Many expatriates like moving to big cities and make a new glam life. According to Mercer’s 2020 Cost of Living Survey, there are top ten cities in the world that are ranked as the most expensive cities to live in.
Most Expensive Cities in The World
Paris is the capital and the most populous city of France and is often referred to as the ‘City of Light’. Paris is one of the richest cities in the world. The EIU estimated the cost of living in Paris and 130 other cities. Currently living in Paris is 7% more expensive than living in New York City. It is structurally expansive, and high wages also make a difference. It has a wide range of diverse restaurants to meet any taste or budget. Its metro network is one of the largest and the most efficient in the world. Housing in Paris is by far the biggest expense. The city is very desirable and already densely populated. But when it comes to dining out, the cost of living is very reasonable.
According to Mercer’s survey 202, Geneva ranks among the top ten cities worldwide for the quality of living. It has a cost of living index of 129.58. Taxes are relatively low, but insurance services and foods are expensive. The cost of renting an apartment in Geneva is higher than in New York or Paris. It is the most expensive city in Switzerland and one of the cities that costs higher when it comes to household, personal care, recreation, and entertainment expenses. Living in Geneva can be considered a luxury in every sense.
Zurich is the most expensive city in Europe after Paris. On average, an apartment at a relatively convenient location will cost around $2,000 to $3000 per month. Long-term living arrangements in Zurich are one of the best decisions. While meal prices in Zurich can vary, the average cost of food is CHF (Swiss franc) 49 per day. Based on the spending habits of previous travelers, when dining out an average meal in Zurich should cost around CHF 16 per person. Breakfast costs are usually a little cheaper than lunch or dinner.
Hong Kong is a special administrative region of China. According to the annual cost of living survey 2020, Hong Kong is one of the world’s most expensive cities, for the second year running. The wealth of Hong Kong is a highly developed free-market economy with a well established-international market. Its area has been enlarged over the years. It has a well-earned reputation for being the priciest cities in the world. Despite the high rents and living costs, its tourism industry has also been geared up progressively. It’s one of the most lively and spirited cities on the planet to live in.
Osaka, Japan’s third-largest city, has been ranked as the second-costliest city for expatriates outside Europe. It has a cost of living index of 86.74. It is Japan’s major financial center. Osaka is well known for its delicious foods and greatly expanded in size as it experienced rapid industrialization. The Japenese city has started to garner more attention from foreigners with the increased popularity of cooking and dining in popular culture. If you have the chance, definitely check out some of Osaka’s famous takoyaki.
The Economist has ranked Tel Aviv the world’s fifth most expensive city in its Worldwide Cost of Living Survey. In Tel Aviv, the rental price for a small apartment (1.5-2 rooms) is NIS (New Israeli Shekel) 3,984 per month. The average cost of food in Tel Aviv is ₪83 per day. Breakfast prices are usually a little cheaper than lunch or dinner. The price of food in sit-down restaurants in Tel Aviv is often higher than fast food prices or street food prices.
Tokyo is the capital and the most populous city in Japan. It is among the costliest cities in the world for foreigners to live in with an average rent is $1000. Tokyo is number 10 on the world’s highest average monthly rent by city. A meal at a more average restaurant costs roughly between 1000 and 3000 yen, while there is no upper price limit when it comes to high-class restaurants such as ryotei. During lunch hours, many restaurants offer inexpensive menus at around 1000 yen.
The list of the most expensive cities also includes Copenhagen which is the capital of Denmark. It’s a beautiful city to live in. The salaries are generally higher in Denmark than in most of Europe. Private cars can be really expensive, with high taxation on cars. The food in grocery stores is highly expensive. Copenhagen and its surrounding areas contain most of Denmark’s manufacturing industries. It has been one of the fastest-growing metropolitan destinations in Europe.
Los Angeles, known by its initials, L.A, is the largest city in California. The salary required to live in Los Angeles has risen by more than $25000 in the past year due to annual costs of transportation and utilities. Living in Los Angeles is pricey. It attracts residents from across the world and around the globe. But everything including rent, food, gas, and utilities is expensive. The biggest factor that makes living in LA so expensive is the high housing cost. In general, rentals in LA are reasonably expensive. Despite this, LA is one of the few cities across the U.S. that houses more renters than homeowners. More specifically, only 36% of LA residents own a home, while 64% pay rent.
New York City
New York’s high cost of living is due to its booming economy and large job market across a variety of industries which makes it one of the most expensive cities of all time. The median rent for a two-bedroom apartment in New York City is $3,500. New York City is the third most expensive city in the world to rent a two bed-room apartment. Eating out can be expensive, too. One average meal at an inexpensive food joint costs $15, and it can go up to as much as $38 if you go to an average-priced restaurant. Eating out is very costly in New York City, and you must expect to pay at least 50% more for the same meal that you can buy in other states.
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