Living in big cities can be great if you have the money to support the lifestyle and the opportunities that these cities offer. Here are some of the most expensive cities in the world – consider yourself lucky if you can afford to live in one of these.
5. Hong Kong
8. New York
With over 13 million people, Tokyo is the most densely populated city in the world and also the most expensive. Real estate prices in Tokyo are close to $10,000 per square meter and those outside the city are around $5,700 per square meter. A three bedroom house in the city can command $2,500 as rent.
Even outside the city, you may have to pay as much as $1,700 rent for an average apartment. The cost per month for utilities is about $160 for a small family. Eating out and traveling in the city are also expensive affairs.
The second city on the list is also from Japan. With several tourist sights located in the city, Osaka has one of the most expensive transportation costs. Many international companies like Mitsubishi, Sharp, Sanyo and Panasonic have their headquarters, making salaries in Osaka among the highest in the world.
Owning and renting property is expensive in this city. The rent for a three bedroom apartment in the city is around $2,400, while that outside the city is about $2,000. Monthly utilities bill in Osaka could cost you around $190.
Moscow is one of the most expensive cities in the world owing to the expensive housing costs within the city and the presence of some of the richest people in the world. As the capital of Russia, Moscow contributes about 25% of country’s domestic oil revenue. Sports activities, shopping and recreation are very expensive in Moscow.
To get a luxurious two bedroom unfurnished apartment for rent here, you may have to pay as much as $4,500 every month. You would pay around $250 per month towards utilities and $500 for family food expenses. At $9 a cup, even having a good coffee in Moscow will pinch an average person.
Geneva is not only one of the prominent cities in Switzerland, but can also be considered a truly global destination. It is recognized as an international centre for diplomacy and a vital global co-operation arena. Geneva is home to several international organizations, including many United Nations agencies and the International Olympic Committee.
Geneva is the second most crowded city in Switzerland and has a very high per capita income. In Geneva, the rent for a good three bedroom apartment starts at about $3,000. A family’s food expenses could be around $1,200. At $800, health insurance is expensive as well. The average monthly expenses for a college-going student will be in the range of $1,500 to $1,800.
With a population of around 7 million and an area of 1100 square kilometers, Hong Kong understandably has very expensive housing. At about $1,500, you can find a one bedroom apartment for rent within the city and for one outside the city you’ll have to pay about $900.
Buying an apartment close to the city centre could cost you about $12,300 per square meter, while that outside the city would be approximately $5,500 per square meter. Gas prices can be as high as $7 per gallon, while a meal for two at a mid range restaurant could cost you about $55.
The financial hub of Switzerland, the city of Zurich, has been adopted by many millionaires due to its low tax rates. However, despite the low tax, the city remains one of the most expensive in the world. A rental apartment outside Zurich could cost around $1,500, while the utilities bill may be in the vicinity of $200 per family.
A family’s food expenses could be as much as $800. Gas prices are high in Zurich at about $7 a gallon. In 2008, Zurich was recognized as the richest city in Europe and one offering the best quality of life.
At the start of the 15th century, Copenhagen became the capital of Denmark and since then the city has grown to become the regional hub of business, media, culture and science. Copenhagen offers a very high standard of living and it is also one of the most environment friendly cities in the world.
Owing to huge investments made in the city at the beginning of the millennium, Copenhagen has become a powerful urban and cultural development centre, but it has also become one of the most expensive cities that you can live in. A home in Copenhagen will cost you about $4,600 per square meter.
The median rent for a three bedroom apartment in the city is $2,000 while that outside the city is $1,600. Average monthly utilities bill including an internet connection in a rented apartment is $180.
The Big Apple is easily the most expensive city in the United States. At a price of $15,000 per square meter, owning a home in New York City can be an expensive affair. While a three bedroom apartment within the city could cost you as much as $4,500 in rent, the same outside the city could come at $2,400 a month.
New York is not only a major financial and cultural hub, it is also the preferred home location for many of the richest people in the world. Monthly utilities bill in the city is typically $230. You can expect to be charged over $60 for a meal for two in a mid range restaurant.
Beijing, the capital of China is the next most expensive city in the world. The average rental cost of apartments in downtown Beijing starts from $1,400. Even though the rental costs include utility charges, it still makes Beijing a very expensive city. The price per square meter for an apartment within the city is around $3,400, while that outside the city is $2,400.
Beijing is becoming widely recognized for its pioneering entrepreneurs and a booming industry. Among both residents and tourists, Beijing is known for the very high prices of even basic services.
Singapore is spread over an area of over 700 square kilometers. This town country is situated on an island and one of the most active waterways – linking Africa, South Asia and Europe with East Asia – surrounds the island. Singapore is extremely business friendly, which makes it a popular base for several international companies.
It’s flourishing economy, combined with a lack of space for expansion, makes it an expensive place to live in. In the suburban area, the rent for a one bedroom apartment starts at $1,800. The monthly utility charges are typically around $130.
Besides these top 10 most expensive cities, several others come close, like London and Paris. The list is bound to change, with different economies moving at different pace, but cities like Tokyo and New York are likely to stay among the top for a long time.