The latest list of most expensive cities in the world has been revealed, and after topping the Economist Intelligence Unit's Worldwide Cost of Living Survey three years in a row, Singapore now has two companions sharing the No. 1 spot.
Asia's Lion City has been joined by Paris and Hong Kong in a tie as the world's costliest to live in.
Zurich and Geneva, as well as Osaka, Japan, round out EIU's top five, with New York and Los Angeles reclaiming spots in the top 10 from last year — clocking in at 7th and 10th, respectively.
The survey compares more than 400 individual prices across 160 products and services -- including food, drink, transportation, utility bills and rent -- in cities around the world.
The data provides a ranking of the world’s major cities, in terms of where you'll get, err, the least bang for your buck. It's designed to help companies calculate cost-of-living allowances and build compensation packages for corporate travelers. Here are this year's most exorbitant destinations.
Top 10 Most Expensive Cities to Live in 2019
1. Singapore
1. Hong Kong
1. Paris
4. Zurich
5. Geneva
5. Osaka, Japan
7. Seoul, South Korea
7. Copenhagen, Denmark
7. New York
10. Tel Aviv, Israel
10. Los Angeles
"The cost of living is always fluctuating, and there are already indications of further changes that are set to take place during the coming year," says the EIU report. "After an encouraging albeit slower 2018, we expect 2019 to proceed along similar lines, with global growth slowing further this year and reaching its nadir in 2020."
Strong economic growth throughout 2018 in the U.S. led to a sharp appreciation of the dollar and a rise up the rankings for 14 of the 16 American cities included in this year's survey. The highest climbers were San Francisco (up 12 places to 25th) and Houston (up to 30th from 41st). These rises represent a sharp increase in the cost of living as compared with five years ago, when New York and Los Angeles tied in 39th position.
WCLS also noted the 10 cheapest cities in the world to live in, which we've listed below:
The 10 Cheapest Cities to Live in 2019
1. Caracas, Venezuela
2. Damascus, Syria
3. Tashkent, Uzbekistan
4. Almaty, Kazakhstan
5. Bangalore, India
6. Karachi, Pakistan
6. Lagos, Nigeria
7. Buenos Aires, Argentina
7. Chennai, India
8. New Delhi
The EIU noted that costs in the cheapest cities were low by Western standards, partly because low wages that limit household spending tend to be the norm in those locations.
"A growing number of locations are becoming cheaper because of the impact of political or economic disruption," the survey states.
But inexpensive isn't always a good thing.
The report continues, "Although South Asia remains structurally cheap, political instability is becoming an increasingly prominent factor in lowering the relative cost of living. This means that there is a considerable element of risk in some of the world’s cheapest cities... Put simply, cheaper cities also tend to be less livable."
To purchase the complete Worldwide Cost of Living Survey 2019 for $995, click here.
