- Paris and Zurich tied for second place.
- Asia Pacific and European destinations dominated the ranks of costliest.
- Tokyo and Osaka were conspicuous in their absence from the top 10, edged out by low inflation.
Economist Intelligence Unit’s survey
- The EIU survey is designed to help companies calculate cost-of-living allowances and build compensation packages for expatriates and business travelers.
- As recent as 2013, Tokyo was the world’s costliest city to live in.
- The Japanese capital dropped seven places to 11th over the past year.
- Hong Kong, last year’s second-most expensive city, slipped to fourth place.
- The report named New York and Los Angeles as the 13th and 14th costliest, down from ninth and 11th position last year.
- Though Asia is home to the world’s most expensive places to live, it also has some of the most affordable.
- South Asian cities including Bangalore, Chennai, Karachi and New Delhi provided good value for money, the report noted.
- This year, the Syrian capital of Damascusand Venezuela’s Caracas were ranked the world’s cheapest.
The Economist Intelligence Unit (EIU) is a British business within the Economist Group providing forecasting and advisory services through research and analysis, such as monthly country reports, five-year country economic forecasts, country risk service reports, and industry reports.
The EIU provides country, industry, and management analysis worldwide and incorporates the former Business International Corporation, a UK company acquired by its parent company in 1986. The EIU has several offices across the globe including two offices in China and one in Hong Kong.