The 2012 Cost of Living survey published twice a year by Economist Intelligence Unit (EIU) shows the 10 most expensive cities to live in .A report from the Worldwide Cost of Living Survey compares the price of hundreds of products and services, including food, rent, luxury items, and transportation, in 131 cities. The prices are then indexed to New York City, which has a score of 100.For the first time, Zurich has outpaced Tokyo as the world's most expensive city.Zurich beats Tokyo by a score of 170 to 166, which means that the cost of living in those cities is 70 percent and 66 percent more expensive than living in NYC, as measured in U.S. dollars.
Switzerland has long featured in, or around, the world’s most expensive cities, the strong swing in currency headwinds is responsible for Zurich’s current elevated position. Tokyo was the runner up,Tokyo is still 66% more expensive than New York, and was just slightly overtaken by Zurich in this year’s survey.Third and fourth places are split between Geneva, Switzerland, and Osaka, Japan. Making up the top 10 most expensive cities were Oslo, Paris, Sydney, Melbourne, Singapore and Frankfurt. The index measures the cost of an expatriate lifestyle in more than 130 cities using a weighted average of the prices of 167 products and services.
Australian cites, too, were well-represented on the list by Sydney (No. 7) and Melbourne (No. 8). While Japan has long been known as an expensive place to live — Tokyo’s gas prices are 71% higher than New York’s — the emergence of Australia and Singapore on the list is a more recent phenomenon.
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No North American city breaks the top 10. New York dropped 11 spots to a tie for 47th with Chicago and below Los Angeles.Just 10 years ago, Singapore, now the ninth most expensive city, according to the survey, was 2% cheaper than New York. Now it is 42% more expensive than New York.If real estate were factored into the survey, it would have amplified costs even more. In 2002, a one-bedroom furnished apartment cost $1,200 a month in Singapore and $730 in Sydney, according to Mr. Copestake. Today, the same housing costs $3,000 in both cities.
The Economist survey scrutinized costs in 16 American cities, and concluded that Los Angeles is most expensive but it noted a downward trend overall in the prices to be found in U.S. cities, cities that were the world’s most expensive just a decade ago.
Switzerland has long featured in, or around, the world’s most expensive cities, the strong swing in currency headwinds is responsible for Zurich’s current elevated position. Tokyo was the runner up,Tokyo is still 66% more expensive than New York, and was just slightly overtaken by Zurich in this year’s survey.Third and fourth places are split between Geneva, Switzerland, and Osaka, Japan. Making up the top 10 most expensive cities were Oslo, Paris, Sydney, Melbourne, Singapore and Frankfurt. The index measures the cost of an expatriate lifestyle in more than 130 cities using a weighted average of the prices of 167 products and services.
Australian cites, too, were well-represented on the list by Sydney (No. 7) and Melbourne (No. 8). While Japan has long been known as an expensive place to live — Tokyo’s gas prices are 71% higher than New York’s — the emergence of Australia and Singapore on the list is a more recent phenomenon.
Check out The Least expensive - cheapest cities in the world
No North American city breaks the top 10. New York dropped 11 spots to a tie for 47th with Chicago and below Los Angeles.Just 10 years ago, Singapore, now the ninth most expensive city, according to the survey, was 2% cheaper than New York. Now it is 42% more expensive than New York.If real estate were factored into the survey, it would have amplified costs even more. In 2002, a one-bedroom furnished apartment cost $1,200 a month in Singapore and $730 in Sydney, according to Mr. Copestake. Today, the same housing costs $3,000 in both cities.
Check out The Least expensive - cheapest cities in the world
The 10 most expensive cities are:
- Zurich (Switzerland)
- Tokyo (Japan)
- Geneva (Switzerland)
- Osaka Kobe (Japan)
- Oslo (Norway)
- Paris (France)
- Sydney
- Melbourne
- Singapore
- Frankfurt (Germany)
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