10 Most Expensive Cities To Live In The World

Top 10 Most Expensive Cities In The World

A luxurious lifestyle in a glorious city, where you can spend your money with all the expensive stuff and live in a huge apartment, that kind of life can be a dream.

According to a survey by "The Economist" magazine, the cost of living has gone up around the world, not least because of the COVID-19 pandemic. This year, Tel Aviv has surpassed Paris as the most expensive city. Let’s take a look at these most expensive and elite cities in the world that you live in.

List of most expensive cities in the world

1. Tel Aviv

2. Paris

2. Singapore

4. Zurich

5. Hong Kong

6. New York City

7. Geneva

8. Copenhagen

9. Los Angeles

10. Osaka

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What are the most expensive cities in the world?

1. Tel Aviv

Photo: Ticker NEWS

Tel Aviv, a city on Israel’s Mediterranean coast, is marked by stark 1930s Bauhaus buildings, thousands of which are clustered in the White City architectural area. Museums include Beit Hatfutsot, whose multimedia exhibits illustrate the history of Jewish communities worldwide.

The Mediterranean metropolis rose to the top spot from fifth place last year, beating out Paris and Singapore, which were tied for second place. The top American city on the list, New York, came in sixth, ahead of Hong Kong and Zurich. Los Angeles was the only other American city in the top 10, coming in at No. 9, ahead of Osaka, Japan.

Part of the reason for Tel Aviv’s rise to the top was the strength of its currency, the shekel when translated into dollars, the report said. Prices there in shekel terms increased around 1.6 percent, led by groceries, household goods, cars, and fuel. The city was the second-most expensive place to buy alcohol.

While the report doesn’t include property prices, it noted that they have also risen in Tel Aviv, especially in residential areas. That’s a major drain on locals’ wallets, according to Oren Kessler, a political analyst, and author who moved to Tel Aviv from Washington, D.C., two years ago.

“Prices here are similar if not more expensive than in Washington, yet the salaries don’t compare,” he said in a phone interview, noting that the price of a renovated apartment in the capital was similar to that of an older place in Tel Aviv. “Most Israelis at one point or another want to spend time here. It’s a magnet in that sense.”

Overall, this year’s inflation rate across cities was the fastest recorded in the past five years at 3.5 percent. That number was pushed up by the rising price of transport, as well as by the cost of recreation, tobacco, and personal care. In 2020, inflation increased 1.9 percent, while it was up 2.8 percent in 2019, according to the report.

2. Paris

Photo: Expedia

Paris is the capital and most populous city of France, with an estimated population of 2,175,601 residents as of 2018, in an area of more than 105 square kilometres (41 square miles). Since the 17th century, Paris has been one of Europe's major centres of finance, diplomacy, commerce, fashion, gastronomy, science, and arts. The City of Paris is the centre and seat of government of the region and province of Île-de-France, or Paris Region, which has an estimated population of 12,174,880, or about 18 percent of the population of France as of 2017. The Paris Region had a GDP of €709 billion ($808 billion) in 2017. According to the Economist Intelligence Unit Worldwide Cost of Living Survey in 2018, Paris was the second most expensive city in the world, after Singapore and ahead of Zürich, Hong Kong, Oslo, and Geneva. Another source ranked Paris as most expensive, on par with Singapore and Hong Kong, in 2018.

Paris received 12.6 million visitors in 2020, measured by hotel stays, a drop of 73 percent from 2019, due to the COVID-19 virus. The number of foreign visitors declined by 80.7 percent. Museums re-opened in 2021, with limitations on the number of visitors at a time and a requirement that visitors wear masks.

Last year, Paris topped the list. This year, it's "only" in second place. The French capital has long been one of the most expensive cities in the world, but this has never stopped tourists from coming in throngs. For many, Moulin Rouge in the Montmartre district is one of the highlights.

Read More: Top 10 Most Expensive Cities In The UK

3. Singapore

Photo: CNBC

Singapore, officially the Republic of Singapore, is a sovereign island city-state in maritime Southeast Asia. It lies about one degree of latitude (137 kilometres or 85 miles) north of the equator, off the southern tip of the Malay Peninsula, bordering the Straits of Malacca to the west, the Riau Islands (Indonesia) to the south, and the South China Sea to the east. The country's territory is composed of one main island, 63 satellite islands, and islets, and one outlying islet, the combined area of which has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the second greatest population density in the world. With a multicultural population and recognizing the need to respect cultural identities, Singapore has four official languages; English, Malay, Mandarin, and Tamil. English is the lingua franca. Multiracialism is enshrined in the constitution and continues to shape national policies in education, housing, and politics.

Singapore is the only country in Asia with a AAA sovereign rating from all major rating agencies. It is a major financial and shipping hub, consistently ranked the most expensive city to live in since 2013, and has been identified as a tax haven. Singapore is placed highly in key social indicators: education, healthcare, quality of life, personal safety, and housing, with a home-ownership rate of 91%. Singaporeans enjoy one of the world's longest life expectancies, the fastest Internet connection speeds, and one of the lowest infant mortality rates in the world.

This year, the island city-state of Singapore is right up there with Paris. In addition to its affluence, the financial hub in Southeast Asia is also known for its draconian laws. For example, secretly using someone else's unsecured wireless network is strictly forbidden; anyone who does so can be fined the equivalent of €10,000 (ca. $11,300).

4. Zurich

Photo: Cathay Pacific

Zürich is the largest city in Switzerland and the capital of the canton of Zürich. It is located in north-central Switzerland, at the northwestern tip of Lake Zürich. As of January 2020, the municipality has 434,335 inhabitants, the urban area (agglomeration) 1.315 million (2009), and the Zürich metropolitan area 1.83 million (2011). Zürich is a hub for railways, roads, and air traffic. Both Zurich Airport and Zürich's main railway station are the largest and busiest in the country.

Permanently settled for over 2,000 years, Zürich was founded by the Romans, who, in 15 BC, called it Turicum. However, early settlements have been found dating back more than 6,400 years (although this only indicates the human presence in the area and not the presence of a town that early). During the Middle Ages, Zürich gained the independent and privileged status of imperial immediacy and, in 1519, became a primary centre of the Protestant Reformation in Europe under the leadership of Huldrych Zwingli.

Even though living costs in Switzerland are generally very high, they are particularly prohibitive in Zurich. Rents have skyrocketed in recent years, partly as a result of immigration, and there are very few vacant apartments. According to official statistics, the average rent is the equivalent of €400 ($450) per square meter.

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5. Hong Kong

Photo: Velvet Escape

Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta in South China. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world. Hong Kong is also one of the most developed cities in the world, with the most expensive housing.

Hong Kong is a highly developed territory and ranks fourth on the UN Human Development Index. The city has the largest number of skyscrapers of any city in the world, and its residents have some of the highest life expectancies in the world. The dense space led to a developed transportation network with public transport rates exceeding 90%. Hong Kong is ranked 4th in the Global Financial Centres Index.

The former British colony of Hong Kong, now one of China's special administrative zones, is also high on the list because of its astronomical rents. The metropolis is one of the most densely populated areas of the world, and it's not uncommon to find tiny rooms in one of the many skyscrapers being rented out for €2,000 (about $2,260) per month.

6. New York City

Photo: Conde Nast Traveler

New York, often called New York City to distinguish it from New York State, or NYC for short is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over 300.46 square miles (778.2 km2), New York City is also the most densely populated major city in the United States. Located at the southern tip of the State of New York, the city is the center of the New York metropolitan area, the largest metropolitan area in the world by urban area. With over 20 million people in its metropolitan statistical area and 23,582,649 in its combined statistical area as of 2020, New York is one of the world's most populous megacities. New York City has been described as the cultural, financial, and media capital of the world, significantly influencing commerce, entertainment, research, technology, education, politics, tourism, dining, art, fashion, and sports, and is the most photographed city in the world. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has sometimes been called the capital of the world.

The city has over 120 colleges and universities, including Columbia University, New York University, Rockefeller University, and the City University of New York system, which is the largest urban public university system in the United States. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the world's leading financial center and the most financially powerful city in the world, and is home to the world's two largest stock exchanges by total market capitalization, the New York Stock Exchange and NASDAQ.

New York is not only the most expensive city in the United States, but sixth in the world. It's rare to find New Yorkers who were actually born in the city. These days, even well-paid financial analysts struggle to find an affordable apartment in Manhattan. The most expensive sell for tens of millions of dollars.

7. Geneva

Photo: Getty Images

Geneva is a global city, a financial centre, and a worldwide centre for diplomacy due to the presence of numerous international organizations, including the headquarters of many agencies of the United Nations and the Red Cross. Geneva hosts the highest number of international organizations in the world. It is also where the Geneva Conventions were signed, which chiefly concern the treatment of wartime non-combatants and prisoners of war. Together with, for instance, New York City (global headquarters of the UN), Basel (Bank for International Settlements), and Strasbourg (Council of Europe), Geneva is a city serving as the headquarters of one of the most important international organizations, without being the capital of a country.

There's a rumor that a normal club sandwich costs more in Geneva than anywhere else in the world. But what does that say about the overall cost of living in a country? Quite a bit. Many international organizations are headquartered in the Swiss city on Lake Geneva, which is also in the top 10. The average club sandwich here, by the way, costs almost 30 CHF (around €28/ $32).

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8. Copenhagen

Photo: Trainline

Copenhagen is the capital and most populous city of Denmark. As of 1 January 2021, the city had a population of 799,033 (638,117 in Copenhagen Municipality, 103,677 in Frederiksberg Municipality, 42,670 in Tårnby Municipality, and 14,569 in Dragør Municipality). It forms the core of the wider urban area of Copenhagen (population 1,336,982) and the Copenhagen metropolitan area (population 2,057,142). Copenhagen is situated on the eastern coast of the island of Zealand; another portion of the city is located on Amager, and it is separated from Malmö, Sweden, by the strait of Øresund. The Øresund Bridge connects the two cities by rail and road.

Copenhagen is home to the University of Copenhagen, the Technical University of Denmark, Copenhagen Business School and the IT University of Copenhagen. The University of Copenhagen, founded in 1479, is the oldest university in Denmark. Copenhagen is home to the F.C. Copenhagen. The annual Copenhagen Marathon was established in 1980. Copenhagen is one of the most bicycle-friendly cities in the world.

Life in Denmark's capital is also far from cheap. Food, alcohol and consumer goods cost 40% more here than the EU average. But that doesn't stop people from wanting to live there, particularly young students. It's also well-located if residents want to explore the rest of Scandinavia or the European mainland, which is accessible by ferry.

9. Los Angeles

Photo: Wikiwand

Los Angeles has a diverse and robust economy and hosts businesses in a broad range of professional and cultural fields. It also has the busiest container port in the Americas. In 2018, the Los Angeles metropolitan area had a gross metropolitan product of over $1.0 trillion, making it the city with the third-largest GDP in the world, after Tokyo and New York City. Los Angeles hosted the 1932 and 1984 Summer Olympics and will host the 2028 Summer Olympics. Over time, droughts and wildfires have increased in frequency and become less seasonal and more year-round, further straining the city's water security.

The City of Angels. Hollywood. Where the stars live. Few places conjure up luxury and wealth like this megacity in the US state of California. This epicenter of the multi-billion entertainment sector is a magnet for aspiring actors and filmmakers as well as creative wannabes from around the world.

10. Osaka

Photo: Japan Guide

Osaka is a designated city in the Kansai region of Honshu in Japan. It is the capital and the most populous city in Osaka Prefecture, and the third most populous city in Japan, following Tokyo and Yokohama (both located in the Greater Tokyo Area and the Kantō region). With a population of 2.7 million in the 2020 census, it is also the largest component of the Keihanshin Metropolitan Area, the second-largest metropolitan area in Japan, and the 10th largest urban area in the world with more than 19 million inhabitants.

Osaka is a major financial center of Japan, and it's recognized as one of the most multicultural and cosmopolitan cities in Japan. The city is home to the Osaka Securities Exchange as well as the headquarters of multinational electronics corporations such as Panasonic and Sharp. Osaka is an international center of research and development and is represented by several major universities, notably the Osaka University, Osaka Metropolitan University and Kansai University. Famous landmarks in the city include Osaka Castle, Osaka Aquarium Kaiyukan, Dōtonbori, Tsūtenkaku in Shinsekai, Tennōji Park, Abeno Harukas, Sumiyoshi Taisha Grand Shrine, and Shitennō-ji, one of the oldest Buddhist temples in Japan.

Osaka, with its millions of inhabitants, is one of Japan's two main financial hubs, alongside the capital, Tokyo. Visitors should plan a generous budget, especially for accommodation. Rent per square meter is considerably higher than in the rest of the country, which is far from cheap.

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