The priciest cities in the world to live in

Although the global economy may change in the coming year, the 2020 rankings for the most expensive cities are in – and three cities share the top spot.

Hong Kong, Singapore, and Osaka claim the lead in the Economist Intelligence Unit’s 2020 Worldwide Cost of Living Survey.

Osaka takes Paris's place on the podium this year, marking an all-Asian top trio for 2020.

New York has risen to fourth place, while Los Angeles climbs to eighth, driven by strong local currencies and rising domestic demand for goods like clothing and household help.

For over 30 years, this bi-annual survey has analyzed the cost of more than 160 goods and services across 133 cities worldwide.

Price fluctuations

Hong Kong shares the distinction of being the world’s most expensive city with Paris and Osaka.

Hong Kong holds the title of the world’s most expensive city alongside Paris and Osaka. Isaac Lawrence/AFP/Getty Images

Paris has fallen to fifth place, now tied with Zurich, Switzerland, on the global cost of living rankings.

The survey highlights a noticeable pattern among the 37 European cities surveyed: only four – Moscow, St. Petersburg, Kiev, and Istanbul – saw an improvement in their rankings for 2020.

The EIU stated that ‘modest domestic demand and weak global energy prices’ have helped keep inflationary pressures low across Europe over the past year.

Tel Aviv is the only Middle Eastern city in the top 10, climbing three spots to secure the seventh position, thanks to rising transport costs, according to the EIU.

The Japanese yen’s strength this year boosted Tokyo, alongside Osaka, pushing both cities into a tie for eighth place, sharing the spot with Los Angeles.

Geneva, a long-time fixture in the survey’s top 10, dropped from fifth place to 10th, while Copenhagen, which was tied for seventh last year, fell out of the top 10 altogether.

The remainder of the list

The strong performance of the US dollar resulted in 15 out of 16 US cities moving up in the rankings this year.

The EIU noted that Seoul's drop out of the top ten was due to currency depreciation.

On a global scale, the cost of living decreased by 4% this year, driven by factors such as easing monetary policies, the US-China trade war uncertainty, and the robust US economy.

Damascus, Syria, ranked at the very bottom of the global list, followed by Tashkent, Uzbekistan.