List of the most expensive cities in 2019 is released

South African cities are not amongst the most expensive or cheapest in the world on the Economist Intelligence Unit’s 2019 Worldwide Cost of Living Survey. The list of most expensive cities in the world is dominated by Asia and Europe, with three cities tied for the top spot.

Paris, which has been one of the top 10 since 2003, moved up this year, while last year’s fourth most expensive city, Hong Kong, jumped up three positions, leading to a tie at the top with last year’s leader Singapore. This is the first time there has been a tie in the number one position.

The survey’s editor, Roxana Slavcheva, claimed converging prices were “a testament to globalisation and the similarity of tastes and shopping patterns” in those destinations.

The annual survey, which evaluates the cost of over 150 items in 133 cities around the world, features a top 10 largely dominated by Asian and European cities.

The results of the survey might surprise some Londoners, one of the world’s recognised most expensive places for its steep rents and notoriously high cost of living, but the English capital doesn’t even feature in the top 20, sitting down in 22nd place, behind Dublin (19) and 14% cheaper than New York.

Currency depreciation and high inflation saw several cities in emerging market economies fall sharply in the rankings, namely Buenos Aires, Sao Paulo, Rio de Janeiro, Moscow, and Istanbul. The Turkish city fell 48 places in the rankings as a result of soaring inflation exacerbated by the lira currency crisis.

Economic contraction also saw Stockholm, the Australian cities of Adelaide and Perth, and New Zealand’s capital, Wellington, fall down the chart.

As for the cheapest cities, Caracas, Venezuela’s capital was at the very bottom of the list this year, a position previously occupied by war-torn Syria in Damascus for obvious reasons. Deteriorating economic conditions in Venezuela and hyperinflation are at the root of its downward-trending position down the list.

Joining Caracas and Damascus among the cheapest cities, are Almaty in Kazakhstan and Tashkent in Uzbekistan.

Lagos in Nigeria is the only African city that appears on either list, coming in a tie for 6th cheapest with Karachi.

World’s most expensive cities 2019

1. Singapore

1. Paris

1. Hong Kong

4. Zurich

5. Geneva

5. Osaka

7. Seoul

7. Copenhagen

7. New York

10. Tel Aviv

10. Los Angeles

World’s cheapest cities 2019

1. Caracas

2. Damascus

3. Almaty

4. Tashkent

5. Bangalore

6. Karachi

6. Lagos

8. Buenos Aires

9. Chennai

10. New Delhi

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