Publishedduration7 hours agoimage copyrightGetty Imagesimage captionHong Kong skyline

The world’s three most expensive cities are now Hong Kong, Zurich and Paris, according to a new cost of living report.

Singapore and Osaka, which were equal first with Hong Kong last year, have slipped down the rankings.

The Economist Intelligence Unit’s annual survey said Singapore’s prices fell because of an exodus of foreign workers due to the Covid-19 pandemic.

Most Chinese cities have risen as US-China tensions push up prices.

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“Asian cities have traditionally dominated the rankings in the past years but the pandemic has reshuffled the rankings of this edition,” said Upasana Dutt, the EIU’s Head of Worldwide Cost of Living.

Bangkok also slipped twenty places, and is now ranked 46th most expensive.

The EIU’s report is geared towards expatriates, with the data used by multinationals to help them calculate the cost of business trips and expatriate packages.

Most Chinese cities have risen up the rankings largely due to the US-China tech war which has tested the resilience of supply chains and raised consumer prices.