• 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 betweenSingapore, 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.