The latest findings of The Economist Intelligence Unit's Worldwide Cost of Living Survey showed on Tuesday that Shanghai, China's business capital, is ranked 21st globally and is now more expensive to live in than the city of New York.

Beijing, China's capital, was ranked 47th, with Tianjin offering the best value for money on the mainland, according to the survey, a relocation tool that compares the cost of living between 131 cities worldwide using New York as a base city.

"Hong Kong and Chinese mainland cities have continued to see a rising cost of living," commented Jon Copestake, editor of the report that looks at over 400 individual prices. "Wage inflation has driven up local prices, but internationally the impact of a stronger remnibi has also been felt."

The ranking saw Tokyo unseated by Singapore as the world most expensive city, thanks to the declining value of the yen, despite a return to price inflation in Japan. Tokyo fell to joint 6th most expensive globally.

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