How did the ranking of the most expensive cities in the world change in 2017?

Global cost of living

The ranking produced by the Economist Intelligence Unit has been publishing semi-annual reports titled "Global Cost of Living" for over a hundred years. This document examines price indicators for more than 160 categories of goods and services in various cities around the world. The included positions relate to categories such as food, beverages, clothing, household items, personal hygiene products, rental rates, transportation costs, utilities, private education, and entertainment.

Every March and September, analysts from the Economist Intelligence Unit collect data on over 50,000 real prices for various goods and services worldwide. The assessment uses information from different types of retail establishments: supermarkets, mid-range stores, and specialty boutiques. Ultimately, all prices are converted into their equivalent in US dollars.

Prices in cities around the world

Let's take a look at which cities occupied the top and bottom spots in the rankings as of March 2017. It might be interesting to analyze the situation regarding housing prices in the most expensive cities in the world.

The megacities of East Asia continue to dominate the rankings. This year, just like in the previous three, the top spot is held bySingaporeThe following areHong KongandZurich, which are located in the second and third positions respectively. Japanese citiesTokyoandOsakaThey also maintained their positions in the top ten, with Tokyo, which once held the first place until 2012, rising seven spots due to the strengthening of the yen.

Thus, five out of the ten most expensive megacities are located in Asia, which confirms the growing economic influence of this part of the world. The other four cities are in Western Europe, with the only American city on the list beingNew York, which shifted from seventh to ninth place due to the decline in the dollar's exchange rate, which, in turn, also affected other cities in the USA.

Price dynamics in New York

It should be noted that over the past five years, New York has only ranked 46th in this same rating. Considering the weakening of the dollar and the stability of the euro, currencies such as:

• Canadian dollar
• Australian dollar
• New Zealand dollar

significantly strengthened their positions, which allowed cities likeSydney,Melbourne,WellingtonandAucklandto be among the top 20 most expensive settlements.

Comparison of Zurich and Geneva

Zurich and Geneva continue to be among the ten most expensive cities, even despite a slight decrease in the cost of living in these cities. Zurich ranks third, while Geneva shares seventh place with Paris. Interestingly, life in Paris is currently about7%more expensive than in New York, whereas five years ago this difference was50%.

Product categories and final analysis

Despite Singapore continuing to be the most expensive city in the world, it still falls behind competitors in certain categories, such as hygiene products and household goods. However, it is worth noting that this city still ranks first in the cost of purchasing and renting cars, and it is second in clothing prices.

Ultimately, the analysis indicates that the cost of living in the most expensive cities in the world continues to rise, which is linked to economic trends in various countries. It raises the intriguing question of how the locations of cities will change in the future against the backdrop of global economic shifts and currency fluctuations.

High cost of living in large cities

In terms of food and drink costs, Singapore is comparable to Shanghai, highlighting the high living standards in these major cities. Currently, Singapore has secured the title of the most expensive city in the world, while Hong Kong comes in second, followed by Zurich and Tokyo.

The top ten most expensive metropolises also include Osaka, Seoul, Geneva, Paris, New York, and Copenhagen.

Key changes in American cities

Although the only American city on this list is New York, Los Angeles continues to hold a prominent position, despite its ranking dropping from eighth to eleventh place.

Introduction

In conclusion, the analysis of the cost of living in various cities around the world, based on data from the Economist Intelligence Unit, highlights many interesting trends and patterns. In recent years, we have witnessed significant changes in the global economy that have affected the prices of goods and services. As the author of this study, I want to emphasize that although Singapore and Hong Kong continue to top the list of the most expensive cities, the economic situation in other regions is also of great interest.

Trends in price increases

It is important to note that capital cities in Asia, such as Seoul and Tokyo, have significantly risen in the rankings due to economic stability and the strengthening of their local currencies. This indicates that modern economies are capable of quickly adapting to changing conditions that affect the cost of living.

The impact of currency fluctuations

Another important point is that against the backdrop of overall price increases worldwide, we are seeing fluctuations for many cities depending on currency exchange rate variations, which leads to cities like New York dropping in the rankings.

The rise and fall of cities

It is also worth noting that the development of resource-dependent cities, such as São Paulo and Rio de Janeiro, demonstrates the potential for significant growth even in the face of global instability. However, at the same time, the detachment of some cities, such as Buenos Aires, serves as a reminder offragilityeconomic systems.

Conclusion

So, this ranking highlights how dynamic the global markets are and how they can change from year to year. For future economists and real estate professionals, this provides important data that can help in forecasting and making informed decisions.

One thing remains clear:By observing such rankings, we can not only understand where it is worth living or investing, but also get a sense of the spirit of the global economy, which is constantly changing and evolving.