The Economist Intelligence Unit’s bi-annual worldwide cost of living report has declared Singapore the most expensive city in the world, unseating Tokyo.
The worldwide cost of living index compares more than 400 prices across 160 products and services including food, drink, clothing, household supplies, personal care products, rent, property costs, transportation, utilities, and recreation.
Four cities in China made the list of 140 cities, though none were in the top ten. Hong Kong ranked as the 13th most expensive city, up from 14th in the last survey. Shanghai, Shenzhen, and Beijing ranked 21st, 39th, and 47th respectively.
The South China Morning Post attributes Hong Kong’s ranking to “currency appreciation and inflationary pressures.” The editor of the report, Jon Copestake, expanded on this, “Wage inflation has driven up local prices, but internationally, the impact of a stronger renminbi has also been felt.”
The cost of living continues to rise in mainland China and almost all the mainland cities climbed in their rankings compared to last year.
Here are the cities that ranked in the top 10 of the world’s most expensive cities:
image source: ben spreng