Which are the most expensive cities in the world?

Due to the strength of the US dollar and the depreciation of many other currencies, the ranking of the world's most expensive cities has changed this year.

9. Seoul, South Korea

The capital of South Korea has jumped to ninth place due to the high cost of fashion shopping and the high prices of utilities. Experts say the cost of living in Seoul is now on par with Copenhagen (Denmark) and Los Angeles (USA).

8. Copenhagen, Denmark

Copenhagen maintained its 8th position in this year's ranking due to its high cost of living relative to average income.

7. New York, USA

The strong US dollar coupled with local inflation means New York is becoming increasingly expensive compared to other cities around the world. A kilogram of bread in New York costs an average of $8.28, more than double the price in the city ranked number one on this list.

6. London, England

Wage growth in London has been relatively slow and hasn't kept pace with inflation and soaring property prices. The average price of a house in London is over £500,000, while the average annual income for residents is around £30,000.

5. Paris, France

The lack of confidence in the Euro is the reason Paris is the only city in the Eurozone to make it into the list of most expensive cities. Despite the Euro's devaluation, Paris remains an extremely expensive place to live. The only affordable items are alcohol and tobacco.

4. Geneva, Switzerland

Essentially, everything related to Geneva is expensive, even tourist attractions and entertainment activities have some of the highest prices in the world. This is believed to be due to the lifestyle of the people, who tend to spend heavily on leisure activities.

3. Hong Kong

Hong Kong has climbed seven places in 12 months due to record-high property prices and rising living costs.

2. Zurich, Switzerland

Due to the floating value of the Swiss Franc against the Euro, combined with the already high cost of living, Zurich has risen to the top of the rankings.

1. Singapore

The small island nation has retained its title as the world's most expensive city for the third consecutive year. However, experts believe the cost of living gap between Singapore and cities like New York or Hong Kong will soon narrow due to the rapid increase in living costs in those cities. Experts also suggest that essential goods in Singapore remain reasonably priced.

According to Zing News