- 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 Europe's richest people: Bernard Arnault and François Pinault. Arnault recently made headlines for surpassing Warren Buffett on the Bloomberg Billionaires Index, while Pinault - the owner of Christie's auction house - continues 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.
Rising up from its No. 4 position in 2018 is Hong Kong. The city has the highest concentration of superrich people, with approximately 93 billionaires. Business Insider's Katie Warren also reported that the city in southeast China has been among the most expensive cities for housing for the past eight years, with a market known for both its "nano" apartments and its mansions.
Finally, though it now shares the title, Singapore continues to hold its first-place status - a 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 Insider's 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 R533,000 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.
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