If you are planning to relocate and you are thinking that you can afford to live in a city where the cost living is beyond that of an ordinary man’s reach, then you will be glad you know that a recent survey showed that top 10 most expensive cities in the world to live in. In the result posted recently, Asia and Europe top the list of having the most cities where the costs of living are simply way beyond the means of ordinary citizens.
On the top of the list is:
1. Tokyo, Japan
2. Osaka, Japan
3. Sydney, Australia
4. Oslo, Norway
5. Melbourne, Australia.
6. Singapore ( Asia)
7. Zurich, Switzerland
8. Paris, France
9. Caracas, Venezuela
10. Geneva, Switzerland
Europe is undoubtedly well represented in the list, but it can be noticed that Asia is gaining quickly. Australian cities on the other hand are also penetrating the list, and this is a little surprising since ten years ago, none of them even made it to the top 50. What is missing on the list is a single North American city; the complete result actually shows that none from this continent even made it to the top 20.
At the number one spot, Tokyo in Japan actually just resumed its top position and this is despite a weaker yen, the Japanese deflation and growing worldwide prices. Tokyo took the number one slot from Zurich, Switzerland that dropped to number 7 this year.
So what made Tokyo take the lead again and Osaka following suit? Maybe it has something to do with the rise in wage growth and high economic enthusiasm. Add the fact that the Japanese capital had high real estate rents and costs as well as soaring wages fueling costs.
Real estate rates in Tokyo, Japan are close to $10,000/square meter and outside the city than rates go around at $5,700/square meter. If you are thinking of renting a 3-bedroom house in Tokyo, you may have to pay a whooping $2,500 rent. An average apartment outside the city can cost around $1,700 and monthly utility bills can go as much as $160 for a small household. Traveling around the city and eating out can also be highly expensive affairs.
Osaka on the other hand, has one of the priciest transportation costs in the world and this is because of the numerous popular tourist sights found here. Wages are also way high in Osaka and this is because it is the headquarters of top companies in the world like, Mitsubishi, Sharp, Panasonic and Sanyo.
Another Asian city, Singapore, made it to top 10, as number 6 coming up 3 places from its previous ranking. The city’s CPI or Consumer Price Index inflation last year registered at 4.6 percent and at the same time there was also currency appreciation that time. Together, those aspects made the State-City a more expensive city to live in.
Singapore is simply has a promising and flourishing economy. It may be small and there is lack of space for expansion but the fact that it can stay competitive economically only proves that it is certainly a costly place to live in. A single bedroom apartment in the suburban Singapore can cost $1,800 and up with monthly utility bills normally as high as $130.
The cost of living in Australia has surged Sydney and Melbourne into great positions at the top 5 most expensive cities to live in. The two cities have outstripped most European cities. The rise of these cities is highly attributed to the country’s currency and inflation swings. The strength that the Australian dollars have demonstrated over the US and other currencies combined with inflation being supported by economic growth made it really costly to live in these cities. Australians and visitors are certainly feeling the changes with the prices rising way beyond their expectations.
The Australian cities rise was certainly unprecedented as no other cities have managed to make this kind of climb before. And to think that a decade ago, there was no Australian city in the top 50 of the world’s most expensive cities.
European cities have always been on the top positions when it comes to the world’s most expensive cities to live in. This year though, they are taking the back seat for Asian and Australian cities. Paris, Zurich and Oslo used to claim the No.1 spot at one time or another, with Zurich having the crown last year.
The low tax rates in Zurich should make it a least expensive place to live, but sadly low tax was the main reason why many international millionaires have decided to relocate here. And because of that cost of living in this city has soared up high, but certain factors caused it to fall from the top place to number 7. But Zurich is still the richest city in Europe and when it comes to high quality of living it still takes the top position in the continent.
Another amazing rise in the list was made by Caracas in Venezuela. This South American city jumped up from number 25 to number 9, which made it the most expensive city to live in across the Americas. The obvious reason this rise in position for Caracas is the country’s fixed exchange rates versus the US dollar and the rise to price volatility.
Living in these cities can be really great if you have the resources to support the opportunities and the lifestyle that they have to offer. So, do you have what it takes to live in one of these cities? You can really consider yourself very lucky if you can easily afford to live in one of these cities.