In the world of chasing time and earning money, people do spend a considerable amount of time exploring different places and cities trying to find their traditions and culture. Cities are cosmopolitan hubs of a country which connects them internationally worldwide and has the maximum number of migrated people living there. So, let's have a look at the world's most expensive cities.
The Republic of Singapore is a sovereign island city-state. Located in maritime Southeast Asia, it is one of the cities in the 50 most expensive cities in the world. The city is bubbling with overpopulation because of the opportunities available in this city is vast. Singapore is known as the land of shopping malls. The Marina Bay Skyline, the greenery around the city add to its tag of the super clean city. The cost of living here is super expensive because of its population. When a large number of people live in a small mass of land, there is directly a pressure on housing, transportation and food sectors to serve all. Therefore, people who work in Singapore are paid quite well and can afford a decent lifestyle. Many people do not use public transports. They prefer to own their cars which is why they pay tax to the government, which profits the government too. Two vital facts which contribute to the high cost of living is immigration and tourism as far as Singapore is concerned.
Hong Kong (China)
Hong Kong is a part of the People's Republic of China, with 92% of the population being Han Chinese. Hong Kong is known for international trade and investments; this cosmopolitan city is a mixture of several countries traditions and culture. Apart from this, people in Hong Kong embrace modernity without discarding the old essence. As far as tourism is concerned, it is one of the safest places to travel and they have the best hospitality for people who come from other countries. The cost of living here is high for several reasons, including that people earn more money in Hong Kong than the others in comparison. The taxes imposed on rent, food is relatively high. It is important to note that the Hong Kong government relies mostly on the land revenue they receive through peoples land tax. This is because Hong Kong is a small mass of land with so much population. The economic success is one of the reasons which makes Hong Kong one of the most expensive cities in the world to visit.
Being an island county in Asia, Osaka is a part of the most expensive city in the world, according to the year 2020. Japan is known to be a country brimming with culture and traditions. It is known for its martial arts, poetry and loads of World Heritage sites. As far as Osaka is concerned, the price of consumer goods is high. Prices are high, but the service provided is also equally high. As it is an island, it is challenging to engage in economic strategies with the other countries. Therefore it is simple to develop their country and cities on their own. The Japanese government has outperformed the other countries as they balance the new and the old ways of life with high transportation and living costs. Food is good at all seasons in Osaka; however, it can be very costly at times. The movie industry, the food industry (many basic ingredients are exported from here), manufacturing mobile phones are a few reasons for a stable economy of the cities.
New York (The United States)
One of the cities most people would love to visit and spend some time is New York in the United States. Being one of the most populous cities in The United States, it is the hub of economic trading. With several tourist attractions, this city is always bubbling with tourists. Everything is very glamorous there with museums, buildings and skyscrapers. Along with the skyscrapers, the economy of New York is also booming because of its job markets, making it the most expensive city in the world to visit. New York has a wide range of industries from fashion, movies to books and manufacturing. Migration of people has increased, but the accommodation plans have not changed at all. The distribution of money between different strata of lives is unequal, which makes the rich richer and poor poorer. Most of the wage workers are paid very less, and people are fleeing from this city as they are not able to afford a decent life.
Known as the city of love and Eiffel Tower, Paris is the capital of France which is filled with vineyards and beautiful tourist attractions. No one can ignore the romantic atmosphere there and it is the safest city to visit as a tourist. Apart from the Louvre and Notre-Dam, Paris is also famous for foods and pastries. As it is the best tourist spot and always welcomes strangers from different parts of the world, anything that is directed towards them is expensive. There is a great deal of pressure on the real estate business as the population increases; the number of people who want to settle down also increases. Tourist spots and very reputed places are very costly. Therefore, people tend to buy and stick to things from local markets and roadside shops. People in Paris are paid considerably well; therefore they easily afford the costly lifestyle. All over the world, people wish to stay here. That adds up too as a reason. High competition in almost all fields can be witnessed, which makes it the most expensive city in the world 2020 list.
The largest city in Switzerland is the banking capital and considered to be the financial hub, glitters with a luxurious lifestyle. Lakes, museums, zoo; the city is filled with endless tourist attractions making it into the 50 most expensive countries in the world's list. Clocks, Swiss chocolates are highly brought and taken away by tourists. The quality and standard of life are very high in terms of housing, education, safety, healthcare etc. Overall, the cost of living is very high than any other countries nearby Swiss especially, cost of living and accommodation as the city is small but brimming with the population. There are not many agricultural lands in Zurich; therefore, so much has to be imported. The imposition of tax laws on imported products to force people to buy local products is one of the reasons why the cost of living is high. Lands are very limited here, to build any more houses. It is also important to note that the Swiss currency doesn't have a fixed exchange rate.
Above mentioned are few of the cities which have the highest standards and cost of living. Overall we can see that the living expenditure increases with the population and the citizen's necessities like transportation and accommodation. Apart from these countries, the other expensive cities are Seoul, Tel Aviv, Geneva and Copenhagen. Therefore, these are the few most expensive cities in the world to visit and spend time.
Co-author: Akshaya Saravana Kumar
Akshaya is currently pursuing Masters in English Literature. She is an avid reader, an animal lover and a movie freak. She loves to spend her past time travelling to strange places in different time zones with her imagination and fall in love with fictional characters.