Each year, the intimidatingly-named Economist Intelligence Unit (EIU) publishes two reports ranking the world’s most expensive – and cheapest – cities.
The first report examines the cost of living in cities around the globe, looking at factors including the price of food and fuel compared to people’s salaries. The logic behind this kind of analysis is that you won’t feel wealthy if most of your pay packet is being eaten up by basic bills – even if you’re on a sky-high salary.
The folks over at Business Insider have taken a closer look at the world’s most expensive cities based on cost of living. Unsurprisingly, London makes an appearance – but it’s far from the priciest town around…
It’s the third year in a row that the island city-state has been ruled the most expensive city in the world based on cost of living. However, the EIU also says that some things, like groceries, are pretty good value over there – so, you know, swings and roundabouts.
2. Zurich, Switzerland
It’s clean, it’s orderly, it’s incredibly pricey.
3. Hong Kong
Rising local living costs and skyrocketing house prices have seen Hong Kong shoot seven places up the rankings in the past year.
4. Geneva, Switzerland
According to the EIU, pretty much everything in Geneva is expensive: even recreation and entertainment activities are some of the priciest in the world.
5. Paris, France
A lack of confidence in the euro has pushed other Eurozone cities out of the top 10, but pricey Paris is still clinging on in there. Cigarettes and alcohol are the only things you can get for a relatively reasonable price the City of Love, according to the EIU – which makes sense.
6. London, UK
Hello, old friend. Perhaps unsurprisingly, house prices – combined with stagnating wages – are to blame for London’s spot in the top 10. The average price for a London property is more than £500,000, while the average wage is more like £30,000.
7. New York City, US
Everyday items tend to be much dearer in the Big Apple than elsewhere, according to the EIU. A kilogram of bread will cost you $8.28 on average in NYC, for example – more than twice what you’d pay in Singapore.
8. Copenhagen, Denmark
9. Seoul, South Korea
Clothes and utilities are particularly expensive in the South Korean capital. According to the EIU, “the cost of living in Seoul is now on a par with that of Copenhagen and Los Angeles.”