(CNN) — It’s the ultimate dream for many — move to a big city and make a glam new life.
But as we all know, metropolitan living comes at a cost — especially if you pick Hong Kong, Paris or Zurich, which are the world’s most expensive cities according to new research.
The Economist Intelligence Unit (EIU) — which rates 133 global cities, and compares the price of a basket of 138 everyday items in each — has ranked them as joint top of the table.The European cities have leapfrogged over Singapore and Osaka, which tied with Hong Kong in the previous Worldwide Cost of Living Survey, carried out in March.
The changes are especially marked this time around, with the report doubling as an assessment of the impact of the Covid-19 pandemic on prices around the world.
Currency fluctuations due to the pandemic — which have included a dip in the US dollar — mean that destinations in Africa, the Americas and Eastern Europe have got less expensive since March, while western Europe, where the euro has risen in value against the dollar, has seen prices rise. The Swiss franc has also risen in value.
The world’s most expensive cities
Singapore has dropped from first to fourth place
Courtesy Singapore Tourism Board
Singapore and Osaka are now down to fourth and fifth respectively, with Tel Aviv tying with Osaka in fifth place. An exodus of foreign workers during the pandemic is behind Singapore’s drop — which saw its population fall for the first time in 17 years — according to the EIU.
The top 10 is completed by Geneva, New York City, Copenhagen and Los Angeles.
Sydney is at number 15, London at 20, and Nairobi at 77.
Moscow is at number 106, and Delhi at 121.