The allure of high living, the never slumbering life has always attracted even the laziest eyed person sometime or the other. The lights, the food, the pulsating energy always invite thousands of suburbans daily to have a taste of the cosmopolis. However, even the moon has a dark side. In this case, that would be the cost of living; each huge cosmopolitan city has a massive cost of living. And particularly in these cities do we find the divide between the rich and the poor huge. The rich float along smoothly in their daily lives while the poor are permanently engaged in some kind of a scramble on, but neither of them leaves the city because they have had a taste of material heaven.
The most expensive cities in the world can be divided into two categories. One is most expensive cities to tour and another one is most expensive cities to live in. Often these two categories don’t intertwine. This list is a compilation of the top 10 most expensive cities in the world to live in along with the cost of living.
List of the world’s top 10 most expensive cities in 2017
10. Los Angeles, USA (Cost of Living-213, compared to base New York—1%)
The city from West coast of U.S.A provided a better result than it did last year. It moved up 19 places but got tied to Copenhagen and Seoul for the eighth spot. The city is known for its ability of making limelight dreams come true. Its home to a thousand globally known celebrities who don’t mind paying the extra buck. However, Los Angeles is also filled with wannabe stars and models that are struggling through day jobs and still finding the time to audition for their dreams. These artists do not have the luxury of living the big life, but still cling to their dreams and sometimes those dreams indeed come true.
9. Seoul, South Korea (Cost of Living-213, compared to base New York—1%)
Riding on the success of its entertainment industry, the k-pop songs, the Korean TV dramas, Seoul has upped its ante and entered the big leagues. It has risen from its 36th place in the last six years. The capital city has been placed alongside Hollywood and Copenhagen. It is also more expensive buying vegetables and other groceries in Seoul than buying it in say, Singapore, the most costly place on the planet. Those living in Seoul better buckle up because the new cosmopolitan city is on the fast track to starcity-dom.
8. Copenhagen, Denmark (Cost of Living-213, compared to base New York—1%)
The land of the bronze ‘Little Mermaid’ is a Europe capital that lies outside the Euro zone. It’s tied in the eight spot along with Seoul and Los Angeles. Even though it is a capital it is nowhere as globally popular like the other two. And even though the city is on the top 10 expensive cities, the city has a pretty compromising market value for basic groceries and tobacco. The transportation costs take a big bite in the CLI of the City.
7. New York (the base index)
“I want to wake up in a city/ That never sleeps/ and find I’m number one/ Top of the List/…If I can make it there/ I’m gonna make it anywhere” – Frank Sinatra. New York is the biggest hub of Arts and culture and literature on the planet. The Big Apple was indeed on the top of the lists before the crisis of 2002 and also the one on 2008. However, in the last five years it has picked itself up, brushed itself off and become more and more expensive, and has therefore has risen a whopping 42 places on the list since the survey of 2011. With falling oil prices and the strength of the US dollar pushing it down, local inflation has been subdued.
6. London (Worth-750.83 Euros/person/month, compared to base New York—1%)
London is the capital of Great Britain, and the vainest of ‘em all. Britain is one of the very few countries well connected with all of Europe yet outside the Euro zone. It’s a new entrant. It was in 11th place last year. Not being a part of the Euro zone helped immensely for the city. It became pricier than its neighbours. Unlike its previous stage of ‘Always in decline, but never hitting bottom’. The British capital has done marvellously in the last few years.
5. Paris (Net Worth compared to base New York—7%)
It’s the only city in the list with a lower ranking than last year. The value of the euro has been lost for the past few years. Paris is lucky to be on the list. Living in Paris is supposed to be extremely costly and only alcohol and tobacco is cheap here. The city folk are also unfriendly and unwelcoming to the immigrants but in the words of a Korean Paris-ite (pun intended) it’s worth all the hassle to see the Eiffel tower every day.
4. Geneva, Switzerland (Net Worth compared to base New York—8%)
It’s the second most populous country in Switzerland, and also the first one in this list. It’s a global metropolis, a financial centre, and a major UN stronghold. It’s also ranked the 3rd most important financial sector just behind London and Zurich and is also the most compact metropolis of the world.
3. Hong Kong (Net Worth compared to base New York—14%)
The town which literally means incense harbour is an autonomous territory which lost its place to Singapore for being the most expensive city in the world three years ago. Its world’s most competitive economy according to the World Competitiveness Yearbook and also wears the crown of being the world’s most visited city.
2. Zurich, Switzerland (Net Worth compared to base New York—14%)
The city is a leading global financial centre. This is the home city of many banking giants. The low tax rates attract overseas competition to set up their headquarters in this city. It also ranks among the top 10 liveable cities in the world.
1. Singapore (Net Worth compared to base New York—16%)
The city has held the place for being the costliest city in the world for three straight years now. It has just topped the Worldwide Cost of Living survey, by Economist Intelligence Unit. Due to the very complex Certificate of Entitlement system, Singapore has become the most expensive city in the world to buy a car.
To improve its public transport system, the government has issued this drive to clear out private transports. And even the public transportation costs are 2.7 times higher than the most expensive city in the US, New York. However, for basic everyday groceries Singapore is much cheaper than the other Asian giants on this list, namely Seoul, Hong Kong and Tokyo.
“Value for money can be found by those who seek it”. The Economist Intelligence Unit concluded their report for 2017 with these mic-drop words. For the rise of cities, some must suffer, but it’s ultimately for the greater good.