Every year, two reports concerning the world’s most expensive and cheapest cities are released by the Economic Intelligence Unit. This is the list of six most expensive cities to live in, according to EIU,
Singapore
The small island city-state retained its title as the world’s most expensive city for a third year in a row, but the EIU says its lead over the likes of New York and Hong Kong “has nearly evaporated” because of the surge in the cost of living elsewhere. The EIU says Singapore offers some relative value for things like general groceries.
Zurich
The EIU blames the unpegging of the Swiss franc from the euro alongside “structurally high income and price levels” for pushing this city to near top of the list.
Hong Kong
Hong Kong has climbed seven places up the ranking in the past 12 months because of exceptionally high house prices and an increase in local living costs.
Geneva
The EIU said that basically everything about Geneva is expensive, and even recreation and entertainment activities have some of the highest costs in the world. The EIU said that is probably because it is “reflecting a greater premium on discretionary spending.”
Paris
The EIU said “weak confidence in the euro means that Paris is the only Eurozone city in the top 10.” It noted, however, that despite the weak currency “Paris remains structurally extremely expensive to live in,” and the only thing that is relatively reasonable in terms of value is alcohol and cigarettes.
London
London’s wage growth is stagnant and has not kept up with inflation and soaring house prices. The average price for a property in London is way over £500,000, but wages on average are close to £30,000.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription
