Tokyo returned to the ranks of the world’s 10 costliest cities in 2017 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 Worldwide Cost of Living Survey showed Tuesday. 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 percent 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, the region’s economic powerhouse, slipped by between five and 16 places due to weakening consumption and a depreciation in the renminbi, the report showed.
Europe had four cities in the top 10, with Geneva, Paris and Copenhagen joining Zurich. The French capital was the only euro zone 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,” the EIU said.
New York was the only representative from North America, slipping to ninth from seventh due to a slight weakening of the dollar.
Excerpts of article from bloomberg.com