Annual Global Survey Uncovers Most Expensive Cities in the World

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5th February 2013 17:32 - Financial Services

 

A survey conducted each year by the Economist Intelligence Unit (EUI) has revealed the cities which are currently the most and least expensive to live in.

The annual EUI Cost of Living Index is based on measuring the costs of more than 160 items, ranging from clothing and food to domestic help, transport and utilities.

It found that at present, Asia and Australasia make up 11 of the Top 20 most expensive cities, while Europe has 8 and South America 1. Contrary to what many Britons would expect however, London was not on the list.

The priciest city in the world is once again Tokyo – it replaces Zurich from last year, which has now dropped to seventh place with the help of their Government introducing exchange rate controls.

Osaka, also in Japan, was ranked as the second most expensive city, followed by Sydney (Australia), Oslo (Norway), Melbourne (Australia), Singapore, Zurich, Paris, Caracas (Venezuela) and Geneva (Switzerland).

In contrast, the ten least expensive cities to live in are currently Karachi (Pakistan) in first place, followed by Mumbai (India), Delhi (India), Kathmandu (Nepal), Algiers, Bucharest (Romania), Colombo (Sri Lanka), Panama City, Jeddah (Saudi Arabia) and Tehran.

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