World's most expensive city in 2019 is a 3-way tie

By Real EstateFOXBusiness

World’s most expensive island goes up for sale

The world’s most expensive island in the United Arab Emirates is selling for $462 million.

The verdict is in and 2019's priciest city in the world title goes to ... three cities.

Continue Reading Below

It looks like Singapore has gained some competition. In its annual Worldwide Cost of Living report, the Economist Intelligence Unit found for the first time Singapore, Hong Kong and Paris all tied for first as the world's most expensive place to live.

MORE FROM FOX BUSINESS

Paris, which has been among the top 10 since 2003, moved up this year as well as Hong Kong, which was named the fourth most expensive city last year.

This year's top 10 list is largely split between Asia and Europe — with Singapore being the only city that has maintained its ranking (No. 1) from the previous year.

For the survey, The Economist evaluates the cost of more than 150 items in 133 cities around the world to determine the list.

Osaka, Japan moved up six spots this year, sharing the fifth-place spot with Geneva, Switzerland.

WHAT IT COSTS TO LIVE IN THE MOST EXPENSIVE US CITIES

Two U.S. cities also made this year's list: New York tied for seventh place with Copenhagen, Denmark, and Seoul, South Korea; Los Angeles came in tenth place along with Tel Aviv, Israel.

San Francisco, California also rose on the list this year, moving up 12 spots to the 25th spot.

"We note converging costs in traditionally more expensive cities like Paris, Singapore, Zurich, Geneva, Copenhagen and Hong Kong. It is a testament to globalization and the similarity of tastes and shopping patterns," Roxana Slavcheva, the editor of the survey, said in a statement.

"More remarkable is the severe fall in the ranking of emerging economy cities — Istanbul, Tashkent, Moscow and St. Petersburg — owing to sustained high inflation and currency depreciation," Slavcheva added.

Here are the top ten most expensive cities to live in 2019.

1. Singapore (tie)

Singapore is one of the most expensive cities in the world, according to a new report.

1. Paris (tie) 

Paris has been named among the top 10 most expensive cities for 16 years.

1. Hong Kong (tie)

Hong Kong tied for first place regarding the world's most expensive cities this year.

4. Zurich, Switzerland

Zurich, Switzerland is the fourth most expensive city, according to the Economist Intelligence Unit.

5. Geneva, Switzerland (tie) 

Geneva, Switzerland, ranks No. 5.

5. Osaka, Japan (tie)

Osaka, Japan, tied for fifth place with Geneva, Switzerland.

7. Seoul, South Korea (tie)

Seoul, South Korea, tied for seventh place with Copenhagen, Denmark and New York City.

7. Copenhagen, Denmark (tie)

Copenhagen, Denmark, is also in seventh place.

7. New York, New York (tie)

New York City is one of two American cities to make the top 10 world's most expensive cities list this year.

10. Tel Aviv, Isreal (tie)

Tel Aviv, Israel, rounds out the top 10 with Los Angeles.

10. Los Angeles, California (tie) 

Los Angeles came in tenth place along with Tel Aviv, Israel.