Economy & Politics

The most expensive cities in the world

Anyone who has ever bought cheese or shampoo in a New York supermarket will particularly appreciate the prices in German retail. The price level at airports already illustrates the simple principle: When space is limited and demand is high, consumers have to dig deep into their pockets. The ranking of the most expensive cities in the world is therefore a bit of a competition for the question of which metropolises are currently particularly popular. And here 2020 shows: Europe is losing touch with the world’s best.

Most expensive metropolises in Europe

The financial analysts of the Economist Intelligence Unit now only list three European cities in the top 10 most expensive metropolises in the world. The European Union is even represented by only one city. 31 of the 37 examined cities on the continent rose in the ranking “Worldwide Cost of Living 2020”. One reason was moderate energy prices that kept inflation low.

Europe was basically in line with the global trend. The cost of living in the 133 cities studied fell according to the information on average by four percent. However, this comparison is not based on the previous year’s cost of living. Cities are always measured against the values ​​of New York City. This is a weakness in this ranking when it comes to assessing real purchasing power. Because currency fluctuations compared to the US dollar have caused many of the changes this year too, for example when the South Korean capital Seoul fell out of the top 10.

Cost of Living Worldwide

The analysts of the Economist Group, a sister company of the British weekly newspaper “The Economist”, have recorded the cost of living worldwide for more than 30 years. For this purpose, the prices of over 160 products and services are recorded every six months in March and September. This includes spending on food, drink, clothing, rent, utilities, education, mobility and leisure activities.

These are the ten most expensive cities in the world.

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