The World's Most Expensive Cities to Live In

Updated on July 20, 2022 15:26 PM by admin

Taipei, Taiwan

Taiwan's capital city is no longer an affordable tourist destination or place for foreigners to live. The Shilin Night Market in particular is renowned for having outstanding food. There is a large selection of more than 500 vendors.

It is a thriving business center because it is also home to a sizable number of tech enterprises. The most recent statistics show that Taipei is quickly moving up in the cost of living rankings.

Oslo, Norway

Despite not being the no.1 expensive city, Oslo is nonetheless one of the most expensive. In addition to the specific alcohol tax, the high 25 % VAT drives up the cost of general goods. An additional factor is high labor costs.

Because it contains productive workers who can be employed for work that quickly creates a large number of valuable products. In Norway, wages are paid hourly at high rates. The majority of goods and services in Norway need the use of labor, hence labor costs are high.

Copenhagen, Denmark

Copenhagen is a city that many people would love to call home, with buildings that line the water and with architecture that belongs in a fairy tale. However, it is challenging due to its high taxes and pricing.

The price of consumer products in Denmark increased by 37 percent alone between 2018 and 2019. The most populated city in Denmark has one of the highest cost of living rankings in all of Europe.

Nagoya, Japan

In addition to having a stunning skyline, Nagoya is well recognized for its automobile sector. There are manufacturers here for household companies like Toyota and Mitsubishi, which raises the cost of living.

Bern, Switzerland

With a median rent of $2,200 for a large flat, Bern provides a charming, little town feels with a big city pricing. Many people find the city's stunning fountains and old structures to be worthwhile. It now has a higher cost of living than many of the major European cities.

Switzerland boasts extremely high incomes to cover all of these costs, even though living prices are still high compared to other European nations.

Jerusalem, Israel

Jerusalem is regarded as an extremely expensive city, almost on par with Tel Aviv, due to its popularity as a tourist destination, its diversity of religious affiliations, and, of course, the fact that it serves as the capital of Israel.

Many tourists quickly find that Jerusalem's overall travel costs are undoubtedly on the high side due to European standards of living and the abundance of imported foodstuffs and commodities.

The Israeli shekel has increased in value against the US dollar over the past ten years, making it one of the world's strongest currencies and Israel one of the most expensive places to live.

Beijing, China

In the last ten years, two million additional residents have migrated to Beijing; that is a sizable population with housing needs. The high cost of living and the fact that the rent for a one-bedroom apartment has increased from about $360 to $700 in just ten years can be largely attributed to the population.

Beijing, along with Shanghai, has one of the highest costs of living in the nation despite being China's cultural and political hub.

Singapore

A lot of people have Singapore on their bucket list because of Marina Bay and Singapore Changi Airport. The land is scarce, though, which raises prices for a resident. It costs about $1.5 million to rent a private condo in the region.

Since land is valuable, it’s usually prioritized for higher GDP activities. In addition to education, healthcare also contributes to human capital. Therefore, to ensure that its citizens remain healthy and thus enhance total production, the government spends billions each year on healthcare.

Shenzhen, China

The younger generation in China, with an average age of 32.1 years, favors Shenzhen. Here, the cost of rent and food is very high, but at least the cost of utilities is low! Shenzhen has higher prices for food and drinks at restaurants and bars when compared to other Chinese cities.

If you buy mostly Chinese ingredients and locally grown food, cooking meals in Shenzhen will be very affordable. Imported goods would cost more.

San Francisco, U.S

The Tanner family from Full House would have a significant mortgage in real life. The average price of a home in San Francisco rose by 10% from the beginning of 2021 to about $1.5 million.

Real estate in San Francisco has tripled in price over the last five years, and some even equate the rent to that of Manhattan. How did San Francisco, the most expensive city in the nation, become as expensive as the Big Apple? The median rent is about $3,500 per month.

Seoul, South Korea

There is no getting around the fact that South Korea is costly. Seoul, the nation's capital, consistently ranks as one of the most expensive cities in the world to live in. Seoul is a genuinely unique place because of its centers of culture and the arts, not to mention its five palaces. Unfortunately, the cost of living is approximately $1,400.

Seoul frequently ranks in the world's top 10 most expensive cities due to high housing costs and security deposit requirements. Besides that agricultural land is also scarce the prices of fruits and vegetables are generally very high.

Guangzhou, China

The largest and most established trade show in China is the Canton Fair in Guangzhou. Furthermore, 120 of the world's top 500 corporations have established headquarters in the megacity, representing a staggering 60% of all investments made worldwide.

Shanghai, China

Shanghai, one of China's largest cities, delivers dynamism. However, due to a large number of residents and workers—many of whom are billionaires—the neighbourhood has some of the highest costs.

Due to the large number of extremely wealthy residents who now reside there, Shanghai is the most expensive city in the world. This week's Forbes billionaire rankings show a sharp rise for Shanghai. After ranking 18 last year, it now has the sixth-highest concentration of billionaires in the entire globe.

Zurich, Switzerland

It is clear from one glance at stunning Zürich why it serves as Switzerland's financial center. The expense of living isn't quite as exciting, even though working here may provide you with a front-row ticket to one of the largest stock exchanges in the world and hefty wages to go with it. Here, prices are higher than they are in many other regions of the world for everything from meals to health clubs.

Tel Aviv, Israel

Tel Aviv has it all, including breathtaking beaches, buzzing nightlife, and renowned dining. Prices are relatively expensive since the shekel, the country's currency is strong against the dollar.

Tokyo, Japan

The fact that the government is headquartered in Tokyo and that Big Business is cozy with the politicians and bureaucrats is one of the main causes of the city's exorbitant prices. Therefore, if Big Business is situated there, everyone wants to reside there because it has the best jobs.

London, U.K.

The cost of living in London is among the highest in the world. The recent sharp increase in rental prices is largely to blame for this. The majority of restaurants, bars, clubs, theatres, movies, taxis, and the London Underground all have rather high prices.

Be prepared to spend a lot of money if you ever intend to start a business in London, or even just buy a home. Because of the high demand and limited availability, retailers frequently raise their prices to meet their rent.

Geneva, Switzerland

The Jet d'Eau, the tallest water fountain in the world, is what makes this city famous. Lake Geneva, many opulent coffee shops, and endless shopping areas are also nearby. As a result, expect to pay exorbitant prices for housing, food, and transportation.

New York, U.S

New York City will put a severe dent in your wallet, whether you're purchasing a cappuccino or a Broadway ticket. Depending on the neighborhood, the average rent in the City That Never Sleeps might be as high as $4,500 per month for a one-bedroom apartment.

Hong Kong

Hong Kong's high cost of living can be attributed to one factor: population. Rent must be sky high in a metropolis where more than 7 million people reside. However, the city makes up for its lack of affordable housing with an abundance of markets, vibrant nightlife, and tourist destinations like Hong Kong Disneyland.