Money

These Are The 10 Most Expensive Cities To Live In The World For 2016

The Economist Intelligence Unit has released their bi-annual Worldwide Cost of Living survey for 2016, and Australia has been knocked out of the top 10 most expensive places to live.

The most expensive place to live is Singapore – and for the third year in a row, no less. While the past few years Singapore has been the most expensive by a long shot, the gap is now closing, with Zurich and Hong Kong tied in second place and not far behind.

The EIU survey takes an in-depth look at the cost of living in 133 cities around the world by comparing more than 400 individual prices across 160 products and services. It’s good to note, though, that it doesn’t include housing costs (i.e. rent). This might make sense of the fact places like San Francisco don’t rate higher in the list, and why places like LA, where it’s expensive to run a car, are making an appearance.

Apparently getting around in Singapore is where it stings. “It is the most expensive place in the world to buy and run a car, thanks to Singapore’s complex Certificate of Entitlement system,” the report says. But if you think you can avoid that by jumping on public transport, you’ll be sorely disappointed. It’s actually 2.7 times more expensive than in New York.

Sydney and Melbourne have been knocked out of the 10 most expensive cities by New York and LA, and now sit in 20th and 21st place. The low cost of oil and strength of the American dollar are both factors in the US cities making the climb.

NYC has shot up a massive 42 spots in the list since 2011, sitting in its highest position since 2002. But that doesn’t necessarily mean NYC is steep these days: The Wall Street Journal notes that this index is impacted by the strength of the dollar, meaning “that even if the cost of living in, say, New York didn’t rise much for New Yorkers over the past 12 months, the survey will show that New York became more expensive because the dollar strengthened, raising prices of goods and services relative to other countries.”

Which explains the reason for Sydney and Melbourne dropping down the list. According to the report, “the Australian and New Zealand dollars have also weakened significantly from highs of two years ago, making cities in Australasia more affordable to global travellers.” And don’t forget the fact that “excess supply and shrinking demand from China have decreased the value of exports from Australia, Brazil and Canada, among others, causing their currencies to wither further.” Thumbs up.

EIU also mention that weak confidence in the euro means that Paris is the only euro zone city in the top 10, and similarly, devaluation of the Japanese yen has pushed Tokyo and Osaka further down the ranking, when they used to be right up there as pretty damn expensive places to get around.

The world’s 10 most expensive cities to live for 2016

#1 Singapore, Singapore
#2 Zurich, Switzerland
#2 Hong Kong, Hong Kong
#4 Geneva, Switzerland
#5 Paris, France
#6 London, UK
#7 New York, USA
#8 Copenhagen, Denmark
#8 Seoul, South Korea
#8 Los Angeles, USA

So with our weak Aussie dollar, you might be interested in knowing where the cheapest places to live are for 2016.

The world’s 10 cheapest cities to live for 2016

#124 Caracas, Venezuela
#124 Damascus, Syria
#126 New Delhi
#127 Almaty, Kazakhstan
#127 Algiers, Algeria
#127 Chennai, India
#127 Karachi, Pakistan
#131 Mumbai, India
#132 Bangalore, India
#133 Lusaka, Zambia

Holiday to India, anyone?

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