The 10 costliest — and cheapest — places to call home.
Talk about postcode 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 U.S. 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:
2. Paris, France
3. Zürich, Switzerland
4. Hong Kong, SAR, China
5. Oslo, Norway
6. Geneva, Switzerland
7. Seoul, South Korea
8. Copenhagen, Denmark
9. Tel Aviv, Israel
10. 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 $0.98.
“(I)t is interesting to note that Asian cities tend to be the priciest locations for general grocery shopping,” the report said. “However, European cities tend to be priciest in the household, personal care, recreation and entertainment categories…”
10 cheapest cities in the world:
1. Damascus, Syria
2. Caracas, Venezuela
3. Almaty, Kazakhstan
4. Lagos, Nigeria
5. Bangalore, India
6. Karachi, Pakistan
7. Algiers, Algeria
8. Chennai, India
9/10. Bucharest, Romania; New Delhi, India (tie)
In Damascus, the average price for a loaf of bread is $0.60, a bottle of wine is $3.35, 20 cigarettes go for $1.55, and a liter of gasoline is $0.50. In New Delhi, a loaf of bread is $1.07, a bottle of wine is $19.03, 20 cigarettes go for $5.11, and a liter of gasoline is $1.07.
Some cities on this portion of the list, such as Damascus, Caracas, and Lagos, have experienced political strife and, in some cases, extreme violence and warfare in recent years. As The Economist report noted: “(T)here is a considerable element of risk in some of the world’s cheapest cities… Put simply, cheaper cities also tend to be less liveable.”
© 2018 Dow Jones & Company, Inc. All Rights Reserved