COVID-19 Could Shake-Up Rankings Of World's Most Expensive Cities

A survey, conducted before COVID-19 outbreak in December 2019, has ranked Hong Kong, Singapore and Osaka as the world’s most expensive cities to live in. However, post the Coronavirus impact, the rankings could see a big shift, the Economist Intelligence Unit (EIU)’s 2020 Worldwide Cost of Living Survey said.

Besides the global economy, the travel and tourism industry have taken a hard financial hit due to the coronavirus pandemic, so much as cities that rely on tourism sector the most could become cheaper owing to a shrinking economy and falling prices, the survey noted. 

"Cities that rely on tourism should see some downward pressure on prices. So Singapore and Hong Kong might not hold the top spot going forward. We could see a different city on top," said Simon Baptist, the EIU's chief economist.

The EIU report saw Osaka replacing Paris out of its top three most expensive cities as a stronger yen made Japan's third-biggest city more costly to live in.

The bi-annual survey looked at more than 400 prices across 160 products and services in 133 cities around the world.

World's most expensive cities to live in 2020:

1. (tie) Singapore

1. (tie) Osaka, Japan

1. (tie) Hong Kong

4. New York City, New York

5. (tie) Paris

5. (tie) Zurich, Switzerland

7. Tel Aviv, Israel

8. (tie) Los Angeles, California

8. (tie) Tokyo

10. Geneva, Switzerland