This yr there just isn’t only one most costly city, but three.
By annual worldwide cost of living questionnaire by the Economist Intelligence Unit, the title of most costly city is shared by: Paris, Hong KongAND Singapore— for the primary time within the 30-year history of the study, three cities were in first place.
The report covers 133 cities and costs for 160 items, reminiscent of food and beverages, utilities, rent and transport. Using New York as a reference point, it determines whether the costs of those products have increased or decreased.
However, Roxana Slavcheva, editor of the Worldwide Cost of Living 2019 study, notes that cities with emerging economies, especially those in Southeast Asian countries, have achieved some quite remarkable results
“We are seeing converging costs in traditionally more expensive cities such as Singapore, Hong Kong, Seoul, Tokyo and Sydney. This is proof of globalization and similarity of tastes and purchasing patterns. Even in places where it may be relatively cheaper to refill your grocery cart, utility or transportation prices drive up the overall cost of living.”
“More noteworthy is the sharp rise in the rankings of emerging economy cities – Kuala Lumpur, Bangkok, Manila, Phnom Penh and Hanoi – thanks to solid economic growth last year,” she explained. Southeast Asia crush capability.
Among all other Southeast Asian cities, Bangkok ranks forty first. Hanoi, Vietnam, and Phnom Penh, Cambodia, move up six places to sixtieth and 76th, respectively.
Meanwhile, Kuala Lumpur rose ten places within the rating to 88th, while Manila rose nine places to 92nd.
The study shows that these Southeast Asian cities rose of their rankings due to solid economic growth in 2018. In Vietnam alone, GDP grew by 7.1%.
Meanwhile, the most affordable cities to live in mainly consisted of cities affected by political and economic instability, reminiscent of Caracas and Damascus, the report said Fortune.
This annual index is meant to assist firms calculate the associated fee of living for expatriates and business travelers.
