The top 10 most expensive cities around the world, ranked

Marissa Perino

January 15, 2019 10:01 PM

Shutterstock/Arne JW Kolstoe

Sydney, Australia

Singapore reigns as the world's most expensive city for the fifth year in a row, based on a report by The Economist Intelligence Unit.
Seoul also kept its No. 6 ranking for the second consecutive year.
Asia remains the continent with the most expensive cities, closely followed by Europe .
Since last year, European capitals Paris and Copenhagen have both moved up in ranking.

Asian and European cities led the list of most expensive cities around the globe in 2018.

That's according to the Economist Intelligence Unit's annual Worldwide Cost of Living report , which highlightsthe top 10 most expensive cities around the globe. The report uses more than 400 prices across 160 different products and services including food, drink, clothing, and home rents to calculate rankings.

Singapore has consistently held its No. 1 ranking since 2014, when it surpassed Tokyo , which had previously occupied the top spot nearly every year since 1992 .

Several cities, including Tel Aviv and Seoul, have made massive leaps in the list over the last five years.

The report notes that while Asia accounts for many of the world's most expensive cities, it is also home to many of the cheapest cities as well, including Bangalore and New Delhi. Cities such as these tend to remain cheaper when experiencing political or economic disruption.

In past reports , American cities have appeared in the top 10, but New York City and Los Angeles currently top out at No. 13 and No. 14 respectively. According to the report, this is due, in part, to a weakening dollar when compared to other currencies.

Below, you'll find the 10 most expensive cities ranked from least to most expensive, along with their comparison ranking from last year.

See the rest of the story at Business Insider