The most expensive cities in the world are constantly changing. Some of them rise to the top while others fall off. This is due to inflation, exchange rates, and political instability, which affect living costs around the world. With that said, we present you with a list of the 10 most expensive cities in the world according to an annual survey by the Economist magazine published on December 01, 2021.
The Most Expensive Cities in the World in 2021
1. Tel Aviv, Israel
The coastal Israeli city of Tel Aviv has become the most expensive in a poll by "The Economist" to rank 173 cities. The COVID-19 pandemic caused production and trade problems in the country. Moreover, supply chain measures continue to affect trade here, with prices jumping rapidly as well.
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2. Paris (Tie), France,
Paris has been one of the most expensive cities in Europe for many years, even it was topped in last year's survey. But this year it is in second place. As Paris is a tourist spot, having a high living cost is a normal thing. The monthly rent for a 900 sqft furnished apartment will cost €2,921 in an expensive area, while it is €2,289 in the normal area.
3. Singapore (Tie)
Singapore is tied with Paris in terms of living standards. However, we all know that Singapore, a small country, is a financial hub in South East Asia. It's not just its wealth that makes Singapore a financial hub in Southeast Asia but also the country's laws. For example, anyone caught using an unsecured wireless network can be fined up to €10K. The monthly rent for a 900 sqft furnished apartment will cost SGD $4,753 (€3,060) in an expensive area, while it is SGD $2,969 (€1,912) in the normal area.
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4. Zurich, Switzerland
Although the living cost is high all over Switzerland, Zurich is particularly excessive. Over the recent years, the Rents have skyrocketed due to immigration, and the city is fully packed as there are very few vacant apartments. As per official statistics, the average rent in Zurich is around €400 ($450) per square meter.
5. Hong Kong
Hong Kong, the former British colony, is now one of China's special administrative zones. Due to the increased rents, it has made the list of the most expensive cities. The Hong Kong metro is one of the most densely populated cities in the world. Tiny rooms in a skyscraper will cost €2,000 (about $2,260) per month.
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6. New York City, New York
New York City has always been known as one of the most expensive cities in America. Now, it is not only the most expensive city in America but also sixth on top of all other cities around the world. However, it is rare to find residents who were actually born in New York. Today even well-paid financial analysts struggle with trying to afford an affordable apartment near central Manhattan for themselves and their families.
7. Geneva, Switzerland
With most of the international organizations headquartered in Geneva, it is one of the most expensive cities in the world and second in Switzerland after Zurich. You can measure the living cost by the price of a normal club sandwich. There has been a rumor that the cost of a normal club sandwich is more in Geneva than in any other place in the world. Well, it costs 30 CHF (around €28/ $32).
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8. Copenhagen, Denmark
Life in the Danish capital is not only expensive, but it's also far from cheap. The food here costs 40% more than most other European cities, and there are lots of higher-than-average alcohol prices too! But despite these price hikes, people still want to live there, especially the students who seek education at one of Europe's best universities.
9. Los Angeles, California
Los Angeles is the city of the Stars. This mega-city in California, home to some of Hollywood's most famous actors and filmmakers, as well as hopeful creatives from around the world. Further, this is an attractive place for filmmakers, actors as well as wannabes from different parts of the world. Hence, a price hike is expected.
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10. Osaka, Japan
Alongside the capital Tokyo, Osaka is another main financial hub in Japan. Rent per square meter is higher than in other parts of the country, perhaps in the world. Further, the cost of daily needs is also higher. So, visitors planning to go there should make a plan with a generous budget.
Final Words
The cost of living in a city is closely related to the average salary that can be earned there, and for this reason, some cities are more expensive than others. These 10 most expensive cities in the world in 2021 may offer you a high income but also have high prices when it comes to housing, food, clothing, and other necessities.
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