The company adds to the list based on a number of factors, including the average price of household foods such as milk and cooking oil, transportation, utility, public transit and energy efficiency. local currency.
This is the third year in a row that Hong Kong has claimed the undoubted prestige of the world’s most expensive city on the ECA list. The index focuses heavily on foreign workers and drivers in their position.
Asia takes the gift
There are several regulators in the Middle East in Asia. In that case, Tel Aviv – which is in sixth place – is also ranked in Asia’s number and gives it six out of 10 places.
Asia also spoke of the privilege of being the fastest growing city on the entire list. Colombo, the capital city of Sri Lanka, flew 23 places from 162 to 149.
Lee Quane, ECA’s managing director for Asia, explained why China is growing on the index.
“Most of China’s major cities in our list have higher inflation than we know, but lower than the rest of Asia,” he said. Quane in a word. “So the main reason they’re on the list is that the Chinese yuan has always been strong against other major currencies.”
Hong Kong’s real estate market and given its “very large” status.
Li Zhihua / China News Service / Getty Images
Lower the list
So, which cities are lower than in previous years?
Paris, which had topped the ECA list in the past, dropped out of 30. Madrid, Rome and Brussels also dropped out.
“Almost every major city in the Eurozone has seen rates fall this year even though the euro has been better in the last 12 months than the US dollar and the British pound. , “Quane explained.
Europe’s most expensive city Geneva, Switzerland, is in third place after Hong Kong and New York City. Switzerland uses the Swiss franc instead of the euro.
The coronavirus, of course, has played a role in the construction of global supply chains and other assets.
ECA International isn’t the only company that ranks cities around the world in terms of business.
Hong Kong is in fifth place, behind Zurich. By 2020, Hong Kong, Zurich and Paris will share the number one name.
Both classes use the prices of daily commodities as commodities and fuel to determine their status. However, the EIU relates its numbers to the U.S. currency, so more and more businesses are doing the same – like Hong Kong, for the same reason.
On the other hand, regardless of the number of cities in the various indexes, it is clear that Asian, European and North American cities are more expensive to live in than their counterparts. partners in Africa and South America.
New York is the only North American city to make the top ten.
Angela Weiss / AFP / Getty Images
The most expensive cities in the world
1. Hong Kong
2. New York
6. Tel Aviv
CNN’s Maureen O’Hare gave the show.