The world’s most expensive cities are ranked based on some key factors, which include the average price of household items such as rent, utilities, transportation fees, beverages, and some others.
However, in some countries, the cost of living is high, making it a struggle for many individuals and families to make a living. The 10 most expensive cities in the world are:
1. Hong Kong: This Asian Continent city is also known as a Chinese special administrative region and is the world’s first most expensive city. Hong Kong has been found to have a record recently with an average cost of gas at $2.50 per liter. Rent, food, clothing, transportation, telecommunications, public healthcare, and other necessities do not come cheap in this city.
2. New York: Living in New York City can be an attractive choice because of all of the culture, opportunities, and lifestyle that exist there. However, the cost of living in New York City is nearly double that of Upstate New York.
3. Guangzhou, China: This city is similar to that of Shanghai in about the same way that it is expensive to live in. The strength of the currency and inflation rates, along with the general cost of living that comes with living in a highly populated nation, means it’s not the cheapest place to kick back.
4. London, United Kingdom: People from all over the world move to the United Kingdom in the hopes of starting a life, establishing a career, becoming famous, or simply living the life that Londoners lead. However, London prices for rent and public transport are some of the most expensive in the world, which is why you would need to have enough funds to enable you to live comfortably in this part of the world.
5. Tokyo: Japan’s capital is known for having very high living costs, which include a large percentage of rent, transportation, car ownership, and other expenses.
6. Tel Aviv: this is known as the most expensive city to live in in the Middle East. It is a hub for all things luxury and royalty, which has some part to do with the city’s high cost of living.
7. Iceland: This Nordic island country has been a popular destination for millennial travel bloggers and nature lovers in recent years. However, Iceland’s cost of living is quite high, but interestingly, it isn’t due to housing. You can rent a home for less than half of what you could in New York.
8. Shanghai, China: This is one of the world’s most densely populated cities and also one of the most expensive. One of the reasons why the city is so expensive is due to the higher rates of inflation in the nation.
9. Geneva, Switzerland: Geneva, Switzerland, has a reputation for exemplifying all things luxurious and classy. It is also known to have the finest restaurants, social scene, and state-of-the-art homes. Life in Geneva is pretty expensive, and rent has been noted to play a big role in this. The country’s prices are outrageously high when it comes to food, beverages, hotels, housing, restaurants, hotels, clothing, and health insurance.
10. Seoul, Korea: This city is expensive, owing primarily to high housing costs and security deposits. The country is also one of the world’s largest automobile producers and shipbuilders and is home to many large construction companies.
Visiting or relocating to these countries must be planned and thoroughly researched so that you are fully prepared for what you may encounter.