For only the second time three cities share the title of the world’s most expensive city – Singapore, Hong Kong and Osaka – according to the latest results from The Economist Intelligence Unit’s 2020 Worldwide Cost of Living Survey (WCOL). Osaka has replaced Paris at the top of the rankings, with the French capital falling to 5th place, equal with Zurich, Switzerland.

Taking an average of the indices for all cities surveyed, and using New York as the base city, the cost of living has fallen by around 4% on average across the 133 cities surveyed, reflecting the impact on global currencies of easing monetary policy, uncertainty around the US-China trade war (which has put pressure on some emerging-market currencies) and the strength of the US economy.

“The survey shows some striking contrasts, with opposing trends in local currencies, inflation and domestic demand growth, seeing the comparative cost of living falling across Europe, while it rises in North America. Similarly, the survey shows that there remains stark structural differences in the cost of living in Asia’s most expensive business hubs, such as Hong Kong and Singapore, and its cheapest, such as Bangalore and Chennai.”

NICHOLAS FITZROY, THE EIU’S RISK BRIEFING DIRECTOR

Key changes to the survey rankings include:

• Thirty-one Eurozone countries drop down in the rankings due to weak domestic demand and low inflation.

• Asian cities make up four of both the ten most and least expensive.

• Chinese cost of living remains relatively stable, with subdued domestic factors and currency weakness counteracting the impact of African Swine Fever on pork prices.

• New York and Los Angeles rise up the rankings of the top ten most expensive cities in the world.

• Caracas and Buenos Aires remain in the top ten cheapest cities in the world.

Download the free summary report of The Worldwide Cost of Living 2020.