Shanghai is the 21st ‘costliest’ city in the world, according to the Economist Intelligence Unit, passing New York (26th) and Beijing (47th) but falling short of Hong Kong’s 13th-place slot. Shanghai still has quite a ways to go, however, before it catches up to Singapore at #1.
Many Chinese cities made the list this year, with Shenzhen coming in at 32nd and Dalian at number 42. The list is compiled based on the prices of staple goods and services like public transport, utilities, school fees, and the like, but does not take real estate or income taxes into account.
Shanghai moved up nine spots since last year’s survey, which the EIU report’s editor Jon Copestake attributed to “wage inflation [that] has driven up local prices, but internationally, the impact of a stronger renminbi has also been felt.”
So no, it’s not just that everything feels more expensive; everything is more expensive. Great.