Beautiful skylines? Check. Amazing culture? Check. Living expenses through the roof? Check.
The Economist Intelligence Unit’s Worldwide Cost of Living 2016 recently calculated the most and least expensive cities in the world. The survey compared the costs of food, drink, clothing, household supplies, rents, and other common commodities in 133 cities around the world.
Here is the list, in reverse order:
10. Los Angeles, California, USA
Rising 19 spots to become the tenth most expensive city in the 2016 ranking, the high cost of living in Los Angeles reflects a higher cost of living in many locations around the United States.
9. Seoul, South Korea
Seoul was found by the special report to be the most expensive location in the world to buy everyday food items. For example, an average loaf of bread that costs $5.72 in Los Angeles costs upwards of $12 in Seoul.
8. Copenhagen, Denmark
Copenhagen, having held the same ranking twelve months ago, is consistently expensive, despite having low prices for food, drink, and common commodities.
7. New York, New York, USA
Despite local inflation staying relatively low in the United States, New York is in its highest global position since 2002 and has risen by some 42 places up the cost of living ranking since 2011.
6. London, UK
Twelve months ago, London was outside the top ten. Weak confidence in the euro could explain why non-euro zone cities have become pricier in relation to their neighbors, as London joins four other Western European cities in the top ten.
5. Paris, France
Paris is the only city in the top ten to utilize the euro. Despite the weakening currency, Paris remains wildly expensive due to high rents and “structural” expenses.
4. Geneva, Switzerland
Being one of the largest financial centers in the world and having one the highest qualities of life of any city in the world appears to come with a cost, with Geneva hitting a new high as the fourth most expensive city in the world.
3. Hong Kong, Hong Kong
Hong Kong has jumped seven places in the rankings since the last survey twelve months ago, largely in part to the high costs of food, drink, and household expenses.
2. Zurich, Switzerland
Zurich and Geneva, two and four on the list, respectively, are the priciest in the recreation and entertainment categories, in comparison to Asian cities, which have the highest costs of everyday grocery shopping.
1. Singapore, Singapore
2016 marks Singapore’s third year as the most expensive city in the world. In particular, The Economist’s report cites it as the most expensive city in the world to buy and run a car.