The Economist Intelligence Unit's 2021 cost of living report compared 173 cities by looking at over 400 individual prices across 200 products and services.
Tel Aviv tops the ranking as the most expensive city to live in, while Singapore tied with Paris in second place. At fifth place, it seems Hong Kong has been dethroned as the world's most expensive city.
However, according to the website Numbeo, Hong Kong is still costlier than Singapore. It calculates that you would need around HK$49,360 in Hong Kong to maintain the same standard of life you can have in Singapore with HK$47,910 - assuming you rent in both cities.
Rent prices are on average 12 percent higher in Hong Kong than they are in Singapore. Numbeo reports that an ideally located one-bedroom apartment in Hong Kong can cost HK$17,710 while in Singapore, it comes in at around HK$16,580.
But consumer prices are more expensive in Singapore once you exclude rents.
Numbeo calculated that Hong Kong consumer prices are 3.5 percent lower than Singapore. For instance, a meal at an inexpensive restaurant may cost around HK$60 in the SAR, but prices can go up to HK$83 in Singapore.
