Most Expensive Cities In The World In 2020

Three Asian Cities Were Tied At The Top Of The List

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The economic status of the countries across the world has changed this year due to the coronavirus pandemic that has directly affected more than 9,110,000. There is no guarantee that these hardships would change or not in the upcoming year. During these challenging times, the list of the top ten most expensive cities in the world in 2020 has been listed.

The top spot for this list belongs not to one place, but tied between three different destinations across the world. Hong Kong, Osaka, and Singapore are all on the first spot for the list of most expensive cities in the world in 2020. The official name by which the cities are surveyed and competed against is called the Economist Intelligence Unit’s 2020 Worldwide Cost of Living Survey. This year’s champions for the list are all located in the continent of Asia, making it an All-Asian trio this year.

City placement in this year’s list

In this year’s list of most expensive cities in the world in 2020, the city of Osaka, located in Japan, has replaced Paris, which came to the top of the list in the previous year. The city of New York was able to climb on the fourth position, while Los Angeles came in the eighth. The reason behind why these cities rose upwards this year is due to continuous domestic demand and resistant local currency. This helped increase the retail price of the clothing sector, along with domestic assistance.

This survey of the most expensive cities in the world in 2020 is a continuous process that has been undergoing for the last 30 years and occurs two times in a single year. This survey includes the evaluation of more than 160 services and good in around 133 cities across the world.

Ups and Downs

The capital city of France has dropped down to fifth place in the survey list of most expensive cities in the world in 2020, along with the European city of Zurich, located in Switzerland. After the survey notes were made public, the same trend has been seen across 37 cities located in Europe that have dropped in rankings this year except four cities. They are Moscow, Istanbul, Kiev, and St. Petersburg. In the last year, due to modesty in domestic demand and reduced energy prices globally, the inflationary pressure was kept subdued across Europe.

Tel Aviv, a city in Israel, is the only Middle Eastern city that was able to enlist in the top ten most expensive cities in the world in 2020. Tel Aviv was able to jump up to three slots from its place in last year’s survey, which was due to an increasing amount of transportation costs in the area.

Due to the strengthening of the Japanese currency Yen, Osaka was able to rise up in the survey list rankings, standing in the eight places alongside Los Angeles. The city of Geneva was not able to keep its place in the fifth position, unlike last year, and has dropped to tenth. Copenhagen was recorded to be on the seventh place in the last survey results, has now been completely eliminated from the top ten positions.

Indication for rest of the survey list

Due to the increase in the stability of the economy of the United States and the escalation of the US dollar’s value, 15 cities out of 16 were able to easily climb on the survey listing of the most expensive cities in the world in 2020. But due to the currency depreciation, Seoul completely dropped down out of the top ten positions. Due to the coronavirus pandemic, the global cost of living has dropped by 4% this year, having a direct impact on the currencies around the world.

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