COVID-19 shuffles world’s top 10 most expensive cities rankings

Paris and Zurich have joined Hong Kong as this year's costliest cities worldwide, while Singapore and Osaka have slipped from their joint-top spot after the coronavirus pandemic weakened the dollar, a survey by Economist Intelligence Unit (EIU) published Wednesday showed.

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Paris topped the list along with Zurich and Hong Kong due to rise of the euro and Swiss franc against the US dollar, as well as the comparative decline in the cost of living in the two Asian cities that previously sat at the top of the table.  

Zurich topped the list along with Paris and Hong Kong due to rise of the euro and Swiss franc against the US dollar, as well as the comparative decline in the cost of living in the two Asian cities that previously sat at the top of the table.  

Hong Kong topped the list along with Zurich and Paris. “The Covid-19 pandemic has caused the weakening of the U.S. dollar while western European and north Asian currencies have strengthened against it, which in turn has shifted prices for goods and services,” said Upasana Dutt, head of Worldwide Cost of Living at The EIU. New York City is used as the base city in the index.

Singapore, which is now in fourth place, saw prices fall because of an exodus of foreign workers, the report said.

The only Middle Eastern city in the top 10 was Tel Aviv due to booming exports strengthening the Israeli shekel.

Osaka, tied at fifth with Tel Aviv, has seen trends, with consumer prices stagnating and the Japanese government subsidising costs such as public transport. 

Swiss city of Geneva comes at seventh. 

This year, corona-related products have been singled out by Mercer, with New York City being the most costly place to pick up your cleaning supplies, including antiseptic spray and soap.

New York City is used as the base city in the index.

Denmark has been ranked as the second happiest country in the world and its capital Copenhagen is ranked ninth in terms of most expensive cities.  

A general view of freeways leading into downtown Los Angeles after California issued a stay-at-home order in the city.

Covid-19 has led to a drop in demand for coal and oil, resulting in the emissions slump in the US. It is ranked ninth in the list.