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Paris is world's 'fifth most expensive city' to live in

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Paris is world's 'fifth most expensive city' to live in
Photo: AFP
14:54 CET+01:00
Paris is a more expensive city to live in than both London and New York, a new global study has found, although it's not quite the most expensive place to live in Europe.

The French capital was ranked fifth in the global league table of the world's most expensive cities to live in, that was produced by The Economist Intelligence Unit (EIU).

In top spot came Singapore, followed by Zurich, Hong Kong and Geneva, meaning Paris was Europe's third most expensive city and the number one in the European Union.

London was sixth and New York seventh on the list that compares the cost of a basket of goods across 133 cities.

However the fifth place is a fall from 2nd spot in last year's rankings, a fall that can mainly be explained by exchange rates.

“Weak confidence in the euro means that Paris is the only euro zone city in the top ten,” reads the EIU report.

“Despite a weakening currency, Paris remains structurally extremely expensive to live in, with only alcohol and tobacco offering value for money compared with other European cities.”

The drop in the euro means that the average price of a loaf of bread in Paris has dropped compared to last year, as has the average price for a bottle of table wine, a packet of 20 cigarettes and the cost of a litre of unleaded petrol.

But perhaps it's not all bad news those for Parisians.

“Paris has always been expensive. It's partly driven by high real estate prices that feed through to retail prices," said author of the report Jon Copestake. "It's just structurally expensive and the high wages also makes a difference."

“Parisians shouldn't see it as bad news. It's partly due to the high salaries there. It just means other places abroad are cheaper when they go and visit. They will have a much higher purchasing power. It's the same in places like Oslo where prices are also driven up by the very high salaries," Copestake added.

The Economist's study of 133 global cities is carried out with expats in mind, so companies can know a little more about the cost of living in cities where they have employees.

SEE ALSO: Ten reasons why Paris is better than London

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