The 2021 Worldwide Cost of Living Index examines the cost of living in 173 global cities and compares the prices of more than 200 everyday products and services.
Top 10 cities with the highest cost of living in 2021: Supply chain disruptions and changing customer demands have driven up the cost of living in many large cities. Recently the list of most luxurious cities in the world has been disclosed. One city remained in this list, which registered the most change from the rest of the cities and jumped straight from 5th place to first place in this year’s Worldwide Cost of Living Index. Let us know about the 10 cities with the highest cost of living in the world to live in including that city. This list has been released by the Economist Intelligence Unit (EIU).
List of Top 10 cities with the highest cost of living in the world
Due to Covid-19, inflation has been seen increasing in every corner of the world. Due to this, measures like lockdown and travel restrictions broke the back of many businesses, its impact on the supply chain was also very bad. This has increased the cost of living in all the cities of the world. Tel Aviv has overtaken Paris to top the list of the 10 cities with the highest cost of living in the world.
Most Expensive City of World : The Economist Intelligence Unit (EIU) has ranked the cities around the world according to their living conditions. In this ranking, Tel Aviv of Israel has been interpreted as having the highest cost of living in the world. Compared to other cities of the world, the cost of living here is very high. This Worldwide Cost of Living Index has been released based on a comparison of prices in US dollars for goods and services in 173 cities.
Recently, The Economist magazine surveyed the cost of living in the world and found that it has increased more due to the Covid-19 epidemic and other reasons. This year there has been a big change in the list of most expensive cities in the world. This year Tel Aviv has overtaken Paris to take first place. In this study for 2021, 173 cities have been compared based on the cost of living.
1. Tel Aviv
Tel Aviv is the capital of Israel. This city tops the list of highest-cost living cities in the world this year. Tel Aviv is on the top of this list for the first time. Last year at this position was Paris. The reason for Tel Aviv’s sharp jump in the list is attributed to rising grocery and transport prices and the strengthening of the Israeli currency shekel against the dollar.
2. Paris
Paris is the “City of Romance” and is quite famous among loving couples. It is the most expensive holiday place for tourists to visit. This is one of the best but most costly cities to visit for newly married couples. The royal palace, grand cathedral, and amazing architecture in the city give rise to a must-see for visitors from all over the world.
The study found that supply chain problems have led to a sharp rise in prices this year. At the same time, the measures initiated to stop the Covid-19 epidemic had an impact on both production and trade. The second place in this list is Paris, which was on top last year. The capital of France has long been one of the most expensive cities in the world. Even after this, the arrival of tourists has not reduced here.
3. Singapore
The city of Singapore is the considerably highest cost living city in the world for tourists to visit. A lot of capital is paid on transportation in this expensive city. If you want to purchase and rent a car, then you need to have big savings for this. The administration of Singapore maintains car rates high to regulate the cars on the road. Apart from this, the prices for clothing and even groceries are relatively high. It is the most advanced city where the popularity of sustenance is popular all over the world. Singapore is mostly traveled by honeymoon couples, experts, and people with a good amount of money.
Like Paris, Singapore is also one of the favorite cities of the people in the world which is also quite expensive. Therefore, it is not surprising to find Singapore among the most expensive cities after Paris. This is the financial hub of Southeast Asia, the laws here are very strict. Therefore, incidents like robbery are negligible here. It is also included in the top cities of the world in terms of security.
4. Zurich
Even today, many people of the world consider Switzerland as a paradise, the reason for this is the beauty of this place. Living in this country is very expensive, so it is natural for Zurich to be expensive too. In the last few years, the rent of living here has increased very fast and there are very few vacant apartments here. It is the largest city in Switzerland as well as a major commercial and cultural center. Moreover, a few years ago it offered one of the best quality of life cities.
5. Hongkong
Hong Kong is one of the top 10 cities with the highest cost of living in the world. However, here you can also explore cheap options for food and adventure recreations and to seek the beauty of the city. You can visit the local market for shopping and you can select private buses for wandering around. Here you can spend your holiday’s hiking, waterfronts and exploring the mountains. The rates here are high for stuff like tasting the international cuisine here and spending some days in a luxury hotel.
Hong Kong is one of the few cities in the world where you can see a mixture of Eastern and Western cultures. After being a colony of Britain, it is now a Special Administrative Region of China. Living here is becoming very expensive, due to which it is one of the most expensive cities in the world. Moreover, in this densely populated city, the rent is very high even after tall buildings. However, it is the fifth most expensive city among the expensive cities.
6. New York
The New York City of America comes in sixth place among the most expensive cities in the world. It is the most expensive city in America (USA). The special thing is that hardly anyone will be found here who was born in this city. It is very difficult and expensive to find a house for rent here. It is a major commercial, cultural and entertainment center that has a worldwide influence.
7. Geneva
Geneva city of Switzerland has the normal club sandwich, which is the most expensive in the world. It is a famous city due to the headquarters of many international organizations here. Due to the border with France, more people are speaking French here. And it is on the list among the top financial cities of the world.
Geneva is very popular for the most expensive shopping, iconic buildings, and luxury hotels. Things like seven-star hotels, lavish malls, and nightlife make this place extremely expensive. Although it is not a cheap destination for tourists to visit at all, yes it also depends on the spending habits of the person. You can choose budget hotels, cheap restaurants instead of fancy restaurants, and opt for public transport for travel to save money during a tour.
8. Copenhagen
Copenhagen, the capital of Denmark, is one of the safest cities in the world, but it is also very expensive. Food, alcohol, and household items are all 40 percent more expensive here than the average for the rest of the European Union. Despite this, people still want to live here. There is a lot of love for this city among the youth. It is also easy to travel to many European countries from here.
9. Los Angeles
Los Angeles is the second city in America which is very expensive. After New York, this number comes in America. Hollywood stars live here and it is the world’s most prominent entertainment center. Moreover, the rates of things and services here are relatively high. However, Los Angeles, the city in America, is beautiful with parklands.
10. Osaka
The tenth place among the top ten cities in the list of expensive cities belongs to Osaka city of Japan. It is the second major financial hub after Tokyo, the capital of Japan. It is very expensive to live here. The rent per square meter here is much more expensive than in the rest of Japan. Other areas of Japan are much cheaper than this.
Japan is not an inexpensive place to spend a holiday, but yes it is not as expensive a country as you are thinking. You can get around the city of Osaka on a budget if you choose to have street food or cheap fast-food restaurants, stay in hostels, and transport via trains or buses. A great city to visit, it is a great place to visit the old culture, but yes, you will have to use up a lot of money above your budget.
While some advocate that buying a property is better, owing to the freedom it offers, there are some people, who believe the latter option to be favourable owing to the lesser rental home costs.
Although the cost of living in a rented home might appear to be favorable, yet it is not the best option, according to reports.
Case 1: Ram purchased a 2 bhk flat in Nh 24 Ghaziabad on a home loan for Rs.
The duration to clear the home loan amount is 20 years.
Now, if we calculate the cost of living in both the cases, the cost will be way lesser in case 1 than in case 2.
As the rental amount will keep on increasing by almost 5% every year, Shyam will eventually end up spending a lot more than what he could have actually saved in the upcoming 30 years.
Gurgaon is one of the significant smaller municipalities of Delhi and is a piece of the NCR locale.
Gurgaon is one of the main modern and monetary center points in the country.
This city has developed manifolds throughout the long term and has turned into a great city now.
Read More: Cost of Living in Gurgaon: Everything You Need to Know
