More people are travelling than ever before, and the world isn’t short of one-of-a-kind regions.
Finding your ideal city can be a challenge, given the barriers of culture and language, but we’ve got you covered. With luxury lifestyles tending to flock together, it's no surprise that some places have a higher concentration of wealth than others. For this reason, we'll take a look at some of the other most expensive cities in the world. You will be awestruck by each of their scenic beauty, culinary diversity, and epic history. Who knows? You may just find your next home or travel destination!
What Are Some Common Features of The Most Expensive Cities In The World?
The most expensive cities in the world offer plenty of business and leisure opportunities for residents. A common feature is the popularity of designer fashion. The likes of New York and Paris are renowned for their amazing shopping complexes and referred to as shopping havens.
These beautiful cities are kept cleaner than the least expensive cities in the world, and operate at a fast pace. These regions are often heaving with travelers attracted every year to observe their major attractions. Because of the masses of people, public transport is more accessible and reliable to help reduce pollution.
Unsurprisingly, these cities boast luxury houses, and it’s not unexpected to find mansions, villas, and estates with gated entrances. As such, you’ll find the most successful business people in the world residing in these locales.
People Living In The Most Expensive Cities In The World
You’re likely wondering about the people in the most expensive cities in the world. France is high up in the list, and is predicted to have around 72 million visitors there by 2050. The majority of its population are males in their 40s. France is a low religious country, and slightly more than half of its population identify as Christian, and under one percent are Jewish.
Another expensive city is Sydney, and it’s predicted it’ll have seven million residents by 2060. It is widely recognized as one of the most diverse and multicultural cities in the world. The largest country of origin for Sydney residents is the United Kingdom, then closely followed by China. It is a largely a Christian dominated city, although around 17 percent reported that they had no religion.
All of these beautiful cities are unique and boast different qualities, but there’s a clear correlation in the diversity of their residents. The majority of the population are child-less adults.
Why Are Some Cities Expensive and Others Not?
The cost of living is dramatically different in Zurich, compared to Dubai. The theories to this question aren’t straight-forward, though some business economists have come to a few conclusions.
One theory is called the ‘Nanny Effect’. This essentially refers to the location of a business’s clientele. For example, if you trade with companies abroad, your cost of living might be completely different to theirs – just based off of cultural differences. So, if you sell a diamond bar for $100, the co-operating company might sell it for $1000 which creates a huge difference in both country’s approach to money.
It’s also important to consider the size of each city. If one city is small, business, trading and employment will become more local, whereas larger cities often trade with outside sources. This can then affect incomes, so when incomes are low, average price levels are low. Incomes can go from low to high depending on workers’ productivity and the type of trade they’re in. As income and investment flows into a country, incomes rise which creates a snowball effect of all products and services. As an example, houses become more expensive.
Most Expensive Cities In The World
Travelling is good for the soul. You engage is so many different cultures and make memories for life. Let’s take a look at the most expensive cities to reside in and visit, and what makes them so special.
Singapore is an island city-state off southern Malaysia with a multicultural population and tropical climate.
It tops the list as the world’s most expensive tourist spot, despite 5.6 million people residing there. If you’re thinking of buying a car to save money, think again. An entry-level Suzuki Swift will set you back $70,000. Consequently, residents use taxis and trains to get around, spending around $178 a month on travel. Groceries, drink and clothes are a few components which make Singapore expensive, because there are the options for Burberry coats, fine dining and extravagant cocktail bars.
Three-bedroom apartments in River Valley start at around $2,850 a month, but more than 80 percent of Singaporeans live in subsidized public housing blocks. The average salary is $58,219 and popular occupations lie in marketing, accounting and software engineering.
There are plenty of amazing reasons to visit this city. One major attraction is the city’s cleanliness and litter-free environment. Singapore has an extensive array of restaurants at different price points. The Michelin guide-rates are a great starting point if you’re unsure of where to visit. But, you must try modern Singaporean food from local chefs.
Another reason to visit is the Gardens by the Bay. It’s a collection of giant metal vertical gardens covered in thousands of wonderful species of flora and fauna. It’s a friendly and futuristic place to visit with even more beautiful sightings at night.
2. Paris, France
Paris, France’s capital, is a 19th-century cityscape renowned for its global centre for fashion, art and culture. Thus, it is also one of the most expensive cities in the world.
The average utility bill is $115 a month, and the average monthly rent is $3,000. If you like electronics, such as iPads, iPhones, televisions and more, then they’ll set you back quite a bit. Electronics are one of the most expensive things to purchase from France, as well as makeup and beverages – such as a simple coffee from Starbucks. On average, beauty cosmetics cost 30 percent more than in New York. A Volkswagen Golf will cost around £28,000.
The average salary is $30,000 which is plenty to live comfortably just outside of the city. On the other hand, there is a considerable wage gap between the rich and the poor. Typically, at the age of 15, a French person will begin work, and retire around 64. Residents work long hours, with men typically working longer than women.
Don’t let money stop you, as there’s a plethora of things to see and do in Paris. It’s the world’s most romantic city. There are many romantic ventures to partake, such as walking across the river and over the bridges, or sightseeing the spires of Notre Dame. There are also world-famous museums and monuments with infamous works such as Mona Lisa. Gain some insight and inspiration from the city, and snap a shot of the Eiffel Tower.
3. Sydney, Australia
Sydney is one of Australia’s largest cities and the capital of New South Wales. It’s best known for the Sydney Opera House, and Sydney Tower’s outdoor platform, which offers 360-degree views of the city's suburbs.
A furnished studio will set you back just over $2,000 a month and a two-litre bottle of Coca-Cola can cost nearly $3. Labour costs and high taxes are responsible for the high prices of food and drink, but there are cheaper places to visit if you’re on a budget. Beer, wine and spirits are pricey as most are imported.
Major tourist attracts can be expensive, especially theatre tickets. Private health care continues to rise as the population and life expectancy continues to increase. Technology is nearly double the price of the United States, and many imply that this has increases pirate software, music and movies.
You can easily explore Sydney by foot and see many of its glorious beaches and tourist attractions without spending a cent. Observe magical views from cliff tops and see the ocean and beyond from Spit Bridge. After four hours of walking the full route, reward yourself with an infamous Sydney cocktail. Head to Camden Valley to witness commercial balloon flights. Fly as early as 4am and witness a spectacular sunset view and long shades of the countryside below. It’s absolutely beautiful and the best view you’ll get of Sydney.
4. Hong Kong
Hong Kong is another of the most expensive cities in the world and lies in south-eastern China. The business district features architectural landmarks and has made it a major shopping destination of the world.
The city was once fairly-priced to visit and reside in, but that is no longer the case. Furnished accommodations will cost you around $3,800 a month, and an average microwave will cost over $100. The prices soared after the government held a restriction on new properties being built, leaving prices to then sky rocket. There are a large portion of wealthy people living in Hong Kong, which has impacted the cost of living significantly, as they can afford to spend more.
Hong Kong has the finest restaurants, shopping malls and stunning views. Did you know you can ride a glass-bottom gondola on your way to the Big Buddha? On the way, you’ll experience stunning views of the Lantau Island’s natural beauty. If you’d like to hear your fortune told, head down to Temple Street Night Market. Here, you can rummage through the latest electronic gadgets, replica paintings, watches and everything in-between – all for a brilliant price.
5. Geneva, Switzerland
Geneva is a city in Switzerland that lies at the southern tip of Lake Geneva. The city offers dramatic views of Mont blanc, as well as the Alps and Jura mountains. Despite it's serene beauty, Geneva is also one of the most expensive cities in the world.
It’s not unordinary to spend $30 on a sandwich, and the monthly rent is nearly $3,000, on average. The average salary is nearly $100,000 which compared to the cost of living, is exceptionally reasonable. To survive comfortably, it’s recommended that the average family of four brings home $7,000 a month between them. Food shopping is expensive to cover the high salaries and heavy-duty costs for imported foods.
With so much beauty surrounding you all day, every day, there are plenty of things to do in Geneva. Take time out to explore Geneva’s Old Town with independent boutiques and pretty architectures. Wander along the promenade for beautiful views of the Bastions park below and mountain range in the distance. The amazing International Red Cross and Red Crescent Museum is unmissable and an iconic place to visit. Combine this with a guided tour of the Palais des Nations for an unforgettable history experience.
6. Oslo, Norway
Oslo is the capital of Norway and sits on the southern coast of Oslofjord. The city is infamous for its open green spaces, museums and ski-jumping hills.
Unsurprisingly, it’s one of the richest countries in the world, and thereby one of the most expensive cities in the world. A single person would need around $1,700 a month to live comfortably, and that doesn’t factor in rent. For a comfortable apartment in a respected area, you’d need $2,600 a month, of which would be fully furnished. The average cost of living shows that nearly 30 percent of salaries are spent on markets, then rent and enjoying lavish restaurants.
Oslo is an incredible city with heaps of natural beauty. Visiting the Oslo Opera House is a must. It’s the world’s only opera house where you can walk up onto the roof. Rising out of the water and with a roof which stretches as far as the eye can see, you’ll experience wonderful views over Oslofjord. The Viking Shop Museum is popular amongst tourists, and you won’t be disappointed. The Oseberg ship dates back to the early 1800’s and was a grave for the Viking Queen. There are plenty of war ships to see too which have been well preserved.
Where Is On Your Bucket List?
We hope you enjoyed our list of the most expensive cities in the world, and one day get the chance to visit them all. With the cost of living rising due to unforeseen circumstances, this list could change in the next 10 years. Knowing where the most expensive cities in the world are can help you prepare and research your finances accordingly.
Where is some place you’d love to visit in your lifetime? Let us know in the comments.