The world’s most expensive cities have been revealed in the 2018 The worldwide cost of living (WCOL) report from The Economist Intelligence Unit.
Analysing the price points of 160 consumer products across 145 cities in over 90 countries, the top 10 most expensive cities have been announced.
The survey compares the average daily spends on goods such as the average price of a loaf of bread, a bottle of wine, a packet of cigarettes and the cost of a litre of petrol alongside the living wage and house prices.
The report, which is released every year, has uncovered Singapore to be the world’s most expensive city to live in. Surprisingly, this city was also reported to be the safest city in 2018.
Having held its title of the most expensive city for another year, Singapore remains at the top of the list with a WCOL index score of 116 – a number that is ranked against New York’s score of 100.
Although Asia has once again taken the second spot, European countries have also dominated the chart with Paris and Zurich coming in joint second.
According to Bloomberg, Paris is the only country in the eurozone to have made the list. The EIU explained that Paris has remained “ structurally extremely expensive to live in, with only alcohol, transport, and tobacco offering value for money compared with other European cities.”
Surprisingly Australia has grown in expense. In fact, Sydney’s cost prices have soared in the past three years from spot number 20 to 10th place.
The results revealed Australia’s five largest cities all made the top 15 in Asia for costliness.
Melbourne, Brisbane, Adelaide and Perth ranked seventh, 12th, 13th and 15th respectively.
Bloomberg went on to add, the weakening of the dollar is the reason for America staying off the top 10 costliest, although only just. New York came in at number 13th and Los Angeles at number 14.
Although Asia hosts the worlds most expensive, it is also home to some of the cheapest.
In southern Asia, the report highlighted Bangalore, Chennai, Karachi and New Delhi as cities providing residents with good value for money.
Damascus, the capital of Syria and Venezuela’s Caracas, were named the cheapest cities in the world.
The report highlighted that Scandinavian cites are continued to grow in expense with Copenhagen have risen by one place and Oslo by two.
Switzerland’s Geneva also made the top 10 as joint sixth most expensive city along side Seoul.
The top ten most expensive cities in the world in 2018
4 Hong Kong
9 Tel Aviv
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