Most Expensive Cities
The Cost of Living Survey, which surveyed 130 cities and countries, recently revealed that Hong Kong and Singapore tied for the top spot. The biggest contributors to the changes in cost of living were local currency exchange rates and supply chain problems. These cities are also well-known for their nightlife and attractions.
In comparison, Beijing is one of the cheapest cities in the world, despite its fast-growing population. However, living expenses there are still quite high, with the average rent for a one-bedroom apartment doubled from $360 to $700 in ten years. Another city with a high cost of living is Tokyo, where you’ll pay thousands of dollars to live in a typical apartment.
While Paris and Hong Kong remain in the top five, Tel Aviv is one of the most expensive cities in the world. The high cost of living is partly because of the cost of living in Israel, and partly because of the strength of the Israeli shekel compared to the US dollar.
The 10 Most Expensive Cities in the World
Switzerland is another country with many expensive cities. Two cities in Switzerland are Zurich and Geneva. These cities are also the capitals of large international organizations. A family of four can spend almost $6000 in a week in these cities, and the cost of living in these cities can even top $2,500 per month.
Shanghai has a high cost of living, but it is a very prosperous city. The city has a high number of billionaires, and its high prices reflect its booming economy. The cost of living is very high here, despite its high inflation rate. However, it is worth noting that Shanghai is also one of the most expensive cities in the world.
Luxury Destinations Around the World
The Mercer study compared prices of housing, transportation, food, and clothing in cities all over the world. The cities that are the most expensive in the world tend to be located in Asia. The cities in this list are known to attract many expatriates and successful businessmen. This study also found that Hong Kong is one of the most expensive cities in the world for a third consecutive year.
While the cost of living in big cities can be extremely high, the benefits far outweigh the costs. High rents, expensive restaurants, and $20 drinks are just some of the factors that make big cities so expensive. When considering where to live, it’s best to consider the rise in cost of living over the last five years.
