Thinking of traveling across the world? See the most expensive cities in the World | Top 10
Which city do you think is the most expensive to stay in in the world? I bet you are already thinking of some popular names. However, this article is going to reveal to you the most expensive cities in the world and why those popular cities didn’t make the top 10.
When considering expensive cities in the world, the determinant of how expensive a city would be is so much dependent on its cost of living. So, when considering a change of environment even though there are several things to put into consideration, the cost of living is very important. In case, you are wondering how the standard of living is in some of the poorest countries across the world, here is a piece that discussed it at length.
The cost of living has actually been reduced in some parts of the world. According to a report by the Economist intelligence unit, a twice-annual survey around 130 cities saw Zurich, Paris, and Hong Kong tied for the most expensive city. However, in March 2020, Hong Kong and Osaka, Japan tied to the number one spot.
The report also shows that currency weakness has followed the pandemic as it spreads across the world. Adding to the decrease in the cost of living in cities throughout America, Africa, and Europe, while on the other hand, Western European cities became costlier.
In the previous years, the cities ranked at the top of the list have been somewhat predictable. A survey shows Hong Kong as the most expensive city in the world in the year 2020 with expensive American cities like New York, Los Angeles close behind.
In the year 2021, Hong Kong slipped in the rating from number one to number two.
Cities in the US have dropped in the year 2021 ranking as a result of currency fluctuation. This is despite the rising inflation of goods and services in the US.
Here are the top 10 most expensive cities in the world in 2021
The city has so many awesome places including the National Museum, white Marble, Museum of Fine arts, Turkmenbashi cableway, Turkman carpet Museum and Alem Cultural and Entertainment center, and many more where tourists love visiting because their itinerary will be filled with many different spots for sightseeing.
Ashgabat is identified as the most expensive due to the socio-economic crisis which has led to food shortage and hyperinflation and not because of the city’s beauty.
It rises to the most expensive city as a result of the increase in prices for goods and services. Covid -19 pandemic had drastically worsened Turkmanistan’s pre-existing food crisis.
Hong Kong, Hong Kong
Hong Kong has the most expensive housing market in the world. Many live in subdivided apartments known as coffin homes due to high rent as well as the tourism industry which is increasingly geared towards the high-end market. Government policy is to restrict building and to create a shortage in the price of the land which causes prices to skyrocket. Hong Kong has a very high cost of living due to the high prices of everyday-use items.
Beruit is largely dependent on imports for everyday lives, which makes it extremely expensive to live in. corruption and migration from rural to coastal Beirut and vicinity especially mount Lebanon pushed a domino effect on the taxation of goods and services to cover the ever-increasing internal debt which in turn pushed the living cost even higher.
Tokyo is expensive when you do not live in a studio apartment but in hotels. Any city could be considered expensive be you live an expensive life. Tokyo became expensive during the boom and real estate bubble of the 80s into the 90s.
Zurich is one of the best of big cities to live in if your life revolves around outdoor activities such as hiking, wakeboarding, sailing, bicycling, rock climbing, mountain climbing e.t.c. The city is beautiful in itself, it is safer and cleaner than any other big city in the world.
Zurich is the most expensive city in Europe. It ranks as having the highest cost of meals at an inexpensive restaurant, fitness clubs, imported beer, and taxis. Estimating the total cost of living to be 43% more expensive than Paris, and 54% more expensive than London.
A pandemic-induced boom in eCommerce and pharmaceutical companies over the past year has added to the wealth of billionaires. Treadmills are more expensive in Shanghai than anywhere else. Although health insurance is cheaper, behind such bizarre findings is a broader movement.
It is one of the world’s most expensive city because a lot of rich people now lives there. It has once been a shopping destination for wealthy Chinese tourists.
Singapore is expensive because it has a massive GDP/capita(the measurement of all the goods and services produced per population. The massive globalization in the ’90s and early 2000s invited a lot of business. Especially from the western countries and the economy grew at large.
A lot of foreign experts got paid much higher than the local population. This made them spend higher, the local economy grew along with it and so did the prices.
Singapore is a tiny state with land as a limited resource and the demand is very high. This makes housing very expensive.
Real Estate is extremely expensive in Geneva because everybody wants to live there and there is not enough room. Some of the expensive stuff in Geneva include
- Insurance and Health Care
- Books and magazines
- Restaurants, beverages, theatres.
Online cost surveyors estimate Geneva’s cost of living to be 37% more than Paris and 48% more expensive than London.
Housing in Beijing is very expensive, even though food is not too expensive there. Real estate is expensive in Beijing because its people hold properties as an investment.
Bern’s cost of living now outranks many major cities in Europe. Food and alcohol cost is very high especially when you eat out on a daily basis. Internet, Gasoline, insurance is quite expensive in Bern.
Over 60% of people rent their home and owning a property in Bern is not very usual.
No American cities make the top 10 list. This is probably a shocker to the residents of cities like New York and San Francisco.
Though this doesn’t mean these places are cheaper. New York is still among the top 20 most expensive cities in the world.