Japan’s Osaka replaced Paris (France) as one of the most expensive cities in the world to live in.
The Global Intelligence Agency’s 2020 cost of living (EIU) revealed that the top position of the rankings now belongs to Osaka (Japan), Hong Kong (China) and Singapore.
New York followed closely behind in fourth place. The biennial survey shows that Paris (France) slips to fifth place, the same rank as Zurich (Switzerland). Osaka, by contrast, climbed three places to the top of the rankings, while Tokyo rose five places to eighth, the skyrocketing rankings of these two Japanese cities thanks to the appreciation of the yen.
Of the 37 European cities surveyed, 31 names dropped. The reason given is that modest domestic demand and weak global energy prices have brought down inflationary pressures across Europe over the past year. Currently, the top 10 most expensive cities in the world have only three names in Europe (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 place to 10th this year. Copenhagen (Denmark) is no longer listed in the top 10. However, Istanbul (Turkey) is the city with the highest position in the ranking, up 24 places to 96th place.
Meanwhile, US cities saw higher cost of living due to the strength of the dollar, with 15 of the 16 cities rising in the list.
The survey found that the cost of living has decreased by an average of 4% over 133 surveyed cities. The EIU believes that the money reflects the global impact of easing monetary policy, the uncertainty surrounding the US-China trade war and the strength of the US economy.
The survey was compiled in November 2019 before the outbreak of Covid-19. The epidemic may have an impact on subsequent results.