Tokyo among world’s 10 priciest cities
TOKYO: Tokyo returned to the ranks of the world’s 10 costliest cities this year as Asia’s representation expanded, reflecting the region’s rising clout in the global economy.
Japan’s capital, the world’s costliest city until 2012, jumped seven places to No. 4 this year and Osaka climbed nine notches to No. 5, both bolstered by a resurgent yen, the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey showed yesterday.
Singapore and Hong Kong retained the top two spots and Seoul came in sixth. Zurich, the third most expensive, was the only impediment to Asia holding all top five slots.
Asia accounts for 40 per cent of the global economy and in the four years to 2020 is predicted by the International Monetary Fund to contribute two-thirds of worldwide growth.
At the same time, cities in China slipped by between five and 16 places due to weakening consumption and a depreciation in the yuan.
Europe had four cities in the top 10, with Geneva, Paris and Copenhagen joining Zurich. The French capital was the only eurozone city among the top 10, remaining “structurally extremely expensive to live in, with only alcohol and tobacco offering value for money compared with other European cities”, said the EIU.
New York was the only representative from North America, slipping to ninth from seventh due to a weakening US dollar.
Sydney climbed to 14th spot and Melbourne to 15th, meaning they ’re more exp ensive than Shanghai. Auckland and Wellington jumped 22 and 26 places, respectively, to be in the top 20. Bloomberg
Tokyo, the world’s costliest city until 2012, jumped seven places to
No. 4 in the Worldwide Cost of Living Survey.