There are many incredibly dear and costly cities scattered all over the earth today but do you know which are the most expensive places to live in around the globe? Apparently, this piece of information is in high demand especially because people from all walks of life including tourists and those seeking to emigrate, perpetually seek to know where on earth they can fit in and live comfortably while building their lives.
Every year, surveys are carried out to reveal the most expensive places in the world and the list is anticipated by millions of people who are making plans to traverse the globe and gain fresh experiences by travelling.
How The Most Expensive Cities Are Determined
For decades, the popular British magazine The Economist, via its Economist Intelligence Unit (EIU) conducts surveys annually to reveal the cities which are the most expensive to live in as well as the ones that are least expensive to live in. The survey arrives at its conclusion by comparing the prices of commodities and the general cost of living in more than 100 cities across different countries worldwide.
During the survey, 400 individual prices are usually examined across 160 products and services, including food, transport, drink, rent, and utility bills. These prices are converted to dollars and weighted using an international standard. At the end of this process, the most expensive cities on Earth are determined and compiled into a list; which is then revealed to the public.
The list of the most expensive cities to live in are craved by many companies today because they are concerned about the welfare and cost of living their employees from other countries would have to contend with. In the past few years, the lists of the most expensive places to live in have been dominated by Asian and European cities. This year is not an exception as the top 10 costliest places happen to have been dominated by cities located in Asia and Europe again. Let’s take a look at these cities.
These Are The 10 Most Expensive Places to Live In 2020
The interesting thing about this year’s list of the most expensive places to live in is that three cities are tied at the first spot. This is actually not the first time this will be happening since The Economist’s EIU began compiling the list of the world’s costliest cities so we are not really surprised.
As revealed by the Economist Intelligence Unit’s survey, below are the most expensive places to live in at the moment.
According to the Economist Intelligence Unit’s survey, Singapore, the capital city of the Republic of Singapore, is the most expensive place to live at the moment. Located in Asia, Singapore is widely considered to be a global financial center. The city is admired for its tropical climate and average temperature. The Singaporean city is also known for having a multicultural population of about 5.6 million people.
Apparently, the cost of living in Singapore is quite high. According to reports, people pay highly for houses and transportation as well as drinks. However, despite the high cost of living, people still love to travel to Singapore because of the cleanliness, development, and respect for different tribes and races which are all consistent in the city.
1. Hong Kong (Tie)
The next city tied at the top spot with Singapore in this list of most expensive cities to live in is Hong Kong. Located in China, Hong Kong is globally famous for being one of the most thriving economies in the world at the moment. The city is also considered to be a hub for international trade and investment, attracting people from all over the world to its shores.
Hong Kong has always been one of the costliest places to live in and has often featured in the most expensive cities list. In 2018, the city was rated the 4th most expensive place to live in but this year it comfortably sits at the first position alongside Singapore and Osaka, Japan.
1. Osaka, Japan (Tie)
Osaka is tied with Singapore and Hong Kong as the most expensive city in the world to live in the year 2020. A very popular city in Japan, Osaka is considered to be a commercial center in the Asian country. The city is also admired for having so many beautiful and modern architecture which attracts tourist in large numbers. The city also boasts of exhilarating nightlife experiences, an extensive network of railway lines, yummy foods like okonomiyaki and takoyaki, and famous festivals such as the Tenjin Matsuri.
The city of Osaka has often been mentioned among the most expensive places to live in the world and the reasons are quite obvious. The city is Japan’s third-largest city with about 2.6 million residents, as of 2016.
4. New York
New York City is the 4th costliest place to live in at the moment and this is not quite surprising. New York, a city in the state of New York, the U.S., has always been one of the most popular cities in America and one of the most frequented tourist destinations in the world. It is admired for having incredibly tall buildings and is considered to be one of the world’s major financial, commercial, and cultural centers.
New York has always been known to be one of the most expensive places to live in and clothing is one of the things that are quite expensive to purchase in the city. In fact, New York is considered to be the costliest place to buy a men’s business suit and make a woman’s hair. Domestic utilities are also very expensive in New York, as well as rent.
That notwithstanding, the city is greatly admired for its incredible structures and adorable places such as art museums, skyline views, centers of worship, historic sights like Ellis Island, and many more.
5. Paris (Tie)
Paris, the City of Light and the capital city of France happens to be one of the most popular European nations. Considered to be one of the major European cities at the moment, the city is admired globally for its beauty and considered to be a global center of aesthetics, fashion, art, culture, and gastronomy.
Since 2003, Paris has featured among the top 10 cities on the list of the costliest places to live. It was ranked the second costliest city to live in 2018 but this year, it moved three places down to the number 5 position. Even though Paris is very expensive to live in, it has been reported that the city does offer good value for money with tobacco, transport, and alcohol, which is not really bad. Other things the must-see city is known for include the Louvre, fashion, its cafe culture, the Moulin Rouge, the Eiffel Tower, pastries, and Notre Dame.
5. Zurich, Switzerland (Tie)
This year, Zurich places fifth alongside Paris on the list of most expensive cities in the world. One of the highly frequented destinations in the world, Zurich happens to be the largest city in Switzerland and is considered to be one of the cities where human beings get the best quality of life.
However, Zurich is very expensive. In fact, visitors to the city have often lamented the amount of money they have had to part with just to see themselves around. People pay so much for things like household utilities and recreation as well as entertainment. However, good value for money spent is guaranteed. The city, which is Switzerland’s largest city, is a global center for banking and finance and famed for its high-end shopping, nightlife, luxurious lifestyles, lively clubs, as well as fancy chocolates.
7. Tel Aviv, Israel
Tel Aviv, which is originally known as Tel Aviv-Yafo, occupies the 7th most expensive place to live in on this list this year. The city, which sits on the Israeli Mediterranean coastline, is reported to be the most populous city in the Middle Eastern country. Tel Aviv is revered for its historical importance and boasts of having some of the best Museums in the world which showcase the rich cultural history of Israel and other Middle Eastern nations. It hosts about 2.5 million international visitors from all walks of life per year, making it the fifth-most-visited city in Africa and in the Middle East – thanks to its rich culture and entertainment.
In addition, the city is notorious for its very expensive transportation cost and automobile maintenance. The general cost of personal care is also highly expensive.
8. Los Angeles, California (Tie)
It is not surprising that Los Angeles made it to this list considering it is a very beautiful place famed as the hub of California’s film and television industry.
Los Angeles is admired globally for having several modern skyscrapers which usually stun tourists, high-tech subways, sprawling metropolis, attractive futuristic designs, ethnic diversity, and iconic studios such as Warner Brothers, Universal, and Paramount Pictures.
The city, which houses about 4 million people is not only a very beautiful place but also one of the most expensive places in the world right now to live or experience beautiful moments. Transportation is also quite expensive and this is one of the variables that placed the city into the costliest cities’ list.
8. Tokyo (Tie)
Tokyo ties with Los Angeles as the 8th most expensive city to live in. The city, which is the capital city of Japan is admired for its prominent cultural hub, hosting numerous international events, and being at the frontline of research and development. It is also an international trendsetter in the media, arts, gastronomy, and entertainment.
Tokyo has many prestigious universities, museums, the most extensive urban railway network in the world, outlying islands, as well as vocational institutions. It is a prominent international financial center – thanks to its advanced economy.
10. Geneva, Switzerland
Geneva is another city in Switzerland which features on the list of the costliest places to live in. This probably means that Switzerland is generally a very expensive country. Geneva is the second-most populous city in Switzerland and is admired for its many beauty spots. The city has many water-sports and ski slopes which are ideal for holiday seekers.
The city has often featured among the most expensive places in the world. In 2019, the city sat at number 5 but has sadly slid down to number 10 this year. Despite its high cost, Geneva gets so many tourists and visitors every year including people who come for international conferences from all over the world. This great city has numerous international organizations located inside it which makes it a global center for diplomacy.