A lot of people love globetrotting, discovering new cities, new cultures and people. Just as much as interesting this may sound, it is also an expensive hobby that not all can pursue. But, if you have plans on visiting some of the most beautiful cities in the world, make it a point that you know about the world’s most expensive cities and also the best ways to keep your expenses to the lowest.
According to a report by the Economist Intelligence Unit’s Annual Worldwide Cost of Living, it has been proved that Asian and European cities are the most expensive in the world. The report used the prices of more than 160 products including food, clothing, drinks and also home rents to make the list. So, have a check and don’t get too shocked to see your city in it.
For the fifth consecutive year, Singapore reigns as the world’s most expensive city, nation. The island city located in southeast Asia, is an anomaly comprising of more than 60 islands. With a population of more than 5.6 million, the city has boasts of having the world’s highest per capita GDP. Despite of being the world’s most expensive city in the world, it is famous for high quality education, health care, technology and quality of life.
After Singapore, Paris tops the list along with Hong Kong, as the world’s second most expensive cities. With the country’s GDP jumping to six positions in just over two years, the city shared the position for the first time in 30 years, proving that even expensive cities are growing like all others. Known as the city of love, Paris is a major tourist attraction with around 40 million people visiting the city each year, which greatly contributes to the country’s economy.
Yet another Asian city that makes it to the list is that of Hong Kong. The research compared the costs of more than 200 items across 209 cities in the world before ranking the cities for their expenses. The city moved up three positions in the list as compared to the previous years. Apparently, living in Singapore is 7% more expensive than you staying in New York.
Ranked fourth in the list after Paris and Hong Kong, Zurich also makes it to the list of the topmost expensive cities in the world. The natural beauty of the city attracts a lot of tourist attention from all across the world and sees almost 18.4 million tourists each year. Based on the survey, although Zurich ranks 4th in the list, the prices of food and health care are comparatively lesser than the other cities in the list. For instance, a loaf of bread in Zurich costs only $4.78 against $15.59 in Seoul.
The capital city of Norway, Oslo is also one of the most populated cities in the country. The city which was ranked 11th last year, jumped a good 6 positions and got ranked fifth in this year’s list of most expensive cities. With its abundance of museums, ancient architecture, restaurants and shopping stores, Oslo is also a famous tourist attraction loved by tourists for its natural beauty.
Apart from these, the other cities that made it to the top of the list are Seoul, Copenhagen, Sydney and Tel Aviv.