Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Features

10 most expensive cities shaken by global volatility, survey finds

TOKYO, JAPAN

Yo-yoing currencies, spiralling inflation and plunging commodity costs are shaking up the rankings of the world’s most expensive cities, an annual survey said Thursday, with Tokyo sliding and Shanghai shooting up.

Political uncertainty and global economic volatility have up-ended the list of pricey places, according to a cost of living index compiled by the Economist Intelligence Unit.

“Only eight cities of the 133 surveyed have seen their ranking position remain unchanged in the last 12 months,” the EIU said.

Perennially-expensive Japan – whose capital was the planet’s costliest city for much of the last two decades – has dropped against global peers, thanks to a much weaker yen.

Tokyo – in 11th place globally – is now only as expensive as Shanghai, where rising prices are hitting consumers in the pocket.

The collapse of the Brazillian Real has sent the relative cost of living in Rio De Janeiro down 52 places to 113th – making it half as costly as New York.

“In nearly 17 years of working on this survey I can’t recall a year as volatile as 2015,” said Jon Copestake, an EIU survey editor.

“Falling commodity prices have created deflationary pressures in some countries, but in others, currency weakness caused by these falls has led to spiralling inflation,” he added.

Singapore retains the top spot in the list – thanks chiefly to the eye-watering cost of owning a car in the city state – with Zurich and Hong Kong tied in second place.

Advertisement. Scroll to continue reading.

Hong Kong’s currency peg to the US dollar was propelling the former British colony up the rankings, the EIU said, with the value of the greenback pushing New York into the top 10 and to its highest place since 2002.

Asian cities tended to be the priciest locations for general grocery shopping, with Seoul the most expensive for everyday food, while recreation and entertainment was a big drain for European locations.

Resource-backed currencies like the Australian dollar also weakened because of lower commodities demand from China, edging cities like Sydney and Melbourne out of this year’s top 10 list.

Here is a list of the 10 most expensive cities in the EIU survey:

1 — Singapore

2 — Zurich

2 — Hong Kong

4 — Geneva

5 — Paris

Advertisement. Scroll to continue reading.

6 — London

7 — New York

8 — Copenhagen

8 — Seoul

8 — Los Angeles

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...