in, we have a tie between Singapore, Osaka (Japan), and Hong Kong. Since the year 2014, Singapore has come in first place every year as the most expensive city to live in across the world. The principal reason why Singapore is so costly is that the average lifestyle in Singapore is very high-end in comparison to other cities.
The country has limited space, and its population density is 8,188.16, ranking third highest in the world. It is best known for its impeccable cleanliness. On the other hand, people in Singapore do also get paid generally higher salaries, so there is still relative value in some categories.
Osaka, the Japanese city of many lights and busy streets, has surpassed even Paris in terms of its high cost of living. This is a unique kind of city that is still worth visiting. Traditionally, Osaka was the economic hub of Japan. Today it is still a major financial center of the country. Osaka is famous for its food. Their love for all things culinary has led them to spend a lot on food. It is also famous for its namesake Osaka, the Japanese wine.
Hong Kong was once a sparsely populated area, with basic fishing and farming villages. However, today Hong Kong is one of the most significant commercial ports in the world. It is a financial center and the world’s tenth-largest exporter. Hong Kong sports the largest number of skyscrapers of any other city on Earth. All of this from what was once a simple village! Hong Kong is a hybrid of Eastern and Western cultures.
New York City
The most expensive city in the United States of America and second in the world (after the three-way tie for first place) is none other than New York City! Everything in New York City is more expensive, from the groceries to the gas. The unemployment rate in the city is at 3.9%, on par with the national unemployment rate.
To give you an idea of the costs, we could look at the rental expenses. A family-sized apartment costs around $20K a month in Manhattan’s Upper East Side! Grocery prices are approximately 24% higher in New York City than in Chicago, with staples like cheese, eggs, and chicken, which are around 30% more than in Chicago.
Paris and Zurich, Switzerland
Paris is a city of sight-seeing and an exciting nightlife. It is a city that is much-loved by ex-pats and has hundreds of world-class restaurants for foodies. It is also famous for being one of the best places to go shopping across the globe. All of this will tell you that Paris is no city for a budget! The cost of living is high, and there’s no escaping it. Paris is also a lot about leisure. So there is a lot on offer for outdoor activities, and the city is home to many parks, which is refreshing.
In north-central Switzerland lies Zurich, one of the world’s largest financial centers and ranking in third place (tying with Paris) among all countries for the most expensive city to live in.
The city is one with a rich cultural tradition. It is a city famous for many high-quality annual events, like the Zurich Film Festival and the Street Parade. Besides that, it is a city full of arts and museums.
A Final Word
The global economic landscape is an ever-evolving thing. Every year, the cities on a list such as this one will change. However, the cities on this list are likely to remain among the costliest of all cities, even if they’re not on the top five or ten. So, if you don’t have a big fat bank account, you shouldn’t think of settling down in one of these cities!
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