What are the 10 most expensive cities in the world to live in?
The Economist compiles an annual report each year and is out with its 2018 list. This list is formulated based upon a number of factors, including pricing on real estate and rent, transportation, food, alcohol, healthcare, and other staple items. This is NOT a “qualify of life” assessment, merely a cost assessment.
Let’s start with the list:
10. Sydney, Australia
9. Tel Aviv, Israel
8. Copenhagen, Denmark
7. Seoul, South Korea
6. Geneva, Switzerland
5. Oslo, Norway
4. Hong Kong, SAR
3. Zurich, Switzerland
2. Paris, France
1. Singapore, Singapore
- Singapore remains the world’s most expensive city (five consecutive years). While that may seem odd to visitors (since food and transportation is so cheap), it is the most expensive place in the world to buy and operate a car and buy clothes
- In Seoul, a basket of groceries is 50% more expensive than in New York City
- Tel Aviv is rising due to the soaring costs of real estate and transportation
- New York City was #9 last year, but no U.S. cities are currently on the list due to weakening U.S. dollar
- No Japanese cities are on the list (Tokyo was #1 every year until 2013) due to lack of inflation in Japan.
As an aside, there may be no hope for my collection of Uzbeki Som:
Tashkent in Uzbekistan, which experienced the sharpest decline in the cost of living ranking in the past 12 months, fell by 35 places to 112th position. The reason for this drastic decline was an almost 50% depreciation in the value of the national currency, the som, after it was allowed to float freely in early September 2017.
You can view the full report here (.pdf). Registration may be required.
Tomorrow: the 10 cheapest cities in the world.