﻿They are definitely beautiful places. Full of charm and attractions. But living there
is rather pricey for your average earner. Can you imagine paying $9.45 for a loaf of
bread? Or more than two thousand dollars on rent for a one-bedroom apartment? Well,
that’s the reality of many people that live in the world's most expensive
cities. Let’s take a look at which metropolises made the list in 2020.
Number 5 - Copenhagen and Los Angeles
It’s easy to imagine that a city full of movie stars and celebrities is not very affordable.
While the movie elite in Los Angeles lives in multi-million dollar mansions in Beverly
Hills and other prime areas, the ordinary citizen needs on average two thousand two
hundred and thirty-three dollars to afford a one-bedroom apartment in other areas.
Cities in California have become even less affordable in recent years. Housing costs
have continued to skyrocket and the cities are suffering an unprecedented homelessness crisis.
Among the reasons, specialists point out: the price of land and labor in the state.
Sharing the fifth spot of our top list with Los Angeles is Copenhagen.
The Danish capital is not only famous for its high prices, but also for its quality of life.
Denmark ranked number two on the 2020 World Happiness Report! The citizens of Copenhagen
might live in one of the most expensive cities in the world, but they also enjoy the benefits
of one of the most efficient welfare states. Workers pay around 55% in taxes and in return,
enjoy free healthcare, education and many social programs. Maybe high prices are not
that important when the basics you need are guaranteed by the state. What do you think?
Number 4 - Geneva and New York
Next on the list is Geneva. The second biggest city in Switzerland hosts the
highest number of international organizations in the world,
including a major United Nations office and the International Red Cross.
The city has a very large expat community. People from all over the world work and live there.
All of this contributes to the prices and ranks the city among the most expensive in the world.
Sharing the same place on the list with Geneva is the big Apple. New York is probably the leading
financial center in the world and a city with a diverse array of businesses and industries.
In 2020, a loaf of bread in the city cost on average 9 dollars and 45 cents.
113 billionaires reside there. That is a world record. According to the
financial services company go banking rates, a new yorker needs an annual salary of 219
thousand dollars to be happy. That’s a lot! Maybe that’s why they are famous for being cranky?
Number 3 - Tel Aviv and Osaka
Number 3 on the list is Osaka. The Japanese city is actually number one
when it comes to personal computer prices. In 2020, a computer cost on average one
thousand eight hundred and twenty-eight dollars. That’s one hundred and fourteen dollars more
than in the second-place city, Tehran. Osaka has suffered from the coronavirus
pandemic. Consumer prices in the city stagnated and the Japanese government
subsidized costs such as public transport in 2020. The city slipped four points on
the Economist ranking last year. Maybe the Japanese city is becoming more affordable?
Sharing the same spot on the list is Tel Aviv. The Israeli city,
famous for its sunny promenade and nightlife, is also among the most expensive in the world.
A night out for two people in a mid-range restaurant cost on average
ninety-two dollars and twenty-six cents. But don’t worry too much if you are planning to
visit. You will always be able to find a cheap (and delicious!) falafel stand around the corner.
Number 2 - Singapore
Singapore slipped one spot down the list in 2020, holding on to the second place. The
city-state is famous for its exorbitant prices and has topped the list several times. But the
2020 corona pandemic hit the city very hard. Prices fell as foreign workers left in masses.
It was the first year since 2003 that the overall population contracted.
The result was a decline in demand as well as deflation. The scenery of the Hollywood
blockbuster “Crazy rich Asians” became a little bit more affordable for the not-so-crazy-rich.
Number 1 - Zurich, Paris and Hong Kong
Topping the list there’s a three-way tie: Paris, Zurich and Hong Kong. 2020 saw cities across
America, Africa and Eastern Europe become more affordable, while western European
cities became more pricey, mainly because of the rise of European currencies against the dollar.
The French capital is often associated with glamour, luxury, haute couture, and much more.
Paris also became a talking point among series watchers in 2020, as Netflix debuted its hit
show “Emily in Paris”. The show immediately became the subject of a lot of discussions.
How was it possible that the main character could afford such a lavish lifestyle with an
Eiffel tower view from her apartment? The actor Lucas Bravo, who plays Emily's love interest in
the series, said the show portrays a very narrow slice of Parisian life. Touchè! With the city
getting more expensive every year, he’s got a point. Very few would be able to move there and
afford a lifelike Emily´s with lots of eating out, bars, parties and expensive clothes. Well,
the over forty-nine thousand Parisians with a net worth of over US$ 5 million certainly can.
The other European city topping the list is Zurich. The banking center is known for
its crazy prices and high standard of living. For example, having a meal in a mid-range restaurant,
a couple will spend no less than 125 dollars on average.
Research shows that 7.5% of the Swiss population are millionaires. Most reside in Zurich. The
presence of so many millionaires plays a big role in the high prices of the Swiss city.
Last but not least, sharing the top spot is Hong Kong. Famous for its population density,
the former British colony has a huge real estate problem. In fact, it is considered the world's
least affordable housing market. And although the rise in real estate prices has slowed down
somewhat in recent years, it is still a lot higher than in the rest of the world due to
the skyrocketing growth of the last decades. The situation is so crazy that a parking spot
was once sold for a staggering $664 thousand. Yep, just a parking spot, not the apartment.
Hong Kong is well known for being Asia’s biggest financial center. It attracts businesses from all
over the world and many international companies have a presence there. That fact, of course,
attracts well-paid people, usually expats. This obviously also plays a role in pushing prices up.
So that’s it for this video. We hope you enjoyed learning more about the World’s most
expensive cities to live in. Since you made it to the end, stick around, click into our
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