Looking for a place to live which is easy on the pocket, in that case cut Singapore off your list right this minute! The annual survey by Economist Intelligence Unit’s (EIU) titled “Worldwide Cost of Living 2016” found that the overpriced Asian city remains the most expensive city in the world for the 3rd year in a row, but Hong Kong managed to jump higher on the list while Paris finally got cheaper.
These are the 10 most expensive cities in the world in 2015 – 16:
10. Los Angeles
Among the top 10 most expensive cities in the world, the U.S. West Coast city – Los Angeles made the biggest leap as compared to last year, by climbing up 19 places. Similar to New York, the only other U.S. city on the list of most expensive cities, Los Angeles moved up in rankings driven mainly by currency aspects, and has tied with Seoul and Copenhagen for the 8th spot.
Seoul has tied in the 8th position with Los Angeles and Copenhagen. The South Korean capital Seoul managed to come a long way from the 36th place 5 years ago. Seoul is the most expensive city in the world to buy groceries, and it has ranked beside Singapore for paying utility bills and buying clothes.
One more European capital on the list of most expensive cities in the world that lies outside euro-zone, Copenhagen has also tied on the 8th position in the top 10 most expensive cities in the world list with the only other U.S. city Los Angeles and an Asian capital Seoul. However, the Danish capital is much cheaper than many other cities on this list when it comes to purchasing tobacco and groceries.
7. New York
An expected entry on the top 10 most expensive cities list before the financial crisis of 2008, The Big Apple has jumped 15 places this year and moved to the 7th spot. It is not that New York City has observed any momentous price rises, rather, it is the strength and potency of dollar that has put New York on the 7th spot, its topmost rank that New York has bagged since 2002.
London is a new candidate on the top 10 most expensive cities list this year. The United Kingdom’s capital was at the 11th position last year. London the so called financial hub has benefited from not being a part of the euro-zone, and as a result became pricier than nearly all of its neighbors.
Paris is the only city on the list with a lesser ranking as compared to last year, when it stood on second position. Given the abridged confidence in euro, the French capital is the only city that comes from the eurozone to grab a position on the list of most expensive cities in the world. Tobacco and alcohol are the only 2 things cheaper in Paris as compared to other European cities.
4. Geneva (Switzerland)
Geneva is the 2nd most expensive city in Europe and the 2nd most populous city in Switzerland. The existence of a two Swiss cities in the most expensive cities in the world list is proof of the fact that Switzerland is not affected by the austerity measures in its European neighbors.
3. Zurich (Switzerland)
Zurich is the largest city in Switzerland and it is also the most expensive one. Zurich has jumped up from the 4th to the 2nd this year. Zurich has a large number of financial institutions, banks, as well as the Swiss stock exchange, which has earned it the title of the wealthiest city in Europe.
2. Hong Kong
The Chinese territory, Hong Kong and Zurich have tied at the 2nd position on the list of most expensive cities in the world. This year Hong Kong has climbed 7 positions on the list. While cheaper in certain commodities, Hong Kong is 28 % pricier than Singapore in terms of basic groceries prices.
Singapore hung on to its infamous title of the most expensive city in the world. Singapore is at the number one position of the unenviable list of most expensive cities for the 3rd year in a row, however its lead over the close competitors has lessened considerably. As a result of its Certificate of Entitlement system, the city state is the most expensive city in the world to drive and buy a car.
While we are at it why not take a quick look at the 10 least expensive cities in the world in the year 2016
- Damascus (Syria)
- Caracas (Venezuela)
- New Delhi (India)
- Almaty (Kazakhstan)
- Algiers (Algeria)
- Chennai (India)
- Karachi (Pakistan)
- Mumbai (India)
- Bangalore (India)
- Lusaka (Zambia)