Hong Kong, Singapore and Osaka are the most expensive cities to live in, according to the latest edition of The Economist’s Worldwide Cost of Living report. world’s most expensive city
Osaka joins last year’s chart toppers Hong Kong and Singapore, and knocks Paris, which shared the top spot, down to fifth place on the index.
Currency shifts are cited as the biggest influencing factors for this year’s ranking. The strengthening value of the yen pushed Tokyo up from 13th to 8th spot, while higher prices in clothing and domestic demand made living in cities like New York and Los Angeles particularly expensive.
For the ranking, The Economist Intelligence Unit compares 400 prices across 160 products and services in food and drink, clothing, household supplies, personal care, rent, transportation, utility bills, private schools, domestic help and recreational costs.
Analysts cite modest domestic demand and weak global energy prices for keeping inflationary pressures in check across Europe. Of the 37 European cities surveyed, 31 fell in overall rank.
Meanwhile, currency depreciation is also what drives Seoul out of the top 10 list this year.
Here are the most expensive cities according to The Economist:
1. Singapore, Hong Kong, Osaka
4. New York
6. Paris, Zurich
7. Tel Aviv
8. Los Angeles, Tokyo
Find out more about Osaka: world’s most expensive city
- Location: Osaka is located on the island of Honshu in Japan, and is the third-largest city in the country after Tokyo and Yokohama.
- Population: As of 2021, the population of Osaka is estimated to be around 19 million people in the metropolitan area, making it one of the most populous urban areas in the world.
- History: Osaka has a long and rich history, dating back over 1,400 years. It was the capital of Japan during the Asuka period (538-710), and has played a significant role in the country’s economic and cultural development ever since.
- Economy: Osaka is a major economic hub in Japan, and is home to many large companies and industries, including electronics, pharmaceuticals, and textiles.
- Food: Osaka is known for its delicious food, including popular dishes like takoyaki (octopus balls), okonomiyaki (savory pancakes), and kushikatsu (deep-fried skewers).
- Attractions: Osaka has many popular attractions, including Osaka Castle, the Osaka Aquarium Kaiyukan, and Universal Studios Japan.
- Culture: Osaka has a unique and lively culture, with a strong emphasis on entertainment, theater, and comedy. It is often referred to as the “Nation’s Kitchen” due to its vibrant food scene and the abundance of local and regional cuisine.
- Transport: Osaka is well-connected by rail and air, and is home to several major train stations and an international airport, which serves as a gateway to the rest of Japan and other destinations in Asia.