LONDON – European cities surged to challenge their Asian counterparts as the most expensive places to live in the world, according to the Economist Intelligence Unit’s annual Cost of Living ranking, which was released on Thursday.
The report examines the world’s most and least expensive cities by comparing factors such as wages and the prices of more than 150 items – including bread, wine, cigarettes, and unleaded petrol.
The cost of living in each city is ranked in comparison with New York City, where New York receives an index score of 100, and one extra point equates to a 1% increase in living costs. This is called the WCOL (World Cost of Living) Index.
The cost of living in Asia’s rapidly expanding cities like Singapore, Hong Kong, and Seoul has surged in recent years, and in the last two rankings Asian cities have dominated. However, in 2018, non-euro zone cities in Western Europe predominate at the top of the EIU’s ranking – even though Singapore tops the list for the fifth year in a row.
Check out the world’s most expensive cities below.
9. Tel Aviv, Israel — 103
8. Copenhagen, Denmark — 105
T=6. Seoul, South Korea — 106
T=6. Geneva, Switzerland — 106
5. Oslo, Norway — 107
4. Hong Kong — 111
T=2. Zurich, Switzerland — 112
T=2. Paris, France — 112
1. Singapore — 116
Get latest news & updates with businessinsider