Can You Guess the 10 Most Expensive Cities in the World? Read for Details!

We all love to live in beautiful cities, spending our days visiting the sites, roaming around the street. The cost of living is almost 60% of our earnings and maybe more based on our standard of living.

Ever wondered what is the cost of living in these cities and how is the most expensive city decided? Can you guess the most expensive city in the world to live in?

Who compiles these data?

The Economist Intelligence Unit compiled the data of the Worldwide Cost of Living. Worldwide Cost of Living Index 2021 has released the list.

What is the procedure of data collection?

The EIU compares more than 400 individual prices across 200 products and services in 173 cities. This year's data was collected in August and September and the survey is done bi-annually.

What were the key findings?

-Rome saw the biggest drop in the ranking from 32nd to 48th place.

-Iran's capital city Tehran climbed the most in the WCOL rankings, jumping 50 places from 79 to 29.

-Hong Kong had the most expensive petrol prices, at $2.50 per litre.

-Prices also rose strongly in the recreation, tobacco and personal care categories.

-Increases in food prices have been more moderate, while the average index score for clothing has fallen since the last edition of the survey.

-The Syrian capital of Damascus remains the world’s cheapest city.

Let's take a look at the World's 10 most expensive places to live.

1. Tel Aviv- Israel

Tel Aviv is one of the most vibrant cities in the world. Titled the ‘Mediterranean Capital of Cool’ by the New York Times, this is a 24-hour city with a unique pulse, combining sandy Mediterranean beaches with a world-class nightlife, a buzzing cultural scene, incredible food, UNESCO recognized architecture and an international outlook.

The soaring shekel, price increases for goods including groceries and transport and successful Covid-19 vaccine rollout, were the main factors in Tel Aviv taking the top spot from 5th spot last year.

2 Paris- France (joint second)

One of the world’s most popular tourist destinations, Paris is also regarded as the world’s most romantic city and heaven for foodies and fashion lovers. With such a rich history, varied neighbourhoods, and an incredible array of museums, shops, and restaurants, this city has to be on the bucket list of many travellers.

2 Singapore (joint second)

Known for its clean streets and its modern and tall buildings, Singapore is a beautiful city-state island in Southeast Asia. A melting pot of culture, fascinating history, and rich cuisine, the island has an inherent cultural diversity and has heavy influences from various ethnicities.

4 Zurich- Switzerland

Located in an Alpine setting at the northwestern end of Lake Zürich, this financial, cultural, and industrial centre stretches out between two forested chains of hills. Zurich is an upmarket banking city and the financial capital of Switzerland. Zurich is famous for luxurious lifestyles, high-end shopping, and fancy chocolates.

5 Hong Kong- China

A former British colony, Hong Kong is a place where east and west meet to create a truly unique culture. There’s also a superb array of attractions, from towering skyscrapers and street bazaars to beaches and Disney Land. The city is a dining capital and home to the world’s cheapest Michelin-star meal.

6 New York- U.S.A

With a globally recognizable skyline, New York City is bursting with diversity and entertainment options. From iconic attractions to hidden gems, each of the five boroughs – The Bronx, Brooklyn, Manhattan, Queens and Staten Island – has a distinctive flavour, while individual neighbourhoods maintain identities all their own.

7 Geneva- Switzerland

One of Europe’s most cosmopolitan cities, Geneva is one of the diplomatic hubs of the world and is packed full of international business and corporate headquarters. The city is a cultural melting point. It’s the French-speaking capital of Switzerland, one that’s filled with mountains of chocolate, some incredible history and a water-jet.

8 Copenhagen- Denmark

Copenhagen is a unique city, characterized by its canals, cycling culture, strong economy, and happy locals. It is known as being the happiest city in the world. The city is home to excellent Danish cuisine, a magnificent transportation system, stunning churches and museums, and even a hippie commune that attracts foreign visitors from across the globe.

9 Los Angeles- U.S.A

Home to Hollywood, Los Angeles is also known as the entertainment capital of the world. The city offers beautiful attractions and activities: movie studios, the Sunset Strip, Venice Beach, landmark museums, world-famous theme parks, wineries, breweries, outdoor activities, exciting nightlife, and much more.

10 Osaka- Japan

Japan's second-largest metropolitan area Osaka has been the economic powerhouse of the Kansai Region for many centuries. With both retro charm and modern flair, the city offers some of the best food, culture and nightlife. It’s arguably Japan’s street food capital.

As per reports, Upasana Dutt, head of worldwide cost of living at EIU, said in a statement: “Although most economies across the world are now recovering as Covid-19 vaccines are rolled out, many major cities are still seeing spikes in cases, leading to social restrictions. These have disrupted the supply of goods, leading to shortages and higher prices.

“Over the coming year, we expect to see the cost of living rise further in many cities as wages increase in many sectors. However, we are also expecting central banks to raise interest rates, cautiously, to stem inflation. So the price increases should start to moderate from this year’s level.”

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