Singapore, Hong Kong and Paris are now the world's most expensive cities to live in, according to the Worldwide Cost of Living Survey done by the Economic Intelligence Unit (EIU).

Most expensive and cheapest cities in the world

A total of 133 cities in 93 countries were surveyed.

This is the first time in over 30 years that three cities -- Singapore, Hong Kong and Paris -- share the top spot.

Past observations of the this survey

One observation of the EIU survey is that it resonates more with the experience of expatriates in a country.

The survey helps finance and human resource managers to calculate cost-of-living allowances and compensation packages for expatriates and people who travel on business.

This is due to the way prices of goods are collated.

For this survey, EIU researchers compared the cost of over 160 products and services in 133 cities.

Products include food, transport, clothing and utility bills.

The prices were gleaned from supermarkets, mid-priced stores and higher priced specialty outlets.

The prices used in the survey were not recommended retail prices nor manufacturers' costs, but rather, what the paying consumer is charged.

Singapore at the top a lot

Singapore has spent the past five years at the number one spot.

According to the survey, Asian cities comprise four out of the 10 most expensive cities.

Trailing closely behind Singapore, Hong Kong and Paris are Zurich, Geneva, Osaka, Seoul, Copenhagen and New York.

Cheapest cities

The cheapest cities to live in include Venezuela, Uzbekistan and Syria.

Southeast Asian cities such as Kuala Lumpur, Bangkok, Manilla, Hanoi, and Phnom Penh climbed up the ranks by six to 10 places because of their high economic growth recorded in 2018.

Converging costs in traditionally expensive cities

The EIU noted that cost of living in traditionally more expensive cities (e.g. Singapore, Hong Kong, and Tokyo) are becoming increasingly similar.

This stands "testament to globalisation and the similarity of tastes". 

Even in places where a grocery basket may be relatively cheaper, overall cost of living tends to be driven up by utilities or transportation prices.

You can download a copy of the report for free but you’d need to register first.

Top photo via Getty Images.