Talk about postal code envy.
Big-city living can often come with big-ticket pricing. The Economist’s Intelligence Unit has just released its list of the world’s priciest metropolises, and it’s proof that some of the world’s glitziest destinations come at a staggering cost.
Singapore is the world’s most expensive city, followed by Paris, Zürich, Hong Kong and Oslo.
No city in the US cracked the top 10 most expensive cities; New York was America’s costliest city, at No. 13 worldwide. Five years ago, though, it was No. 27 worldwide, so its increase in the rankings is a reflection of how quickly costs are escalating there. New York was followed by Los Angeles, ranked at No. 14.
10 most expensive cities in the world:
- Paris, France
- Zürich, Switzerland
- Hong Kong, SAR, China
- Oslo, Norway
- Geneva, Switzerland
- Seoul, South Korea
- Copenhagen, Denmark
- Tel Aviv, Israel
- Sydney, Australia
To determine which cities are costliest, The Economist compared the prices of basic commodities — like the cost of a loaf of bread, bottle of wine, pack of 20 cigarettes or liter of gasoline — in each.
In Singapore, the average price for a loaf of bread is $3.71, a bottle of wine is $23.78, 20 cigarettes go for $9.66 and a liter of gasoline is $1.56. In Sydney, a loaf of bread is $3.99, a bottle of wine is $20.49, 20 cigarettes go for $23.89 and a liter of gasoline is 98 cents.