This Is The Most Expensive City In The World To Live In
Can you guess it?
The Economist Intelligence Unit has just released its annual ranking of the world’s 10 most expensive cities. Taking into account 400 individual prices across 160 products and services in 133 cities, the survey found that for the third year in a row, Singapore is the most expensive city in the world.
It’s closely followed by banking capital Zurich and Hong Kong, which jumped up seven places in the ranking in the last twelve months. Geneva, Paris, London, New York, Copenhagen, Los Angeles, and Seoul round out the top ten.
In making its assessment, the Worldwide Cost of Living survey, which is released twice a year by the EIU, compares prices on everything from food and drink to clothing, household supplies, and personal-care items, home rents, transportation, utility bills, private schools, domestic help, and recreational costs. In total, more than 50,000 individual prices are collected in each survey.
The report notes that part of Singapore's run as the most expensive city is due to its high transport and utility costs, both of which can affect travelers as they can translate to higher hotel room fees and more expensive public transit. (Singapore’s transportation costs are 2.7 times higher than in New York!)
Singapore isn’t more expensive in every category, though. Travelling foodies eager to visit the city’s famed Epicurean Market will be pleased to note that basic groceries are cheaper in Singapore than in its Asian neighbors (Seoul is 33% more expensive at the grocery store).
While Asia has three of the most expensive cities in the world, India has four of the least expensive, including New Delhi, Mumbai, Bangalore, and Chennai. The least expensive city on the 133-city survey is Lusaka, Zambia, meaning it might be time to start planning that safari.
World's 10 most expensive cities in which to live in 2016
2. Zurich, Switzerland
2. Hong Kong
4. Geneva, Switzerland
7. New York
8. Copenhagen, Denmark
8. Seoul, South Korea
8. Los Angeles
World's 10 least expensive cities in which to live in 2016
124. Damascus, Syria
124. Caracas, Venezuela
126. New Delhi
127. Almaty, Kazakhstan
127. Algiers, Algeria
127. Chennai, India
127. Karachi, Pakistan
131. Mumbai, India
132. Bangalore, India
133. Lusaka, Zambia