“The city is alive, the city is expanding. Living in the city can be demanding,” so says the Flight of the Conchords song “Inner City Pressure.” And while it may be a comedy song, there is a lot of truth behind those words. Cities all around the world are growing in population and expanding in size, which typically means a cost of living increase is not going to be far behind.
The Economist Intelligence Unit has compiled a list of the ten most demanding cities in the world from a financial standpoint and Singapore has taken the top spot for the third straight year, The Wall Street Journal reports. In order to come up with the list, more than 400 individual prices across 160 products and services were compared.
Due to volatile exchange rates, even though the cost of living in a city like New York didn’t rise that much, the survey shows New York became more expensive because the dollar strengthened, which in turn raises the prices of goods and services relative to other countries.
Two American cities find themselves in the top ten as New York City came in at number seven on the list and Los Angeles was tied for number eight. Chicago, Minneapolis, Washington, D.C., Houston, and San Francisco were all outside of the top ten, but still ranked in the top 35.
A major aspect this survey ignores is the cost of shelter in these given cities, which explains why somewhere like San Francisco isn’t higher up on the list.
For a full look at the most expensive cities in the world, click the link below.