Singapore, Paris and Hong Kong share the first place in the ranking of the most expensive cities for living.

Axar.az reports citing RIA Novosti that it is indicated in the rating compiled by the Economist Intelligence Unit magazine.

Singapore was the most expensive city in the previous ranking Worldwide Cost of Living. As noted, the cost of living is 7% higher in the three cities compared ton New York, which took seventh place. Los Angeles ascended few points compared to last year and shared the tenth place with the Israeli Tel Aviv. European cities of Zurich, Geneva, and Copenhagen were included in the top ten. The Japanese city of Osaka and the capital of South Korea, Seoul also ranked in the top ten. "Inflation and volatile currency fluctuations helped drive changes in this year's ranking, with places like Argentina, Brazil, Turkey and Venezuela all seeing a sharp fall in their cost of living ranking," the Agency quotes an excerpt from the magazine's statement. Last year Sydney took tenth place in the ranking.