The list of most expensive cities in the world keeps changing with time. However, you may get surprised to see some of these cities made it to world’s most expensive cities. An interesting fact is that only one place to live in US came to this list. You will not find any other cities to live in US on this list. This list will give you an idea of the cost of living in the expensive cities of the world.
What Makes These Places Most Expensive Cities to Live?
There is not just one factor that contributes to cost of living. There are multiple factors which make it costly to live in a place. For example, the availability of job opportunities in a location may make it an attractive place to reside. Similarly, the housing pressure and the balance between real estate demand and supply can make a lot of difference. Furthermore, sometimes government policies and preferential treatment may make a place ideal to live.
Real estate prices for buying and renting make a lot of impact on the cost of living. For example, people who reside in bigger cities have to sacrifice on the availability of space. You have to pay more for the same parking space. Similarly, the increase in the size of the population also makes it difficult to grow crops and vegetables. So the food businesses have to transport these items from other places. Thus, this adds more transportation cost, adding to the price of the food items sold on the market.
Most Expensive Places to Live
List of the top 5 most expensive places to live.
Singapore tops the most expensive cities chart in the world. Transport and accommodation are the two primary factors driving the costs. Similarly, it is costly to move from one city to another. Getting a car on the lease is costly. Add the parking charges, and you can well imagine the amount you end up paying each month.
Hong Kong is creeping up the list because of its currency doing better as compared to other currencies. The currency pegging with the US dollar has made it expensive for foreigners to live in the city. The lack of stability in prices due to heavy reliance on imported items further adds to the pricing. The high-cost Hong Kong dollar is on top of other factors like real estate and job opportunities.
Zurich tops the list as one of the most expensive cities in Europe to live. It is so costly to live here that Deutsche Bank asked the city’s residents to marry young. Furthermore, the bank said that it would be cheaper for them to live if they marry young. Activities like dating, going out to clubs, and hoteling cost a lot of money in Zurich.
The biggest problem that Tokyo faces is shrinking land underneath. Therefore, it is under extreme pressure for housing. The expensive housing is the single most critical factor driving the living costs up. The high-priced real estate makes everything else around it expensive. So you will find typical things a lot more expensive in Tokyo like fast-food meals, French fries, soft drinks, and hiring a cab.
Osaka is another city on the list with high rising costs. The economy of the city relies on services, commerce, and manufacturing. Furthermore, the Yen has also seen some rise against other currencies. It sadds to the cost of living of the expats who want to reside in Osaka.