World’s costliest cities to reside in

(CNN) — The world financial panorama may very well be very totally different this time subsequent 12 months, however 2020’s costliest cities have been revealed — and the primary spot belongs to not one single metropolis, however to a few destinations.

The Japanese metropolis of Osaka replaces Paris on the winners’ podium, making it an all-Asian trio this 12 months.

New York climbed as much as fourth place whereas Los Angeles rose to eighth. This was pushed, the EIU says, by “strong local currency and firm domestic demand” pushing up costs for clothes and home assist.

The bi-annual survey, which evaluates the price of over 160 items and providers in 133 cities world wide, has been carried out for greater than 30 years.

Rises and falls

Hong Kong

Hong Kong shares the title of world’s costliest metropolis with Paris and Osaka.

Isaac Lawrence/AFP/Getty Images

The French capital dropped right down to fifth place, equal with one other European metropolis, Switzerland’s Zurich.

The survey notes a transparent development throughout the 37 European cities surveyed: all however 4 — Moscow, St. Petersburg, Kiev and Istanbul — fell within the rankings for 2020.

“Modest home demand and weak world vitality costs have saved inflationary pressures subdued throughout Europe prior to now 12 months, the EIU mentioned.

The Israeli metropolis of Tel Aviv is the one Middle Eastern metropolis within the prime 10, and jumped three locations this 12 months to the quantity seven slot, which the EIU attributes to rising transport prices.

A strengthening of the yen this 12 months led Japan’s capital, as with Osaka, to soar up the rankings, this time to joint eighth place, alongside L.A.

The Swiss metropolis of Geneva, a stalwart within the survey’s prime 10, slid down from fifth place to 10th, whereas Copenhagen — joint seventh final 12 months — dropped out of the highest ten completely.

The remainder of the listing

A robust US greenback meant 15 out of the 16 US cities surveyed climbed up the rankings this 12 months.

Currency depreciation, in the meantime, was behind the South Korean capital, Seoul, dropping out of the highest ten, mentioned the EIU.

Globally, the price of dwelling dropped 4% this 12 months. Said the report, “This mainly reflects the impact on global currencies of easing monetary policy, uncertainty around the US-China trade war (which has put pressure on some emerging-market currencies) and the strength of the US economy.”

Damascus, Syria, was on the backside of the worldwide rankings, adopted by Tashkent in Uzbekistan.

World’s costliest cities to reside in 2020:

1. (tie) Singapore

1. (tie) Osaka, Japan

1. (tie) Hong Kong

4. New York City, New York

5. (tie) Paris

5. (tie) Zurich, Switzerland

7. Tel Aviv, Israel

8. (tie) Los Angeles, California

8. (tie) Tokyo

10. Geneva, Switzerland

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