Top 10 Most Expensive Cities in the World
According to Worldwide Cost of Living Survey, Europe and Asia-Pacific cities topped the ranks of the most expensive places to live in the world. For the fifth consecutive year, Singapore holds the title as the most expensive city followed by Zurich, Paris & Hong Kong.
The annual report from Economist Intelligence Unit compares the prices of more than 150 services & products, such as the clothing, cost of food, drinks, household supplies & personal care items, transport, utility bills, home rents, domestic help & recreational costs across 133 cities worldwide.
The survey is used to help human resources & finance managers build compensation packages for expatriates, travelers & calculate cost-of-living.
The report noted that Asian cities tend to be the most expensive location for general grocery shopping, while European cities tend to be priciest in the personal care, household, recreation & entertainment items. Singapore holds the top spot because it’s considerably pricey to buy clothes and own a car in the city-state.
But it still offers a relative value in personal care, household goods & domestic help compared to its regional peers.
Most importantly, no US cities were featured in the top 10, largely because of the weakening dollar.
According to Worldwide Cost of Living, currency fluctuations continue to be a major cause for changes in the rankings. As a matter of fact, there was a fall in cost-of-living for all 16 of the American cities surveyed (except Boston) with Los Angeles & New York dropping from 9th and 11th in 2017 ranking to numbers 13th and 14th this year, respectively.
Here are the Top 10 Most Expensive Cities in the World
10. Sydney, Australia
9. Tel Aviv, Israel
8. Copenhagen, Denmark
7. Seoul, South Korea
6. Geneva, Switzerland
5. Oslo, Norway
4. Hong Kong
3. Zürich, Switzerland
2. Paris, France
There are also home to some of the world’s most affordable destinations like Chennai, Bangalore & New Delhi which all provided good values. Those cities were joined by Algiers, Almaty, Bucharest, Caracas, Damascus, Lagos & Karachi on the cheaper end of the spectrum.