The cost of living in a large city is frequently rather high. Living in one of the most well-liked locations in the world will cost you more because these locations are wanted for a reason.
The most costly cities to live in were identified by Mercer’s cost of living study for 2021, which examined costs for housing, transportation, food, clothing, and other items.
Find out about all the locations that made the list, including some that you’ve probably never heard of, and why they are so expensive.
1. Hong Kong
It’s no surprise that the bustling city of Hong Kong takes the cake as the top city on the list of the top 10 most expensive places to live in Asia.
With thousands of ex-pats drawn to the city, Hong Kong, a part of China, is recognised for luring some of the most prosperous and successful businessmen in the world. According to the ECA report, Hong Kong has once again claimed the title of the most expensive city in the world.
2. New York, USA
The entry from New York, the USA’s concrete jungle, is next on the list. New York, the only city in North America to make the top 10, is known as the “land of opportunities,” drawing throngs of visitors from all over the world who are competing to establish themselves in the city.
As a result, it should come as no surprise that the city is so expensive to live in. After all, everyone wants a piece of the big apple.
3. Switzerland’s Geneva
The best entry from Europe, Geneva, Switzerland, has long been regarded as the pinnacle of class and luxury. It is renowned for facilitating the most extravagant of lives, with the best restaurants, social scene, and cutting-edge mansions.
You won’t have any doubts about why it’s one of the most costly cities to live in after strolling around one of their immaculate streets and visiting a nearby grocery shop.
4. London, United Kingdom
London has established itself as the fourth most expensive city in the world, earning the nickname “the city of dreams.” Similar to New York, a large number of individuals from all over the world migrate to the UK city in search of fame, fortune, or just to live the life that Londoners make out to be so damn nice.
Rent and transportation costs in London are among the most exorbitant in the world, so you’ll need a lot of money to establish a pleasant life for yourself here.
5. Tokyo, Japan
Tokyo, the capital of Japan, is another city that has helped Asia overtake Europe as the continent with the highest concentration of expensive cities. Given that Tokyo is the country’s capital and since Japan is notorious for having extremely high living expenses, it is not surprising that prices are highest there.
Rent costs make up the greatest portion of expenses, followed closely by automobile ownership and transportation costs. Those slick, quick bullet trains aren’t free!
6. Tel Aviv, Israel
The Middle East’s most costly city to live in is Tel Aviv. Tel Aviv, the only city in the Middle East to rank among the top ten most expensive cities in the world, is a centre for all things opulent and regal.
While this contributes to the city’s high cost of living, it can also be largely attributed to the strengthening of the shekel, the currency of Israel.
7. Zurich, Switzerland
It’s no secret that Switzerland is a wealthy nation; as a result, not one, but TWO of its cities are among the ten most expensive places to live.
The city has some of the highest incomes in the world, which may be related to all those large banks that have their headquarters there, in addition to drawing some of the world’s most famous and wealthy individuals just due to the city’s classy vibe.
8. Shanghai, China
Shanghai in China is not just one of the most expensive cities in the world, but it is also one of the most densely populated. The country’s increased rates of inflation, which have been revealed in recent years, along with the Chinese yuan’s ongoing strength versus other major currencies, are two factors that contribute to the city’s high cost of living.
9. Guangzhou, China
Guangzhou, another city in mainland China, is establishing itself as one of the most expensive places to live in the world. The city is comparable to Shanghai in that it shares many of the same characteristics that make it such an expensive place to live.
Even though the city is less well-known among ex-pats, it’s not the cheapest destination to unwind due to the strength of the currency, inflation rates, and regular expense of living that comes with living in a highly populated country.
10. Seoul, Korea
Seoul, the capital of South Korea, is only barely able to make it to position 10. The high cost of living in the city and the substantial security deposits that people must pay are a big part of the reason why.
It also has to do with the fact that from the second part of the 20th century, the South Korean currency has tended to perform well as a result of the Republic of Korea’s economy’s stability and expansion.
In addition, the nation is one of the biggest makers of ships and automobiles in the world, and it is the location of numerous sizable building firms, all of which generate enormous revenue.
11. Libreville, Gabon
Due to the location of a renowned university, a library, and research institutions, Libreville is regarded as a significant hub for education in Gabon. Unfortunately, because there is a shortage of both commodities and homes, prices are exceedingly expensive.
12. Los Angeles, California
It will be a little more expensive to live the Hollywood lifestyle. Apartment rents increased to over $2,500 on average in January 2020, nearly twice the national average.
13. Taipei, Taiwan
The Shilin Night Market in particular is well-known for its outstanding cuisine in the city. There are many options available thanks to the approximately 500 merchants. Its thriving business district is also home to a sizable number of tech firms.
14. Osaka, Japan
Donburi is essentially what you would envision if you were to imagine yourself floating through Times Square. One of the most popular tourist locations in Japan is the famous retail street that runs alongside the canal in Osaka.
15. Abidjan, Côte d’Ivoire
Abidjan developed as a significant financial hub for the area after the lagoon there connected to the sea in 1950. Fun fact: Abidjan has been dubbed the “Paris of West Africa” on occasion.