Singapore is the world's most expensive city, according to the latest cost-of-living survey from the Economist Intelligence Unit. The survey compares the prices of food and services, clothing, household goods, and personal care items.
On all positions, Singapore is the leader. Its economy has quickly risen to the level of developed countries. The investment climate is very favorable, and the population has a high level of education and well-being. Singapore is distinguished by low taxation.
The second place in the ranking belongs to Hong Kong. It is a major financial centre thanks to its exceptionally free market practices. Its importance in the global financial system is enormous, especially in such industries as IPOs, banking, and private capital servicing.
Zurich is the third among the most expensive megacities. It is considered the economic and financial capital of Switzerland. The city is also recognized as the leading scientific center of the country.
The fourth place goes to Tokyo, the main financial and cultural center of Japan. The Japanese capital represents 80% of all national newspapers and publishers. The city is recognized as a key information center of international importance.
The fifth place in this ranking belongs to Osaka. It is the historically established trading capital of Japan and one of its main industrial centers. The city's GDP together with the territories is approximately $417 billion, which is considered one of the best indicators on a global scale.
Seoul, South Korea, takes the sixth place among the most expensive cities for living. It is called the political, economic, financial and cultural center of the Republic of Korea. Although the city occupies no more than 0.6% of the country's territory, it produces 21% of South Korea's GDP.
Geneva is the seventh in this list. This is the oldest financial services center with a rich history, specializing in private banking, that is, managing assets worth about $1 trillion, as well as international trade. The European branch of the United Nations, the Red Cross, the WHO, and the Large Hadron Collider are situated in Geneva.
The eighth place in the list of the most expensive megacities belongs to Paris. It is considered a global city, as well as world's financial and cultural center. About 10% of the country's GDP is produced there. About 85% of jobs in the French capital belongs to the service sector.
The ninth place in the ranking goes to New York. The city is recognized as the economic core of the United States and the world. New York, along with London and Tokyo, is one of the three leading centers of the global economy. The traditional production plays a significant role in its economy, although today many modern branches are dynamically developing here, such as biotechnology, software, and Internet business.
The ten top most expensive cities is closed by Copenhagen. The capital of Denmark is the leading cultural, economic and governmental center of the country. The economy of the city is based on services and trade. The city has the oldest Copenhagen Stock Exchange (CSE).
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