The most expensive cities in the world

The assessment is based on criteria for the cost of goods and services - including food, transport, rent - and was conducted in 133 different cities around the world.

This is the first time in the history of the EIU's assessment that three cities have shared the top spot. The editor of the survey, Roxana Slavcheva, said this was "a testament to globalisation and the convergence of tastes and shopping patterns across cities around the world".

No Australian city made the top 10. Sydney fell six places to 16th in the survey. Melbourne fell eight places to 22nd, Brisbane was 41st (-15), Adelaide (51st, -21) and Perth (64th, -18). Despite high rents and a relatively high cost of living, London missed out on the top 20, coming in at 22nd, behind Dublin (19th), but well ahead of the UK’s second most expensive city, Manchester (51st).

According to the EIU, a combination of high inflation, currency devaluation and political instability has made Caracas, Damascus and Tashkent the cheapest cities in the world. But EIU experts also advise against travelling to Venezuela and Syria for bargains, as the situation in these countries is unstable. Instead, tourists can head to Istanbul, Buenos Aires and Sao Paulo, where prices are affordable and safe. Other tourist destinations such as Sofia, Casablanca and Muscat have risen slightly compared to last year's rankings.

Singapore, which hosted the summit between US President Donald Trump and North Korean leader Kim Jong-un in 2018, was the only city in the top 10 to retain its ranking.