Hong Kong: Move over Singapore – the world's most expensive city has two new rivals.
After topping the Economist Intelligence Unit's Worldwide Cost of Living Survey for five years, Asia's Lion City has been joined by Paris and Hong Kong in a tie at the top of the table.
Zurich and Geneva rounded out the top five, while New York and Los Angeles reclaimed spots in the top 10 – ranking in seventh and 10th respectively – after slipping to 13th and 14th last year.
The survey is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travellers.
"Weaker local currencies have pushed all five Australian and two New Zealand cities surveyed down in the ranking," the EIU said, accounting for Sydney's absence after it scraped into 10th position in last year's report.
"Within Asia, the best value for money has traditionally been offered by South Asian cities, particularly those in India and Pakistan," the EIU said. "To an extent this remains true, and Bangalore, Chennai, New Delhi and Karachi feature among the 10 cheapest locations surveyed."
