Paris shares the first position with Singapore and Hong Kong, while Istanbul dropped significantly in a new ranking
The City of Love is not just the epitome of romance, but also a place of the highest demands for your wallet. According to a newly published report conducted by the Economist Intelligence Unit, Paris is the most expensive city in the world.
While France’s capital has been part of the top ten cities with the highest cost of living since 2003, this year, it shares the top position with Singapore — which ranked the first spot last year — and with Hong Kong, which has risen from the fourth place.
It is the first time in the history of the survey that three cities share the lead position. The top ten spots on the list are largely distributed between Asia and Europe, with Singapore representing the only city in the top ten that has maintained its ranking from the previous year.
Istanbul and Buenos Aires drop by 48 positions
Apart from the overall top 10, the annual survey, which evaluates the cost of living based on 150 items in 150 cities worldwide has also revealed interesting rises and falls in the rating.
Turkey’s Istanbul, as well as Argentina’s Buenos Aires, happened to fall down 48 positions in comparison to last year’s report. According to the EIU report, the countries suffered from various economic factors.
“Currency fluctuations continue to be a major cause for changes in the ranking. In the past year a number of markets have seen significant currency movements, which have in many cases countered the impact of domestic price changes,” the report says.
“Several emerging markets suffered currency volatility, primarily as a result of monetary tightening in the US and the strengthening US dollar. In a few instances, however, such as Turkey and Argentina, a combination of factors, including external imbalances, political instability and poor policymaking, led to full-blown currency crises.”
On the other hand, Nouméa in New Caledonia rose up 33 positions to the current number 20 in the list. Bulgaria’s capital of Sofia is now ranking 90th, 29 positions higher than last year, thanks to an increase in the price of groceries, utilities and recreation.
10 cities with the highest cost of living
Seoul, South Korea
New York, United States
Tel Aviv, Israel
Los Angeles, United States
10 cheapest cities in the world according to the EIU
Buenos Aires, Argentina
New Delhi, India