Every year, the Economist Intelligence Unit releases two reports on which cities are the most expensive and the cheapest to live in. The first of the reports, titled “Worldwide Cost of Living,” looks at factors including food costs, fuel costs, and salaries. Here’s a look at what they’ve calculated to be the 9 most expensive cities to live in, in 2016.
9. Seoul, South Korea
With a continuously rising cost of clothes and utilities, the EIU said “the cost of living in Seoul is now on a par with that of Copenhagen and Los Angeles.”
8. Copenhagen, Denmark
Nothing new here due to the high cost of living relative to wages.
7. New York City
EIU: “A stronger dollar and localised inflation mean that New York continues to become more expensive relative to its global peers.” Just an example – the average US dollar price for a kilogram of bread is at $8.28 — more than double that of the city in the No. 1 spot (Singapore).
London’s wage growth has remained stagnant and has not kept up with inflation and soaring house prices. The average price for a property in London is way over £500,000, but wages on average are close to £30,000.
Despite the weak currency of the euro, “Paris remains structurally extremely expensive to live in,” and the only thing that is relatively reasonable in terms of value is alcohol and cigarettes. So everything else is expensive but at least you’re getting booze and cigs for cheap?
The EIU said that basically everything about Geneva is expensive, and even recreation and entertainment activities have some of the highest costs in the world. The EIU said that is probably because it is “reflecting a greater premium on discretionary spending.” So, all the rich people keep making everything more expensive? How delightful.
3. Hong Kong
Hong Kong has climbed seven places up the ranking in the past year due to exceptionally high housing prices and an increase in local living costs.
The EIU blames the unpegging of the Swiss franc from the euro alongside “structurally high income and price levels” for pushing this city to near top of the list.
Singapore doesn’t seem to be getting any less expensive. It’s been voted #1 for a third year in a row. However, there is supposedly some value in general expenses, i.e. groceries.
Do you live in any of these cities? What is it like, and are you thinking about moving? Leave us some comments below and tell us your stories!