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Singapore is holding on to its title as the most expensive city in the world ' but this time, it's sharing the No. 1 spot with 2 other cities

Published by Business Insider on Tue, 19 Mar 2019


The Economist Intelligence Unit recently released its annual report, which lists the most expensive cities.This year, the No. 1 spot is occupied by a three-way tie between Singapore, Paris, and Hong Kong.Singapore has maintained the top position for the past five years, while Paris and Hong Kong both rose their standings to share the top seat.This year's most expensive city title is split three ways, divided between Paris, Hong Kong, and the five-year winner Singapore.The Economist Intelligence Unit announced the updated standings in their annual Worldwide Cost of Living report. The report compares prices of more than 160 items across 133 cities around the world to determine its final rankings.The only European city in the top seat, Paris moved up just one place from last year, when it was ranked No. 2. The city, known for its art and cuisine, is home to two of Europes richest people: Bernard Arnault and Franois Pinault. Arnault recently made headlines for surpassing Warren Buffett on the Bloomberg Billionaires Index, while Pinaultthe owner of Christie's auction housecontinues to manage high-end brands such as the flourishing Gucci fashion house. The French capital is also home to some of the finest shopping and luxury hotels.Read more: Take a look inside the best hotel in Europe, a boutique hotel in the heart of Paris with personal butlers, a hidden smoking room, and views of the Eiffel TowerRising up from its No. 4 position in 2018 is Hong Kong. The city has the highest concentration of superrich people, with approximately93 billionaires. Business Insider's Katie Warren also reported that the city in southeast China has been amongthe most expensive cities for housing for the past eight years, with a market known for both its "nano" apartments and its mansions.Read more: What it's like living in Hong Kong as a billionaire, where the ultra-rich live in high-security mansions and spend $16 billion a year betting on horse racingFinally, though it now shares the title, Singapore continues to hold its first-place statusa distinction it has held for the past five years. It also remains the only city from last year's top 10 to keep its position.Business Insiders Lina Batarags previously reported that its top placement is in part because of the cost of buying and running a car, with government permits costing up to $37,000 apiece. With its five-year streak, Singapore is on track to follow Tokyo's lead, a city that held the No. 1 position for 12 years before Singapore surpassed it in 2014.SEE ALSO:A new report reveals the 17 most popular housing markets for the world's richest people, and a notoriously expensive city is missing from the listNOW READ:What it's like living as a billionaire in Singapore, where wealthy residents are worth a combined $1 trillion and limited land makes owning a house the ultimate 'status symbol'Join the conversation about this storyNOW WATCH: Here's how much real estate $1 million will get you in cities around the world
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