Hong Kong tops the list of the ten most expensive cities in the world

Global company ECA International has compiled another annual list of the most expensive cities to live in, with Hong Kong taking the top spot for the third consecutive year. ECA’s ranking, or its ECA Index, is based on the analysis of various data such as the average price of groceries like milk and oil, as well as average rent, utilities, public transport costs, and the strength of the local currency.

Considering all these factors, most of the most expensive cities in the world are located in Asia. Specifically, besides Hong Kong, which is in first place, the top 10 includes Shanghai, Guangzhou (Canton), Seoul, and Tokyo, as well as Tel Aviv as a ‘representative’ of the Middle East.

Differences in the lists

According to CNN’s analysis of the ECA list, not only are Asian cities the most expensive, but they also boast the title of the fastest-growing on the list, with the rising position of Chinese cities on the list explained by the appreciation of the Chinese currency, the yuan.

As for the cities that have fallen on the list, the biggest drop was experienced by Paris , which was previously among the top ten but has now fallen below 30. Madrid, Rome, and Brussels have also slipped lower on the list, but not because they have become cheaper, rather because others have become more expensive to live in, and the euro is in a weaker position against the dollar or pound.

Among European cities, Geneva is the most expensive, ranking third, right behind Hong Kong and New York.

As CNN notes, ECA is not the only organization ranking cities in this manner. The London-based Economist Intelligence Unit (EUI) published its Worldwide Cost of Living Index last December, which ranks Tel Aviv as the most expensive, followed by Paris and Singapore, while Hong Kong is in fifth place, behind Zurich. Although both organizations consider the same factors, the difference lies in the fact that ECA ties its data to the dollar.

However, regardless of the different positions, the fact remains that Asia, followed by Western Europe and larger American cities, is significantly more expensive to live in than the rest of the world.

Top 10 most expensive cities in the world:

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