Asian cities dominate the list and five Asian cities are among the top 10 cities which are most expensive to live, as per the Economist Intelligence Unit’s Worldwide Cost of Living Survey.
Singapore and Hong Kong retained the top two spots and Seoul came in sixth. Zurich, the third most expensive, was the only impediment to Asia holding all top five slots.
There is only one U.S. city, New York which made to the top 10. Europe was represented in the top 10 by four cities – Zurich, Geneva, Paris and Copenhagen.
Paris was the only euro zone city among the top 10, remaining extremely expensive to live in, with only alcohol and tobacco offering value for money compared with other European cities.
Overall Asia houses 50% of the world’s most expensive cities. Among top five cities – Zurich is the only European city among the top 5 costliest cities. The rest all are Asian cities.
But while Asia is home to some of the world’s most expensive cities, it is also place of some of the cheapest too. Asian cities such as Bangalore, Chennai, Karachi and New Delhi represent excellent value for money, according to the Worldwide Cost of Living Survey.
The report compared prices of over 150 items across 133 cities. The cities are ranked on the basis of how expensive it is to buy basic items at supermarkets, cost of renting a home, utility bills, private schools, domestic help and the strength of each of the countries’ currencies.