There are many incredibly dear and costly cities scattered all over the earth today but do you know which are the most expensive places to live in around the globe? Apparently, this piece of information is in high demand especially because people from all walks of life including tourists and those seeking to emigrate, perpetually seek to know where on earth they can fit in and live comfortably while building their lives.
Every year, surveys are carried out to reveal the most expensive places in the world and the list is anticipated by millions of people who are making plans to traverse the globe and gain fresh experiences by travelling.
How The Most Expensive Cities Are Determined
For decades, the popular British magazine The Economist, via its Economist Intelligence Unit (EIU) conducts surveys annually to reveal the cities which are the most expensive to live in as well as the ones that are least expensive to live in. The survey arrives at its conclusion by comparing the prices of commodities and the general cost of living in more than 100 cities across different countries worldwide.
During the survey, 400 individual prices are usually examined across 160 products and services, including food, transport, drink, rent, and utility bills. These prices are converted to dollars and weighted using an international standard. At the end of this process, the most expensive cities on Earth are determined and compiled into a list; which is then revealed to the public.
The list of the most expensive cities to live in are craved by many companies today because they are concerned about the welfare and cost of living their employees from other countries would have to contend with. In the past few years, the lists of the most expensive places to live in have been dominated by Asian and European cities. This year is not an exception as the top 10 costliest places happen to have been dominated by cities located in Asia and Europe again. Let’s take a look at these cities.
These Are The 10 Most Expensive Places to Live In
The interesting thing about this year’s list of the most expensive places to live in is that three cities are tied at the first spot. This is the first time this will be happening since The Economist’s EIU began compiling the list of the world’s costliest cities.
As revealed by the Economist Intelligence Unit’s survey, below are the most expensive places to live in at the moment.
According to the Economist Intelligence Unit’s survey, Singapore, the capital city of the Republic of Singapore, is the most expensive place to live at the moment. Located in Asia, Singapore is widely considered to be a global financial center. The city is admired for its tropical climate and average temperature. The Singaporean city is also known for having a multicultural population of about 5.6 million people.
Apparently, the cost of living in Singapore is quite high. According to reports, people pay highly for houses and transportation as well as drinks. However, despite the high cost of living, people still love to travel to Singapore because of the cleanliness, development, and respect for different tribes and races which are all consistent in the city.
Like we have mentioned earlier, Singapore is tied with two other countries at the top spot of costliest cities to live in and one of those cities is Paris, the capital city of France which happens to be one of the most popular European nations. Considered to be one of the major European cities at the moment, Paris is admired globally for its beauty and considered to be a global center of aesthetics, fashion, art, culture, and gastronomy.
Since 2003, Paris has featured among the top 10 cities on the list of the costliest places to live. It jumped to second place last year before climbing to first place this year, sharing the space with two other cities. Even though Paris is very expensive to live in, it has been reported that the city does offer good value for money with tobacco, transport, and alcohol.
3. Hong Kong
The third city tied at the top spot with Singapore and Paris in this list of most expensive cities to live in is Hong Kong. Located in China, Hong Kong is globally famous for being one of the most thriving economies in the world at the moment. The city is also considered to be a hub for international trade and investment, attracting people from all over the world to its shores.
Hong Kong has always been one of the costliest places to live in and has often featured on this most expensive cities’ list. Last year, it occupied the 4th place on the list, but it has now moved three places to the first position this year.
Zurich places fourth on the list of most expensive cities in the world. One of the highly frequented destinations in the world, Zurich happens to be the largest city in Switzerland and is considered to be one of the cities where human beings get the best quality of life. However, Zurich is very expensive. In fact, visitors to the city have often lamented the amount of money they have had to part with just to see themselves around. People pay so much for things like household utilities and recreation as well as entertainment. However, good value for money spent is guaranteed.
Geneva is another city in Switzerland which features on the list of the costliest places to live in. This probably means that Switzerland is generally a very expensive country. Geneva is the second-most populous city in Switzerland and is admired for its many beauty spots. The city has many water-sports and ski slopes which are ideal for holiday seekers.
The city has often featured among the most expensive places in the world. Last year, the city sat at number 6 but has climbed to number 5 this year. Despite its high cost, Geneva gets so many visitors and tourists every year.
Osaka is tied with Geneva as the 5th most expensive city in the world to live in. A very popular city in Japan, Osaka is considered to be a commercial center in the Asian country. The city is also admired for having so many beautiful and modern architecture which attracts tourist in large numbers. The city also boasts of exhilarating nightlife experiences.
The city of Osaka has often been mentioned among the most expensive places to live in the world. According to reports, the city has moved six places on the list within the past 12 months.
It is not surprising that Seoul has featured on this list considering it is a very beautiful place. Seoul is the capital city of South Korea, a country in East Asia. The city is admired globally for having several modern skyscrapers which usually stun tourists. It also boasts of having stunning high-tech subways and some very attractive futuristic designs around the city.
Despite being a very beautiful place to live in, Seoul is also notorious for being one of the most expensive places in the world to buy food. Transportation is also quite expensive and this one of the variables that placed the city into the costliest cities’ list.
Copenhagen ties with Seoul as the 7th most expensive city to live in. Copenhagen is the capital city of Denmark and is considered to be the populous city in the European country. The city is admired for having one of the most efficient infrastructures in Europe, this is because almost everything is within a walking distance. The transportation is also considered topnotch.
However, Copenhagen is notorious for being very expensive when it comes to personal care. According to reports, the cost of personal care is really dear. Also, transportation and recreation costs are very high.
9. New York
New York city ties with Seoul and Copenhagen as the 7th costliest places to live in at the moment and this is not quite surprising. New York, a city in the state of New York, the U.S., has always been one of the most popular cities in America and one of the most frequented tourist destinations in the world. It is admired for having incredibly tall buildings and is considered to be one of the world’s major financial, commercial, and cultural centers.
New York has always been known to be one of the most expensive places to live in and clothing is one of the things that are quite expensive to purchase in the city. In fact, New York is considered to be the costliest place to buy a men’s business suit and make a woman’s hair. Domestic utilities are also very expensive in New York, as well as rent.
10. Tel Aviv
Tel Aviv sits as the 10th most expensive place to live in on this list. Tel Aviv is a city in Israel and it is reported to be the most populous city in the Middle Eastern country. The city is revered for its historical importance and boasts of having some of the best Museums in the world which showcase the rich cultural history of Israel and other Middle Eastern nations
Tel Avis is notorious for its very expensive transportation costs. Automobile maintenance and the general cost of personal care is also highly expensive.