The Economist Intelligence Unit released their latest list of The World’s Most Expensive Cities. For the first time ever, three cities share the top spot. The annual report, which ranks 133 cities based on a twice-yearly survey, collects more than 400 individual prices across more than 160 products and services—including food and drink, clothing, rent, transportation, utility bills, private schools, domestic help, and recreational costs—to arrive at the overall cost of living. And they happen to be three of our favourite travel destinations: Singapore, Hong Kong, and Paris. Here are a few ideas on how you can spend your money while visiting.
THE CITY: There’s a reason last year’s mega-hit Crazy Rich Asians is set this lavish city-state off of Malaysia: it’s one of the wealthiest places in the world.
THE CURRENCY: Singapore Dollar ($0.99 CAD)
WHERE TO SPEND IT: The three-Michelin-starred Nordic restaurant Zén, located on Bukit Pasoh Road, once known as “Second Wives Street.” The prix-fixe menu will set you back S$450 per person.
THE CITY: The former British Colony which was returned to China in 1997 used to be populated by farmland and fishing villages. Now its skyline is dotted with more skyscrapers than anywhere else on Earth.
THE CURRENCY: Hong Kong Dollar ($0.17 CAD)
WHERE TO SPEND IT: The 117th-floor, 4,000-sq-ft. Ritz-Carlton Suite, at the Ritz-Carlton Hong Kong, features a panoramic view, personal butler, Rolls Royce airport transfer, and personalized monogrammed linens—all for $139,000 HKD per night (or $23,000 CAD). Oh, and there’s a two-night minimum.
THE CITY: The European city beat out Zurich and Geneva for a spot at the top. With 85 five-star hotels and ten Michelin-starred restaurants, the City of Lights is not light on the wallet.
THE CURRENCY: Euro ($1.52 CAD)
WHERE TO SPEND IT: Shopping in the birthplace of haute couture. Rue du Faubourg Saint-Honoré, one of the world’s most fashionable streets, is home to Hermès, Lancôme, Chanel….and the Canadian Embassy.
A full list of the most expensive cities can be found below.
1. Paris, France
1. Hong Kong
4. Zurich, Switzerland
5. Geneva, Switzerland
5. Osaka, Japan
7. Seoul, South Korea
7. Copenhagen, Denmark
7. New York, New York
10. Tel Aviv, Israel
10. Los Angeles, California