The wallet-burning cost of living in Sydney is no secret, but this year it has officially trumped even New York and London, according to the Economist.
Sydney ranked the 10th most expensive city in the world in the Economist Intelligence Unit’s (EIU) Worldwide Cost of Living Survey (EIU is the research and analysis division of the Economist Group), surging four places from last year’s 15th spot. Melbourne isn’t too far behind though, it’s been named the 14th priciest place to live, with Brisbane, Adelaide and Perth trailing in 26th, 30th and 46th positions, respectively.
To calculate the ranking, the study compares the prices of more than 160 goods and services across 133 cities around the world. That includes cost of rent, transport, food, clothing, utility bills, recreational costs, private school fees and domestic help.
In top spot is Singapore, crowned the world’s most expensive city for the fifth year running, with Paris and Zurich following closely behind. No US cities made it into the top 10 – but New York and Los Angles are 13th and 14th – and London dropped to 30th following Brexit and the sharp fall of the pound. In fact, the Guardian says the UK capital is the cheapest it’s been for overseas visitors in more than 20 years.
Earlier this year, crowd-sourced city database Numbeo also saw Sydney climb its cost-of-living index, and the Annual Demographia International Housing Affordability Survey awarded it the title of second least-affordable city in the world.
World’s top 10 most expensive cities
1. Singapore, Singapore
2. Paris, France
3. Zurich, Switzerland
4. Hong Kong, Hong Kong
5. Oslo, Norway
6. Geneva, Switzerland
7. Seoul, South Korea
8. Copenhagen, Denmark
9. Tel Aviv, Israel
10. Sydney, Australia