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Paris, Hong Kong and Singapore are world's most expensive cities
2019-03-19 10:52:22

Paris has come top of a ranking of the world's most expensive cities, alongside Hong Kong and Singapore, Bloomberg reports. 

It's the first time three cities have shared the top spot in the 30-year history of the annual Economist Intelligence Unit survey, which compares prices in 133 cities globally.

Zurich and Geneva rounded out the top five, while New York and Los Angeles reclaimed spots in the top 10 — ranking in seventh and 10th respectively

The trio of cities sharing the top spot are 7 percent more expensive to live in than New York, according to the EIU, which compiles its list from a survey of 160 products and services across 93 countries.

It then tracks whether prices have gone up or down by comparing them to the cost of living in New York, which is used as a benchmark.

Damascus in Syria was ranked the world's second cheapest city.

The Economist Intelligence Unit said a "growing number of locations" were becoming cheaper due to the impact of political or economic disruption.

The ten cheapest cities in the world

1. Caracas (Venezuela)

2. Damascus (Syria)

3. Tashkent (Uzbekistan)

4. Almaty (Kazakhstan)

5. Bangalore (India)

6. Karachi (Pakistan)

6. Lagos (Nigeria)

7. Buenos Aires (Argentina)

7. Chennai (India)

8. New Delhi (India)