A report from Mercer Consulting, a human resources firm, claims that the cost of living in Asian, African and North American cities has been on a constant rise. In order to determine the most expensive cities in the world the organization conducted the Mercer’s 2013 Cost of Living Survey. It is a collection of statistics from 214 countries spread across five continents. The base city is New York and it examines more than 200 items in each location including food, clothing, housing, transportation and so on. Based on the survey, below is the list of top 10 most expensive cities to live in.
10. Sydney, Australia:
Sydney, one of the largest cities in Australia, is also the most expensive. It has been ranked as the tenth most expensive city in the world. The housing costs are the biggest contributors that have pushed Sydney way ahead of the other cities. Owing a two bedroom luxury apartment in Sydney would cost you around $2,551.42 on monthly basis.
9. Bern, Switzerland:
Bern is one of the three cities from Switzerland that made it to the top ten lists of the world’s most expensive cities. The city is best known for its quality of life. The total population of the foreign nationals in the city account for a total of 23.5 percent. The average monthly rent of a two bedroom luxury apartment in Bern would cost around $2,686.51.
8. Zurich, Switzerland:
Hosting a number of banking giants like Credit Suisse and UBS, Zurich has been listed as the eighth most expensive city in the world. The high cost of living is attributed to the ever increasing costs of security, education and tax.
7. Geneva, Switzerland:
Geneva has been ranked number seventh this time as the most expensive city in the world by Mercer. Here the average monthly rent for a luxury two bedroom apartment has gone up to nearly $300 from the previous year to $4,800. Geneva hosts the world’s most expensive private schools and is best known for its quality education system that further increases the cost of living.
6. Hong Kong, Hong Kong:
The most substantial increase in the cost of living in Hong Kong has been in the renting property. You can expect the average monthly rent for a two bedroom luxury apartment hiked to about $7,100 from $1,300. Hong Kong is one of the most densely populated cities in the world and therefore people are facing limited housing supply. The average housing prices have risen to over 93 percent ever since 2006.
5. Singapore, Singapore:
Singapore is the city that has been continuously moving up in the Mercer’s most expensive cities list. It is gaining worldwide attention for its increasing property prices and rent rates as compared to the rest of Southeast Asia. Singapore is also one of the most expensive places to own a car. Here the permit to own a new car costs somewhere $46,000 to $67,000.
4. N’ Djamena, Chad:
The capital and economic centre of Chad, N’Djamena is listed fourth amongst the top ten most expensive cities in the world. It is extremely difficult to find a safe and suitable accommodation for simple living in N’Djamena. This makes the few available places extremely expensive, increasing the cost of living. Also the big companies have to take into account the personal safety of their employees because of the high rates of violent activities in the city.
3. Tokyo, Japan:
Tokyo, the world’s most expensive city in 2012, ranked third this year. Here the cost of living and renting property is relatively same compared to the previous years. At the same time the cost of other goods such as a cup of coffee, fast food meals and fuel has gone up.
2. Moscow, Russia:
The Russian capital is ranked as the second most expensive city in the world. Moscow stands second in the list primarily because of the high rental properties in the centre of the city. Owning a two bedroom luxury apartment in Moscow, would cost on an average about $4,600.
1. Luanda, Angola:
The African city of Luanda has been declared as the most expensive city in the world. This city has topped the list for the second time in three years. It is the capital of Angola (the second largest oil producer in the world). Angola is indeed emerging as a political and economical powerhouse. High taxes accompanied with heavy import duties and monopolized supply chains that are linked to the powerful political elites; rise up the prices of goods and services to extreme levels. The high cost of living in Luanda is again because of the high renting property. The cost of owning a two bedroom luxury apartment in Luanda is about $6,500.