The Economist Intelligence Unit has released the world’s most expensive cities to live in 2019. The Worldwide Cost of Living Survey compares more than 400 individual prices across 160 products and services in cities around the world, according to its website.
Cost of living considerations such as transportation, utilities, housing, and food are used to generate the report annually.
Singapore, Hong Kong, and Paris tie for Most Expensive
For the first time, 3 cities have tied for first place. Singapore was #1 last year, now joined by Hong Kong and Paris.
“This year’s top ten is largely split between Asia and Europe, with Singapore representing the only city that has maintained its ranking from the previous year,” according to the report.
A 400 square foot apartment will cost you around SGD 3,000 in Singapore, or USD 2,200.
“You should budget at least $700 to $1,500 a month if you’re renting, and $1,500 to $3,000 a month if you’re a Singaporean/PR buying a home and eligible to purchase HDB property,” recommends Yahoo! Finance.
Hong Kong is one of the most densely populated cities in the world, and experiencing a real estate boom. With so many people in the city, there is always something to see in Hong Kong. Right now it is a giant floating mouse-like sculpture in Hong Kong Harbor.
We’ll always have Paris … If we can afford it.
“Paris – where the high cost of living has been one of the factors behind weeks of violent protests by Yellow Vest demonstrators – has ranked among the top 10 most expensive cities since 2003, with only transport and alcohol offering value for money compared to other European cities,” reports France24.
Geneva, Switzerland and Osaka, Japan also tied, for 5th place.
The Report Includes 2019’s Least Expensive Cities
Caracas, Venezuela; Damascus, Syria; Tashkent, Uzbekistan; Almaty, Kazakhstan; and Bangalore, India are the cheapest places in the world to live. You can make city-by-city comparisons using this EIU tool.
“Hyperinflation, a three-year depression, rampant violence and the worst political crisis in a generation has made Caracas the cheapest of the 133 cities surveyed,” reports Forbes.
The cost of a bottle of beer in Tashkent has plummeted over the last five years, reports Business Insider. It has now returned to what it was 10 years ago, close to $2.00. Five years ago, a beer would cost you $4.02.
Bangalore, meanwhile, is the third best city in the world for startups, hosting close to 5,000. It has long been a leader among Indian tech cities.
“Moreover, there are plenty of early adopters in Bangalore so startups can showcase their MVP or finished products easily and find some active users. It has a great investor potential as well,” reports Entrepreneur.