The newest report expresses that Singapore retains its title as the world’s most expensive city for the ffth consecutive year in a top ten that is largely split between Asia and Europe in 2018 .
Seoul is the only other city in the top ten that has maintained its ranking from the previous year. In the rest of Asia, Hong Kong and Sydney join Singapore and Seoul in the top ten. Low infation has pushed Tokyo and Osaka out of the top ten in the cost of living ranking covering 133 cities worldwide. The Japanese capital, which was the world’s most expensive city until 2013, has moved seven places down the ranking in the past 12 months. Conversely, Seoul, which was ranked 21st fve years ago, is now in sixth position. Tel Aviv, which was ranked 34th just fve years ago, is now the ninth most expensive city in the survey.
Currency appreciation played a part in this rise, but Tel Aviv also has some specifc costs that drive up prices, notably those of buying, insuring and maintaining a car, which push transport costs 79% above New York prices. Tel Aviv is also the second most expensive city in the survey in which to buy alcohol.
Within western Europe it is non-euro area cities that largely remain the most expensive. Zurich (2nd), Oslo (5th), Geneva (6th) and Copenhagen (8th) are among the ten priciest. The lone exception is Paris (2nd), which has featured among the top ten most expensive cities since 2003. With west European cities returning to the fold, the region now accounts for three of the fve most expensive cities and for one-half of the top ten. Asia accounts for a further four cities, while Tel Aviv is the sole Middle Eastern representative.