An island nation slightly smaller than New York City and Hong Kong remains the world’s most expensive city for a second year in a row, according to the Economist Intelligence Unit’s (EIU) bi-annual Worldwide Cost of Living report.
Singapore holds the undeniable top spot as the priciest city, respectfully followed by Paris, Oslo and Zurich.
Two Australian cities, Sydney and Melbourne, ranked fifth and sixth respectively.
In September, the Cost of Living Index revealed household bills – such as internet, phone and utilities – were most expensive in Sydney, compared to other major cities. The index’s findings also noted wardrobe essentials – like a new summer dress or a classic pair of jeans – would cost more in Australia, especially if you’re shopping in Sydney.
House prices are also incredibly high in Australia. In May, Business Insider discovered nine European castles listed for $1 million – the average price of a three-bed house in Sydney.
Sydney and Melbourne’s main streets were ranked in the top 10 most expensive cities in the world for prime retail rents in March last year.
The EIU’s survey compares more than 400 individual prices across 160 products and services, including groceries, clothing, household supplies, personal care items, home rental prices, transportation, utility bills, private schools, domestic help, and recreational costs.
The report includes 133 cities and is designed to offer city-to-city comparisons with New York City set as the standard base of the study.
According to the report, Singapore has absurdly expensive prices in the following categories:
- Clothes: Approximately 50% more compared to New York City
- Groceries: Approximately 11% more compared to New York City
- Cars and transportation: Approximately three times more compared to New York City
Here is a chart of average prices from the top 10 cities over the last decade:
While Asia is home to the world’s most expensive city, the region also boasts the world’s most affordable cities, including Karachi and Bengaluru (formerly known as Bangalore), Mumbai, Chennai, New Delhi, and Tehran.