Half of the World's Top 10 Most Expensive Cities Are in Asia, Surprisingly
It’s a well-accepted fact that city prices are exponentially higher than prices in the province, which is why if you’re more Town than Country, you can expect to have a bigger headache when it comes to costing out your lifestyle. While living in Manila may be costlier than settling in other cities in the country, its prices barely hold a candle to the world’s most expensive cities. Big names like New York, San Francisco, Paris, and London may initially come to mind, but surprisingly half the list by The Economist Group consists of cities in our neighboring Asian countries.
The study collated the list based on the average prices of basic grocery goods, clothing, recreation, and entertainment. Costs of buying and maintaining a car, as well as other recurring expenses such as home rent, private schools, and help, were also indexed by the research. With these factors taken into account, Singapore topped the list, with Hong Kong following second and Switzerland coming in third. See the complete list below:
If you're wondering why New York was is so far down and San Francisco failed to make it entirely, it may because of the weakening U.S. dollar and its effects.
To give you an idea of how much it would cost to live in Singapore, Hong Kong, and Tokyo, here is a breakdown of basic costs and their Philippine peso equivalents*:
* SGD 1 = P37.78
* HKD 1 = P6.52
* JPY 1 = P0.47
h/t: Market Watch