Under The Angsana Tree: World’s most expensive city 2020

Update 4 Dec 2021: World’s most expensive city 2021

All over the world, it's been a tough year on wallets

Supply-chain blockages and changing consumer demand have pushed up the cost of living in many of our biggest cities, according to new research published Wednesday, and inflation is the fastest recorded over the past five years.

One city has been experiencing more rapid change than most, jumping from fifth place to first in this year's Worldwide Cost of Living index released by the Economist Intelligence Unit (EIU). The Israeli city of Tel Aviv topped the rankings for the first time, overtaking last year's leader Paris, which is now tied in second place with Singapore.

The EIU attributes Tel Aviv's sharp rise on the index to increases to grocery and transport prices and the strength of the Israeli shekel against the US dollar.

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World’s most expensive city 2020

All over the world, it's been a tough year on wallets

Maintaining its 2019 & 2018 ranking, Singapore shares most expensive city in the world with Osaka & Hong Kong

The global economic landscape could be very different this time next year, but 2020's most expensive cities have been revealed -- and the number one spot belongs not to one single city, but to three destinations.

Hong Kong, Singapore and Osaka are joint leaders on the Economist Intelligence Unit's 2020 Worldwide Cost of Living Survey. The Japanese city of Osaka replaces Paris on the winners' podium, making it an all-Asian trio this year. New York climbed up to fourth position while Los Angeles rose to eighth. This was driven, the EIU says, by "strong local currency and firm domestic demand" pushing up prices for clothing and domestic help.

The bi-annual survey, which evaluates the cost of over 160 goods and services in 133 cities around the world, has been carried out for more than 30 years.

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Covid-19 shakes up world’s most expensive city list

Singapore may slip down the list of the world's most expensive cities

Hong Kong, Singapore and Osaka have just been ranked as the world's most expensive cities to live in. But this may not be the case after the full impact of the coronavirus pandemic takes its toll. Cities that get a large part of their income from tourism could become cheaper as their economies shrink and prices are driven down.

This is one of the predictions made by the Economist Intelligence Unit (EIU), which tracks living costs globally. Its Worldwide Cost of Living Survey for 2020 was compiled in November 2019, before the coronavirus became a pandemic. Its next survey could look very different. "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 impact of the coronavirus has shaken the world economy, with the travel and tourism industries among the hardest hit. Hong Kong and Singapore are two of the cities that could see a big drop in revenue as demand for leisure activities, restaurants and accommodation plummets. This weaker demand could drive down prices, making these cities cheaper for their inhabitants.