Both the most expensive, cheapest cities in the world are in Asia

20/10/2017 11:23

Manchester is now cheaper than Beijing and other interesting tidbits from EIU's latest living cost index. 

 

 

Asian cities lorded over the Economist Intelligence Unit’s Worldwide Cost of Living report, out last week.

Names from the continent dominated both lists of the costliest and most affordable places to live in the world, per the report’s Cost of Living Index.

Dotonbori, a popular nightlife and entertainment area in Osaka, Japan. Korkusung/Shutterstock
Dotonbori, a popular nightlife and entertainment area in Osaka, Japan. Korkusung/Shutterstock

Five of the world’s top six expensive cities are all in Asia, while cities in the Indian subcontinent make up half of the 10 least costly cities on earth.

Some traditionally expensive alpha cities have become more affordable of late. Due to the post-Brexit depreciation of the sterling, London is now only the 24th most expensive city in the world, while Manchester registered the biggest fall, from number 26 previously to a distant 51, making it cheaper than Beijing and tying it with Bangkok.

London is now a far greater lifestyle bargain than New York City, at ninth place, for the first time in 15 years, and Paris, at eighth place.

To arrive at the results, EIU tracked 400 individual prices across 160 products and services, including clothing, food, transport, home rents, utilities, private schools, and recreation, in 133 cities around the world.

Asia’s priciest cities
5. Seoul

The South Korean megalopolis clobbered Geneva, Paris, New York, and Copenhagen, in that order, as the world’s sixth most expensive market. Merely topping up a grocery basket in the city is 50 percent more expensive than in New York, EIU reported.

4. Osaka

Rising costs in the city, as well as the next item on this list, can be attributed to the recovering strength of the Japanese yen. Osaka ranks fifth most expensive city in the world.

3. Tokyo

People crossing Ginza Road, one of the main luxury shopping areas in Tokyo. Jirat Teparaksa/Shutterstock

With an index mark of 110, Japan’s largest metropolis is the fourth most expensive city to live in the world. Along with Seoul and Osaka, Tokyo is the priciest destination for purchasing staple goods.

2. Hong Kong

More expensive than Zurich, the Chinese SAR comes in as the second most expensive city worldwide. Hong Kong fuel costs USD1.73 per litre, the priciest in the world and three times the price in New York, the report’s benchmark city.

1. Singapore

The most expensive city on the world for four consecutive years, Singapore has 5 percent pricier living costs than nearest rival Hong Kong. It is the most expensive destination in the world to own a car, number two worldwide for clothing.

Asia’s least expensive cities 
6. New Delhi

The Indian capital is the 10th cheapest city in the world. Only Kiev, Ukraine and Bucharest are more affordable. “India is tipped for rapid expansion as Chinese growth declines, but much of this is driven by its demographic profile, and in per-head terms wage and spending growth will come from a low base,” EIU stated in its report.

5. Mumbai

The seventh least expensive city in the world happens to be the largest in India. However, it is a designation of disputed benefit, as “cheaper cities tend to be less liveable,” EIU warned.

4. Chennai

In fact, "there is a considerable element of risk in some of the world’s cheapest cities." Be that as it may, the world’s sixth cheapest city is the Tamil Nadu state capital.

3. Karachi

Pakistan’s largest city is the fourth cheapest city to live in the world, cheaper than Algiers, Algeria. It is the 130th most expensive city in the world, down from number 127 last year.

2. Bangalore

Only the recession-riddled Nigerian city of Lagos is more affordable than Bangalore, the third least expensive city in the world. "Although the Indian subcontinent remains structurally cheap, instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location," EIU reported.

1. Almaty

Central Asia has the world’s pocket-friendliest destination: Almaty, Kazakhstan’s largest city. In Almaty, a kilo loaf of bread costs only USD0.90 while a botte of table wine costs USD5.15.

By Al Gerard de la Cruz

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