Costliest cities in the world

According to the Worldwide Cost of Living 2020 report issued by the Economist Intelligence Unit (EIU), Singapore, Hong Kong, and Osaka share the title of costliest city in the world.[1]. The list was prepared based on their Worldwide Cost of Living (WCOL) Index scores[2]. Worldwide Cost of Living survey was done in order to compare the cost of living indices in different cities all over the world.

Methodology

The list has been created based on the Worldwide Cost of Living data set. The data set comprises of 400 individual prices of 160 products and services across 130 cities in 90 countries[3]. Data set was created covering a wide range of products including food and beverage to household supplies, personal care items to clothing. Services includes home rents to transport, utility bills and private schools to domestic help. The prices of different commodities are gathered from three types of stores: supermarket, medium-priced retailers and more expensive specialty shops. Only those outlets were considered where the quality of the products are comparable to international standards. The prices of the services like house rents, transportation charges depends on several factors such as personal preferences and variety of choices. Therefore, the prices of these services are based on actual prices noted by the researchers[4]. The prices were compared considering the New York as base city and all the prices were US dollars with the appropriate exchange rates at the time of survey[5]

The top 10 costliest cities in 2020

City	Country	WCOL index (New York=100)	Rank
Singapore	Singapore	102	1[6]
Hong Kong*	China	102	1[6]
Osaka	Japan	102	1[6]
New York	US	100	4[6]
Paris	France	99	5[6]
Zurich	Switzerland	99	5[6]
Tel Aviv	Israel	97	7[6]
Los Angeles	US	96	8[6]
Tokyo	Japan	96	8[6]
Geneva	Switzerland	95	10[6]

(Special Administrative Region (SAR) of the People’s Republic of China)

Price comparison for the last 10 years

The price of 1kg loaf of bread [All prices are in USD] [5]

City	Singapore	Hong Kong	Osaka	New York	Paris	Zurich	Tel Aviv	Los Angeles	Tokyo	Geneva
Current	$3.35	$3.60	$5.63	$8.62	$5.20	$4.69	$4.70	$6.82	$7.41	$5.62
Last year	$3.40	$3.91	$5.20	$8.33	$5.66	$4.78	$5.09	$6.26	$7.12	$6.06
5 years	$3.54	$4.31	$5.77	$8.62	$5.66	$5.96	$4.94	$6.02	$6.88	$7.48
10 years	$2.88	$4.48	$6.78	$6.85	$9.23	$5.48	$3.49	$5.57	$8.75	$5.22

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References

Mack, Ben. "The 11 most expensive cities to live in around the world in 2020". Insider.
"EIU Worldwide Cost of Living". www.worldwidecostofliving.com.
I/O, Curator-Citi (March 25, 2020). "The World's Most Expensive Cities 2020".
"WCOL Resources". www.worldwidecostofliving.com.
"Worldwide Cost of Living 2020: Which global cities have the highest cost of living?" (PDF). The Economist Intelligence Unit. Retrieved 28 May 2020.
"The Economist Intelligence Unit" (PDF). Economist Intelligence Unit.

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[1] Mack, Ben. "The 11 most expensive cities to live in around the world in 2020". Insider.

[2] "EIU Worldwide Cost of Living". www.worldwidecostofliving.com.

[3] I/O, Curator-Citi (March 25, 2020). "The World's Most Expensive Cities 2020".

[4] "WCOL Resources". www.worldwidecostofliving.com.

[:0-5] "Worldwide Cost of Living 2020: Which global cities have the highest cost of living?" (PDF). The Economist Intelligence Unit. Retrieved 28 May 2020.

[auto-6] "The Economist Intelligence Unit" (PDF). Economist Intelligence Unit.