Unsurprisingly, many of the countries suffering the most economic damage are island nations. From how the rich amassed their fortunes to the investment strategies they employ to build and grow their assets, and what we can learn from them.

But ECA International’s Steven Kilfedder said it has been in part shielded from the economy being closely tied to the U.S. dollar, which is “performing well.”. Recently, some states have opted to ease restrictions on social and business activity, which could potentially result in case numbers climbing back up. As a result, it has opted to keep its activity to a minimum to try and boost the 65% recovery rate, even as it slowly emerges from over 10 weeks of lockdown.

Note that China does not show up in the graphic as the government bans Google services. As regular as the movement in one of the country’s famous luxury watches, Switzerland is again home to the world’s most expensive cities. Mobility data as of May 21, 2020 (Latest available). These are lists of the world's most expensive cities for expatriate employees (not residents), according to the Mercer, ECA International and Xpatulator.com cost-of-living surveys. Which countries earn the most from the travel and tourism industry in absolute dollar terms? It’s important to note that a “second wave” of new cases could upend plans to reopen economies. Today’s chart measures the extent to which 41 major economies are reopening, by plotting two metrics for each country: the mobility rate and the COVID-19 recovery rate: Data for the first measure comes from Google’s COVID-19 Community Mobility Reports, which relies on aggregated, anonymous location history data from individuals. After almost 50 days of lockdown, the government is recommending a flexible four-day work week to boost the economy back up.

With a population of over 4 million, travel and tourism contributes to 25% of its workforce. Mapped: The State of Press Freedom Around the World, These Charts Put the Historic U.S. Job Losses in Perspective. Will there be any chance of returning to “normal” as we know it?

Despite low COVID-19 related recoveries, mobility rates of countries in this quadrant remain higher than average. Join the 220,000+ subscribers who receive our daily email, Here’s What Happens Every Minute on the Internet in 2020, The World’s Most Influential Values, In One Graphic. If lockdowns remain in place until September, it is projected to lose $68 billion (€62 billion) in revenues. COVID-19 is a catalyst for an entirely different future, but interestingly, it’s one that has been in the works for a while. Australian cities have continued to fall in the ranking due to the depreciation of the local currency against the US dollar. Today’s graphic visualizes the findings from the 2020 Worldwide Cost of Living report and uses data from 133 cities to rank the most expensive cities in the world. Hong Kong is the world's most expensive city to rent a two-bed apartment in, while San Francisco is the most expensive in the US. COVID-19 has brought the world to a halt—but after months of uncertainty, it seems that the situation is slowly taking a turn for the better. The State of the Multi-Billion Dollar Console Gaming Market, The 25 Largest Private Equity Firms in One Chart, Volatile Returns: Commodity Investing Through Miners and Explorers, How Total Spend by U.S. Last but not least, people in these countries are cautiously remaining indoors as their governments continue to work on crisis response. With a low 0.05% recovery rate, the United Kingdom has no immediate plans to reopen. To help bolster economic activity, China and South Korea have eased restrictions by establishing a travel corridor. Precious Metal Production in the COVID-19 Era, How to Avoid Common Mistakes With Mining Stocks (Part 3: Jurisdiction), Visualizing the Biggest Threats to Earth’s Biodiversity, Decoding U.S. Election Day in 9 Key Charts, Animated Map: U.S. Presidential Voting History by State (1976-2016), Mapped: The Countries With the Most Military Spending. So it makes sense that it’s going to be one of the most expensive cities in the world, and here it is at the top of the list! COVID-19 recovery rates rely on values from CoronaTracker, using aggregated information from multiple global and governmental databases such as WHO and CDC. After deferring lockdown decisions to state and local levels, the country is now averaging the highest number of daily cases out of any country. Opinions expressed by Forbes Contributors are their own. A total of 330 million jobs are supported by this industry around the world, and it contributes 10%, or $8.9 trillion to global GDP each year. Below, check out the 10 most expensive cities in the world. This has resulted in a 98% recovery rate, the highest of all countries. Note: Report research was conducted towards the end of 2019, before the COVID-19 outbreak.

A medium cappuccino at a café in Zurich costs $5.98, compared to $4.56 in New York, $5.01 in Hong Kong, and $3.66 in London, as an example of the price disparities. South Korean capital Seoul (17) and Shanghai (19) in China complete the Asian quotient. The locations with the highest cost of living are largely split between Europe and Asia. I have been writing about wealth, the wealthy and investment for 20 years now. As countries reckon with these competing risks of health and economic activity, there is no clear answer around the right path to take.

We look at mobility rates as well as COVID-19 recovery rates for 41 economies, to see which countries are reopening for business. A two-week lag time in reporting discharged patients from NHS services may also be contributing to this low number. In New Zealand, for example, 479,000 jobs are generated by the travel and tourism industry, while in Cambodia tourism contributes to 2.4 million jobs. You can contact me at jamesp.freelance@gmail.com, © 2020 Forbes Media LLC. When the dust finally settles, could global tourism face a reckoning? —Carmen Reinhart, incoming Chief Economist for the World Bank. In most cases, mobility rate also correlates with a higher rate of recovered people in the population. While East Asia is home to many of the world’s most expensive cities, South Asia hosts the largest grouping of cities with the lowest cost of living. In general, the higher the mobility rate, the more economic activity this signifies. Finally, the top 10 is rounded out with two cities from the United States (New York, Los Angeles) and one from Israel (Tel Aviv). Where personal wealth is concerned, there are two sides to every story. Visualizing All of Earth’s Satellites: Who Owns Our Orbit? Similarly, 31 of the 37 European cities have seen a decrease in cost of living overall—largely as a result of the Euro or local currencies losing value relative to the U.S. dollar.

Please try again later. The Alpine nation took four of the top five slots after Hong Kong, ranked fourth in 2019, slipped down to sixth following another year of social unrest. Topping the list was the U.S., with tourism contributing over $1.8 trillion to its economy, or 8.6% of its GDP in 2019. Advertisers Has Changed, Over 20 Years, Visualizing the Evolution of Global Advertising Spend (1980-2020), Mapped: The Top Female Founder in Each Country. Like us on Facebook to see similar stories, SC: State govts targeting critics, HCs must shield people’s liberty, Namrata Shirodkar shares adorable pictures of hubby Mahesh Babu and kids Gautam & Sitara from their vacation, Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article, #KeepAWatch on your Vitals In Real Time with GOQii. The U.S. had two cities in the top 20, with Manhattan, which ECA International strips out from the rest of New York City, in sixteenth, up from 21 last year. Meanwhile, political and economic turmoil is a common denominator among the cheapest cities outside of South Asia. Countries in this quadrant are playing it safe, and holding off on reopening their economies until the population has fully recovered. Where personal wealth is concerned, there are two sides to every story. New Zealand has earned praise for its early and effective pandemic response, allowing it to curtail the total number of cases. This list has been curated after taking into account the cost of living index of these cities with Prague, the capital of Czech Republic, as its base. At the same time, data reveals the extent to which certain larger nations rely on tourism. [+] world. Getty Images As regular as the movement in one of the country’s famous luxury watches, Switzerland is again home to the world’s most expensive cities. As the global travel and tourism industry stalls, the spillover effects to global employment are wide-reaching. Osaka is a newcomer to the top spot, climbing four places over the last year to join cost of living heavyweight champions, Singapore and Hong Kong. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change. Hong Kong is the most expensive city in the world for people working abroad, new research has found, with Asian cities continuing to dominate as the priciest locations for expats.


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