We count down the top 5 most expensive cities to live in
10 years ago Singapore ranked 18th, however, a strong currency, sky-high utility bills and lofty car ownership fees have together bumped up the city’s prices by quite extraordinary degrees. Singapore also plays host to one of the widest wealth gaps in the world as well as an average annual per capita income of some $50,000.
The city’s 20 percent sales tax and notoriously expensive goods and services mean that the French capital is still one of the most financially demanding places to live in the world. To compound the cost of living further still, the average price of a centrally located apartment comes to over $13,600 per sq m.
Oslo has ranked amongst the most expensive cities worldwide for some time now. Although the Norwegian capital’s house prices fall short of its major rivals, the price of common goods is above and beyond most – the city’s university recommends that students keep a minimum of NOK10,000 ($1674) to cover basic expenses.
Although taxes are famously low, the price of insurance, services and common goods is significantly higher than most of its European counterparts. Due to excessive property prices the vast majority of the city’s inhabitants choose to rent accommodation, and the average individual spends near 16 percent of their salary on housing and energy combined.
Sydney is the most expensive city in Australia, and indeed one of the most expensive worldwide in terms of property prices – the average house here will set you back a cool $700,000. In addition to stratospheric house prices, the currency’s gain ahead of the dollar has proceeded to push up the price of goods and services further still.