According to Reuters on April 9, the latest survey of the cost of living index for major cities around the world released by Julius Baer Private Bank on the same day showed that Shanghai replaced Hong Kong as the most expensive city in the index. The situation reflects the rapid recovery of China’s economy from the new coronavirus outbreak, and the expected continued rise of the yuan against the U.S. dollar in the coming year will also help strengthen Shanghai’s position.
One of the report’s focuses this year is on the impact of the New Coronavirus epidemic on high-end spending, and ranks the cost of living in 25 major cities around the world. Hong Kong’s ranking fell two places from last year to third, while Shanghai and Tokyo jumped one place to first and second respectively. The global tourism downturn last year had a significant impact on the index. In Asia, Bangkok and Singapore both fell in the rankings, while the scarcity of tourists also hit many European cities hard.
In addition, Mexico and Vancouver are among the lowest cost of living cities in the index, as the U.S. dollar and Canadian dollar have fallen against other major currencies, while only New York remains one of the top 10 most expensive cities in the world in the Americas.
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