Living costs in 130 global cities were compared in a recent survey.
Confirming the belief held by many Australian residents, Sydney has proved to be amongst the world’s most expensive cities, according to a survey conducted by The Economist Intelligence Unit recently.
While last year it ranked number 14 in the world ranking of most expensive cities, this year, it has emerged amongst the top 10, says the survey.
The report indicates that those who live in Sydney, have to shell out more money for goods and services as compared to those in many other major global cities. The Worldwide Cost of Living 2018 Report analysed this after conducting its surveyacross 130 cities of the world. Prices of 160 goods and services like food, clothing, rent, transport, utility bills, private school fees, domestic help and recreational costs were compared.
Singapore rules the roost and continues to remain the world’s most expensive city to live in, followed closely by two other Asian cities: Hong Kong (fourth) and Seoul (sixth).
Two Japanese cities have become less expensive to live in the past couple of years. Japan’s low inflation has pushed out Tokyo, which was the world’s most expensive city till 2013, and Osaka from this list.
Many European cities rank amongst this top 10. Paris ranks second, with Zurich, Oslo, Geneva and Copenhagen tailing closely. Interestingly, not a single city from the US finds a berth in this list of most expensive cities of the world. In 2017, however, New York had occupied the ninth spot in the list. This year, it has slipped to number 13 while Los Angeles has slid from number 11 to 14.
The effect of Brexit has seen a downturn in the living expenses in the UK. The British capital city, London, acknowledged as amongst the most expensive cities of the world by overseas visitors, ranked 30 in this survey and has been at its cheapest in over 20 years.
