For the past 26 years, the consulting firm Mercer has been releasing a list of the most expensive cities in the world. Have you ever wondered which are the top 10 expensive cities of the world? Shockingly, six out of the top ten are Asian cities.
Though the complete effect of the Covid-19 pandemic may not be factored while reviewing, Mercer’s 26th annual Cost of Living Survey finds that specific factors such as currency fluctuations, cost inflation for goods and services, and instability of accommodation prices, are essential to determining the cost of expatriate packages for employees on international assignments.
Top 10 Most Expensive Cities In The World 2020:
This list of the top 10 most expensive cities in the world for the year 2020 is as per the Mercer’s newly-released Cost of Living Survey.
10. Beijing, China
Tenth on this list is the straggling capital of the People’s Republic of China. It is the world’s most populous capital city as well as an important world capital and global power city, and one of the world’s leading centers for various fields like, business, economy, education, language, science, and technology, etc.
Beijing is a megacity and the second-largest Chinese city by urban population after Shanghai. Moreover, the Beijing Capital International Airport has been the second busiest in the world by passenger traffic since 2010.
9. Geneva, Switzerland
The city which is the host of the highest number of international organizations in the world is also the ninth-most expensive city in the world. Geneva has a service-oriented economy.
Geneva, the French-speaking part of Switzerland, is the most populous city of Romandy. The city has also been referred to as the world’s most compact metropolis and the “Peace Capital”.
8. Bern, Switzerland
The federal as well as the capital city of Switzerland, Bern, is the fifth-most populous city in the country. It is geared more towards mid-range and luxury travels.
The most famous landmark in Bern is the bear pit, where bears have been kept on display at the city’s expense since 1480. Also, Old Bern was entitled a UNESCO World Heritage site in 1983.
7. Shanghai, China
Originally, Shanghai was a fishing village and market town, but its importance grew in the 19th century due to trade and its favorable port location. Its high real estate price aids to make it to this list.
China’s wondrous economic development in recent decades is also one of the reasons because if westerners want to share the booming market of China, Shanghai has some of the best talents, well known modern businesses and good English speakers.
6. New York City, USA
New York City, often shortened to NYC, is the most populous city in the United States of America. It is expensive for both travellers as well as the residents.
The reason behind the high cost of living in New York City is due to its growing economy and large job market across a variety of industries. Moreover, the rents in the city are reaching historic rates with over 1.5 million New Yorkers living in poverty.
Singapore is an island city-state which has the world’s most competitive economy. Being an extremely attractive place to live, work, and invest, attracts the inflows of human as well as financial capital.
And as the people demanding the same goods and services increase with more money available to bid for them, it is not much of a shock to see the prices rising quickly in the city.
4. Zurich, Switzerland
Having been referred to as the global center for banking and finance, it comes as no surprise that Zurich is labelled as the fourth-most expensive city in the world. Mercer, has for many years, ranked Zurich as a city with the highest quality of life in the world.
It benefits from the high level of investment in education which is typical of Switzerland in general and provides skilled labour at all levels. Zurich is also famous for its luxurious lifestyle, high-end shopping, and fancy chocolates.
3. Tokyo, Japan
Being a completely energy dependent city with no natural energy resources of its own, it becomes necessary for Tokyo to import all its oil products, and thus the gas prices are high.
The capital and the most populous city of Japan, Tokyo is an amalgamation of ultramodern as well as traditions, from its neon-lit skyscrapers to historic temples. However, young and middle-aged people want to live in developed regions and will pay high prices to do so.
2. Ashgabat, Turkmenistan
Turkmenistan has been witnessing an important economic and social crisis, combined with hyperinflation which is why its capital city, Ashgabat, is the second-most expensive city in the world.
The principal industries are cotton textiles and metal working. Its high cost of living for foreigners is due to severe inflation and rising import costs.
1. Hong Kong
With a growing population and finite land, Hong Kong has become short on real estate. Consequently, the hotels are usually busy and when the demand for the rooms are high, the prices increase.
It is the most popular Chinese city for tourists. The city has the highest number of skyscrapers. Even though the city has one of the highest per capita incomes in the world, severe income inequality can be witnessed among its residents.
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