$1 can mean so many different things on Earth. In the posh megacity of New York, that could mean just a slice of cheap pizza, but in the crowded metropolitan of Dhaka, $1 could get you a almost two full meals.
When we think about the most expensive places in the world, the names that come in our head are usually London, Singapore, and California. However, you will be surprised to find out that many unexpected cities top this list.
In this post, we will outline the most expensive cities in the world in 2021.
1. Ashgabat, Turkmenistan
Turkmenistan’s capital city has been named the most expensive city in the world in 2021. This is mainly because of the food and commodities crisis, as well as hyperinflation. Due to a shortage of foreign currencies, food and supplies cannot be imported from overseas. In Ashgabat, a gallon of milk costs around $15.6, compared to $4.15 in New York City.
2. Hong Kong
The main reason why Hong Kong comes second on this list is because of the soaring housing prices in the city. Hong Kong is one of the most densely populated cities in the world, and there is barely any developable land. However, as one of the hottest financial hubs of the world, the demand for housing in the city continues to increase as people want to live and work there.
3. Beirut, Lebanon
The Lebanese capital city of Beirut probably came into the news recently for the few blasts that went off in one of the buildings, but its problems are far bigger than just those blasts. The high rent, housing prices, and severe inflation makes the city very expensive.
4. Tokyo, Japan
Tokyo has always been one of the most expensive cities in the world, pretty much staying in the top 5 for a long time. The main reason for the city being very expensive is the high housing prices, as well as high food and utilities cost. The government and all bureaucrats are all based in Tokyo which is another reason that the city becomes very expensive.
5. Zurich, Switzerland
Zurich, similar to Tokyo, has been one of the most expensive cities since a long time. The main reason for the high cost of living in Zurich are the currency volatility and inflation, along with subsidy issues from the government. The standard of living in the city is very high, and that leads to a high cost of living as well.
This list is just the tip of a huge iceberg. The list of expensive megacities around the world continues on and on as more and more regions are turning into financial and technological hubs. If you are thinking of relocating to one of these cities, then you should definitely think twice.
TimeOut, “Revealed: the most expensive cities in the world right now”
Thrillist, “These Are The Most Expensive Cities in the World”
US News, “The World’s 10 Most Expensive Cities”