If ever you plan to visit places known for tourist attraction make sure that you know about the expenses you will be spending during that tenure. Do save your pocket for the most expensive cities in the world. For all those who think that the United States is the most expensive place to live on Earth then, let us break your bubble. You will not find any city of the United States in this list of the most expensive cities in the world. We have however listed down the reason for the same but before that let us tell you the facts behind presenting a report of the most expensive or cheapest cities of the world.
The Economist Intelligence Unit’s (EIU) biannual report tells about the most expensive cities in the world. And no city of the United States is included in the list. Renowned cities like New York and Los Angeles do not even come close to places like Singapore regarding expenses. You are wondering how the EIU measures the expenses of so many cities? Well, The Economist Intelligence Unit estimates prices of around 150-160 products and services of cities across the globe. This includes food, drinks, clothing, rent, utility bills, transportation, and a lot more.
This survey not only helps companies to calculate the standard of living which thereby helps employees who often travel or live abroad but also allows the analysis of the expenses of your next vacation in your favorite city. So before you make a plan for your next vacation do check out this article and chalk out a budget for yourself.
Now let us know which are the expensive cities of the world:
This dream city makes it to the top of the most expensive cities in the world. Interestingly, Singapore has grabbed the top position for the fifth consecutive time. From being a top tourist destination to a fast-growing economy, Singapore has given the best reason to rank first in this list. The Economist Intelligence Unit says that Singapore is the most expensive place in the world if you wish to buy and run a car. Also, it is the third-priciest destination to buy clothes.
The city of love gets the second position in this list. This European city ranks second because of its alcohol, transportation, and tobacco. The prices of these items are very competitive in this city. Know that Paris is also known as the City of Lights. Probably because it is a home of the latest forms of art, science, fashion, and commerce. The city of Paris is one of the most visited places for couple honeymoons. But after finding Paris in this list, do give your choice a second thought.
This city of Switzerland is the third most expensive city in the world. Zurich ranks third in the categories of household, personal care, entertainment, and recreation. This is according to the report of the Economist Intelligence Unit.
The city of Hong Kong is the fourth most densely populated city in the world. It is home to various nationalities with around a total of 7.4 million population. It also has the most significant number of skyscrapers in the world. What more? It ranks fourth in our list of most expensive cities of the world. According to the Economist Intelligence Unit report, Asian countries are the most expensive locations for grocery shopping. Isn’t it interesting?
The capital and the most populous city of Norway makes it to the fifth position in the list of most expensive cities of the world. If we were to measure the cost of living in Oslo by the price of a pint of beer, then Oslo would rank at the top of this list. Not only this, but Oslo has also been ranked as the best regarding the quality of life among large European cities.
After Zurich, the city of Geneva is the second most populous city of Switzerland. Geneva is a global city. Not just because it is a financial center but also because of being the diplomatic center for various organization. It is a home of headquarters of many international organizations. Known as the “Peace Capital” of the world, Geneva is also referred to as the most compact metropolis. Undoubtedly, it had to rank as the sixth most expensive city in the world.
Seoul, South Korea
Did you know that the groceries in Seoul cost 50% more than that in New York? Yes, probably this is the reason Seoul could maintain its ranking like Singapore. Seoul is the world fourth largest metropolitan city. The tourism and trade industry flourishes in Seoul. Inhabitants of Seoul also face a high cost of living.
It is the capital and the most populous city of Denmark. Copenhagen has seen a great turn of urban and cultural development since the world entered the 21st century. What makes it rank on this list? Well, the Danish capital has relatively high transportation, recreation, and personal care costs. And that is how the city ranks as the eight most expensive city in the world.
Tel Aviv, Israel
After Jerusalem, Tel Aviv is the second most populous city of Israel. Did you know that it ranked as the 34th most expensive city five years ago? And now, it jumped to the top ten list. This could be partly because of the high costs of car ownership which pushed the transport costs by 79% above the price of New York. Not just this, Tel Aviv also ranks the second most expensive city to buy alcohol. Would you prefer to buy yourself a drink in Tel Aviv?
Sydney is the state capital of New South Wales and also the most populous city of Australia. It jumped up by four positions as per the survey. It is also among the top 15 most visited cities of the world. Thus, it attracts a massive crowd of tourists every year. Sydney is also known to have transformed itself from a colonial outpost to a cultural and economic center over the past years.
Thus, these were the top ten most expensive cities in the world. While some cities manage to stay constant at one position, others’ positions keep fluctuating due to various economic and political reasons. Nevertheless, many cities around the world strive hard to enter this list by building their economy and promoting their tourism and trade. For this, they also make several collaborations with other countries and make their internal economy a strong one. These top cities excel in all the fields as mentioned above and hence here they are in this list. Do share this list with your friends and family before you decide to run away for an extended vacation.