Economist Intelligence Unit survey conducted annually found for the first time three cities sharing the top spot in the 30-year history as the most costly cities of the world. If you are planning a tour to the geography of these cities both costliest and cheapest, just manage your wallet accordingly to avoid any untoward unexpected happenings on foreign land. Paris has come top of a ranking of the world’s most expensive cities, alongside Hong Kong and Singapore. The French capital – ranked second most expensive last year – is one of four European cities in the top 10.

The survey compares the cost of 160 items, such as food, drink, transport, utility bills, and rent, in 133 cities. It then tracks whether prices have gone up or down by comparing them with the cost of living in New York, which is used as a benchmark. The annual index was designed to help companies calculate cost-of-living expenses for expatriates and business travelers.

The Economist Intelligence Unit noted that costs in the cheapest cities were low by Western standards, partly because low wages limiting household spending are the norm there. It also said a “growing number of locations” were becoming cheaper because of the impact of political or economic disruption, citing crisis-hit Caracas in Venezuela and war-torn Damascus in Syria, which are at the bottom of the list.

“There is a considerable element of risk in some of the world’s cheapest cities,” the report said, adding, “Cheaper cities also tend to be less livable.” Paris had been among the top 10 most expensive cities since 2003 and was “extremely expensive” to live in. Only alcohol, transport and tobacco offer value for money compared with other European cities.

The average cost of a woman’s haircut, for example, costs $119.04 (£90) in Paris, compared with $73.97 in Zurich and $53.46 in Japanese city Osaka. “European cities tend to have the highest costs in the household, personal care, recreation and entertainment categories – with Paris being a good representative in these categories – perhaps reflecting a greater premium on discretionary spending.”

The most expensive cities in the world are: 1. Singapore (Singapore), 1. Paris (France), 1. Hong Kong (China), 4. Zurich (Switzerland), 5. Geneva (Switzerland), 5. Osaka (Japan), 7. Seoul (South Korea), 7. Copenhagen (Denmark), 7. New York (US), 10. Tel Aviv (Israel), 10. Los Angeles (US)

The 10 cheapest cities in the world are: 1. Caracas (Venezuela), 2. Damascus (Syria), 3. Tashkent (Uzbekistan), 4. Almaty (Kazakhstan), 5. Bangalore (India), 6. Karachi (Pakistan), 6. Lagos (Nigeria), 7. Buenos Aires (Argentina), 7. Chennai (India), 8. New Delhi (India)