Hong Kong is now tied with two other cities – Paris and Singapore – for the lofty title of the world’s most expensive city.
A report released by Economist Intelligence Unit revealed that China has some representation in terms of the world’s priciest cities, with Hong Kong moving up three spots from last year’s ranking to claim a position at the top of the totem pole.
No cities from the Chinese mainland are yet to crack the top 10, which features two cities in Switzerland – Zurich and Geneva – as well as Osaka, Seoul, Copenhagen and Tel Aviv. US cities New York and Los Angeles also made a splash in this year’s ranking, jumping six and four spots, respectively.
The study focused on 400 individual prices across 160 products and services, including average prices for womens’ haircuts, mens’ two-piece business suits, one kilogram of bread and a 330-mililiter bottle of beer.
Asian cities included in the top 10 were said to be “the priciest locations for general grocery shopping.”
Over 130 cities were included in the survey, which also ranked the world’s 10 cheapest cities, naming Caracas, Venezuela as the cheapest city on Earth due to hyperinflation and a collapse of public services.
[Cover image via Wikimedia]