The Worldwide Cost of Living 2020 report by the Economist Intelligence Unit (EIU) suggests how the coronavirus pandemic has brought about a change in the cost of living in as many as 130 cities globally since the beginning of 2020. The Worldwide Cost of Living by the EIU is a biannual survey that compares over 400 individual prices across some 138 products and services in over 130 cities across the globe.
Similar to last year, three cities share the top spot as the most expensive city to live in the world. In the top spot are Zurich, Paris and Hong Kong, which has retained its last year's top ranking. Zurich and Paris have taken over the spot of Singapore and Osaka, which have moved down to 4th and 5th rank, respectively.
The trends which have resulted in a change in cost of living in these cities include
1. Fluctuations in currency
2. Supply chain issues including scarcity of certain goods such as pasta and toilet roll
3. Government's measures such as price curbs
4. Precautionary stance of the general public on fears that the pandemic could have a hit on their income stream
5. Lifestyle changes
Here's the list of top 10 expensive cities across the world
1. Zurich: Zurich in Switzerland is the most expensive city in the world with World cost of living (WCOL) index at 103.
2. Paris: Paris in France is also at the top spot in most expensive cities' in the world ranking. WCOL index is 103
3. Hong Kong: Hong Kong in China is also ranked on the top spot. WCOL index is 103
4. Singapore: At 4th rank, WCOL index is 102
5. Tel Aviv: At 5th rank, this city in Israel has WCOL index of 101
6. Osaka: At 5th rank, WCOL index is 101
7. Geneva: At Rank 7, this city in Switzerland commands a WCOL of 100
8. New York: This US city ranked seventh also has a WCOL index of 100
9. Copenhagen: Ranked 9th, WCOL in this Denmark city is at 96
10. Los Angeles: On the same 9th spot, the WCOL index here is also 96