10 Most Expensive Cities in the World
Whether you have your sights set on Tokyo, Geneva, or New York, you may want to start saving right now. It could be costly to start a new life in one of the most expensive cities in the world.
Here is a list of the 10 most expensive cities to live in, according to the ECA International ranking.
It's no surprise that the bustling metropolis 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 expats lured to the city, Hong Kong, a part of China, is recognized for luring some of the most prosperous and successful businesspeople in the world. According to the ECA report, Hong Kong has once again earned the title of most expensive city in the world.
Dialling code: +852
Area: 1,114 km²
Population: 7.482 million (2020) World Bank
Currency: Hong Kong dollar
The entry from New York, the USA's concrete jungle, is next on the list. New York, the only city in North America to enter the top 10, is known as the "land of opportunity," 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 costly to live in. After all, everyone wants a piece of the big apple.
Land area: 783.8 km²
Elevation: 10 m
Population: 8.38 million (2020)
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 places to live in after strolling around one of their immaculate streets and visiting a nearby grocery shop.
Elevation: 375 m
Area: 15.93 km²
Population: 198,979 (2017) United Nations
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 metropolis in search of fame, fortune, or just to live the life that Londoners make out to be so darn lovely. Rent and transportation costs in London are among the most exorbitant in the world.
Area: 1,572 km²
Elevation: 11 m
Population: 8.982 million (2019) Eurostat
Tokyo, the capital of Japan, is another city that has helped Asia overtake Europe as the continent with the highest concentration of costly 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 highest portion of spending, followed closely by vehicle ownership and transportation costs. Those slick, quick bullet trains don't come cheap.
Area: 2,194 km²
Elevation: 40 m
Population: 13.96 million (2021)
Governor: Yuriko Koike
Capital: Shinjuku City
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 center 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.
Area: 52 km²
Age: 113 years
Population: 435,855 (2016) United Nations
Mayor: Ron Huldai
Metro population: 3,854,000
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 boasts 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 sophisticated aura.
Elevation: 408 m
Area: 87.88 km²
Population: 402,762 (2017) United Nations
Shanghai in China is not just one of the most expensive cities in the world, but it is also one of the most densely inhabited. The country's increased rates of inflation, which have been revealed in recent years, together with the Chinese yuan's ongoing strength versus other major currencies, are two factors that contribute to the city's high cost of living.
Area: 6,340 km²
Elevation: 4 m
Population: 26.32 million (2019)
Mayor: Gong Zheng
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 has many of the same characteristics that make it such an expensive place to live. Even though the city is less well-known among expats, 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.
Area: 7,434 km²
Elevation: 21 m
Population: 15.31 million (31 Dec 2019)
Province: Guangdong Province
Metro population: 65,594,622
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 several sizable building firms, all of which generate enormous revenue.
Area: 605.2 km²
Elevation: 38 m
Population: 9.776 million (2017) United Nations
Mayor: Oh Se-hoon