It’s no secret that the cost of living is on the rise worldwide, but some major metropolitan cities outpace their peers by a long shot. If you are merely seeking an area to live in, it might be practical to avoid these cities and instead choose a locale that has more reasonable prices for rent, groceries, and other day-to-day items.
While it is hard to determine exactly what makes a city expensive, some significant factors that are considered are the cost of housing, transportation, and utilities. Sometimes, a city’s cost of living is even determined by potential job growth and the local economy.
Top 11 most expensive cities in the world based on cost of living
How does the ‘cost of living’ factor into it being the most expensive city? A City’s cost of living is typically measured by comparing what you spend on groceries to what you would spend on them if you were back home. The other measuring point would be housing. The higher a country’s per capita income, the more expensive its cost of living usually is. There would possibly be affordable cities for very wealthy people, but there are not many.
So is your city an extravagant one? It must be amazing to surf through the list of the most expensive cities in the world and find out what life is like here. The following are the most expensive cities in the world, based on the factors mentioned above.
11. Beijing
The capital of China is a true empire and one the most expensive cities in the world. China’s capital city, Beijing, is known as one of the most populated cities in the world. It’s also one of the most significant metropolitan areas globally, and it’s growing incredibly fast. More than 20 million people live in this city, and it’s one of the most cosmopolitan locations on Earth, as many foreigners have moved there over the past few years.
China has not only one of the most expensive cities but also the oldest cities in the world.
One of the most expensive cities in the world is in China and it is a special place indeed – it’s a blend of ancient and modern. It’s a place where you can find both luxury homes and tiny apartments right next door to each other.
10. Venice
The Italian city of Venice is known as one of the most romantic cities in the world. It’s also recognized as being one of the most expensive cities in the world to live in, and that comes as no surprise when you see how these two go hand-in-hand.
The thing about Venice is that it’s a city inside a city – it’s built on more than 100 different islands. Naturally, living spaces are limited there, so property prices are sky-high. There are many millionaires living in this city, and there is a relatively low supply of homes for sale.
Like all other modern cities, hundreds of super-modern buildings and skyscrapers are to be found in Venetian territory. This makes it an exciting place indeed to live, especially now that the city is being declared a UNESCO World Heritage Site.
9. New York City
The Big Apple lives up to its name. Even though it’s located in the northern part of the United States, New York has become famous for being one of the most expensive cities in the world. The city is filled with super-modern skyscrapers and modern shopping centers everywhere you look. It also has a considerable population, which means there are a lot of people looking for apartments.
The one of the most expensive cities in the world is also famous for being one of the most popular tourist destinations in the world. People from around the globe flock to this city every year and go on crazy shopping sprees at designer boutiques and department stores. It’s packed with entertainment options, like Broadway theaters, art galleries, and plenty of other sights to see.
8. Auckland
While some Australian cities could have easily taken this spot, the tag of sexiest beaches in the world suits them more. So here we at #7 with Auckland. It is one of the biggest cities in New Zealand and definitely one of the most expensive cities in the world, with a population of more than 1.3 million people. It offers plenty of places to stay and many great restaurants and bars as well. The city’s landscape is also quite spectacular, and it is home to several significant landmarks and a variety of museums to house them in. The cost of living is not cheap; the average price of a one-bedroom apartment in Auckland is $1,014 per month. However, the median household income is $66,600 annually, so it is possible to live comfortably for those who find a job in the city.
7. Kuala Lumpur
The capital of Malaysia is also one of the most expensive cities in the world, thanks to its favorable location and booming economy. It is located right next to the Malaysian island of Penang and has the largest port on that island. The average apartment rents for $1,030 per month, and there are plenty of good jobs available as well. The most significant industries in Kuala Lumpur are real estate, banking and finance, and tourism. The city is home to more than 1.6 million people, and it has a low unemployment rate of 2.5%.
6. Oslo
Another one on the list of most expensive cities in the world -Norway’s capital city of Oslo has been named the best place to live in the world by more than one publication. That is mainly because of the quality of life in the city, but also because it is a financial powerhouse. It is home to the world’s largest oil company, Statoil, and has a reasonably strong economy. It has one of the lowest unemployment rates in Europe at 1.6%, which might help explain its high cost of living. The average rent on a one-bedroom apartment costs $1,243 per month, and the median income is $77,000 annually for those who find work there.
5 . Zurich
Zurich in Switzerland is one of the most expensive cities in the world. It is an easy place to find a job, and the unemployment rate is at just 2.5%. Housing is among its most expensive items, too; the average cost of a one-bedroom apartment in Zurich is $1,632 per month. The median income in Zurich is $83,000 as well. Other significant industries include banking and finance, technology and services, and real estate. There are also many great restaurants to be found throughout the city.
4. Singapore
Say hello to another beautiful but one the most expensive cities in the world. Singapore is one spot in the world where you can live more comfortably than many other major cities. The high cost of living in this city has made it one of the most expensive cities in the world to live in. The average price of a one-bedroom apartment in Singapore is $1,555 per month, and the median household income is $72,700. That doesn’t take into account that many things in Singapore are also quite expensive; for example, a loaf of bread costs more than $3.
3. San Francisco
San Francisco has always been one of the most expensive cities in the world, but its cost of living has grown much faster than anywhere else in the country. This is partly due to the growth of the technology industry and the firms that have made their homes there. The average price of a one-bedroom apartment is $1,723 per month, and the median household income is $93,800. That has attracted many young people who want to work in that field, and they are willing to pay a premium for living space.
2. London
The top spot on this list goes to London, which is one of the most expensive cities in the world. It has a sizable economy that produces plenty of jobs for those seeking them, and residents who can find work in London have an average household income of more than $74,000 per year. The cost of living is among the highest globally, mainly because you pay so much to rent in this city. The average price for a one-bedroom apartment is more than $2,400 per month.
1. Ashgabat
Ashgabat is known as the “city of gold.” It is home to some of the most expensive houses globally and has more gold per capita than any other city on Earth.
Ashgabat is one of the most expensive cities in the world to live in because of the average price of an apartment and the price of gold. In 2010, an average apartment there cost $9,000 per square meter.
The city’s residents have been dubbed “gold farmers” because they are more likely to have gold than other residents. Gold farming is a form of business in which people extract gold from rocks and sell it.
Ashgabat has the world’s second-largest gold reserves after South Africa. Its gold mines account for about one-third of all global gold production, making it vulnerable to natural disasters and economic turmoil.
Final Thoughts
We’ve done some research and found out these 11 most expensive cities in the world.
The cost of living is an essential factor that affects our overall living standards in every country across the world. It’s not always easy to pick up a newspaper, turn on the news, or conduct an internet search without hearing about problems related to housing affordability and high land prices.
This article provided information on the most expensive cities in the world and some factors that contribute to their high costs of living. Overall, these are the top 11 picks as most expensive cities in the world, though there are more of the most costly places to live.