10 most expensive global cities

Toronto and Vancouver are the most expensive Canadian cities to live in--and among the priciest in North America. But where do they rank against their global competition?

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1. Of the 50 most expensive cities, 24 are in Western Europe and 14 are in Asia. Here are the 10 costliest, according to the Worldwide Cost of Living (WCOL) Survey, conducted by the Economic Intelligence Unit. Click on for No. 10 on the list.

2. Methodology

   More than 50,000 individual prices are collected in each survey, conducted each March and September and published in June and December. EIU researchers survey a range of stores: supermarkets, midpriced stores and higher priced specialty outlets. Prices reflect costs for more than 160 items in each city. These are not recommended retail prices or manufacturers’ costs; they are what the paying customer is charged.

   Prices gathered are then converted into a central currency (US dollars) using a prevailing exchange rate and weighted in order to achieve comparative indices. The cost-of-living index uses an identical set of weights that is internationally based and not geared toward the spending pattern of any specific nationality. Items are individually weighted across a range of categories and a comparative index is product using the relative difference by weighted item.

   The survey itself is a purpose-built internet tool designed to calculate cost-of-living allowances and build compensation packages for expatriates and business travellers. The survey incorporates easy-to-understand comparative cost of living indices between cities. The survey allows for city to city comparisons, but for the purpose of this report all cities are compared to a base city of New York, which has an index set at 100. The survey has been carried out for more than 30 years.

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3. 10. Frankfurt, Germany

   The German city of Frankfurt is the world's tenth most expensive city to live in, according to the latest Worldwide Cost of Living Survey (WCOL) conducted by the Economic Intelligence Unit. Frankfurt has a score of 137 on the index.

4. 9. Singapore

   Singapore’s presence in the top ten highlights a shift away from Western Europe towards Asian hubs. Cities from the Asia Pacific region (including Australasia) now make up half the ten most expensive. Singapore, with an Index score of 142 points, is the world’s ninth most-expensive city to live in.

5. 8. Melbourne, Australia

   With a score of 145, Melbourne is ranked at No.8.

6. 7. Sydney, Australia

   Local inflation in mature markets always has far less influence on the relative cost of living than the currency movements of the countries in question. This also explains the recent presence of Australian cities like Sydney (Score: 147/ Rank: 7) and Melbourne (Score: 145/ Rank: 8) in the ten most expensive locations as last year saw the Australian dollar pass parity with the US dollar from holding half that value a decade ago.less 

7. 6. Paris, France

   Paris (Index score 150) is the world’s sixth most expensive city to live in, according to the EIU survey. The Worldwide Cost of Living is a bi-annual (twice yearly) Economist Intelligence Unit survey that compares more than 400 individual prices across 160 products and services. They include food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.less 

8. 5. Oslo, Norway

   As well as currency movement, structural factors maintain the high cost of living in many of the top cities. Despite Eurozone weaknesses affecting markets like Greece, Ireland, Portugal, Spain and Italy, evidence is that German and French cities are still relatively expensive with Paris and Frankfurt holding firm in the ten most expensive. Oslo (Index score 156), which was considered the world’s most expensive city only a few years ago, sits at No. 5 in the ranking.less 

9. T3. Osaka, Japan

   Both Japan (Osaka Kobe – pictured left) and Switzerland have seen strong currency movements over the last few years which year, where investors looking for a haven currency outside the beleaguered Eurozone have invested heavily in the Swiss Franc, prompting an unprecedented move by the Swiss government to peg the Swiss Franc to the Euro to keep the currency competitive.

10. T3. Geneva, Switzerland

    Geneva (pictured), the other Swiss city surveyed saw a 30 percentage point rise in the cost of living to move up six places into joint third alongside Osaka Kobe. Both have scored 157 on the Index.

11. 2. Tokyo, Japan

    Tokyo remained in second place in the WCOL survey.

    The survey allows for city to city comparisons, but for the purpose of this report all cities are compared to a base city of New York, which has an index set at 100.

    Zurich had a score of 170 points on the index, while Tokyo had 166 points.

12. 1. Zurich, Switzerland

    For the first time in at least two decades of reporting the worldwide cost of living survey Zurich sits atop the ranking as the world’s most expensive city. An index swing of 34 percentage points pushed the Swiss city up 4 places compared to last year. European cities dominate the top rankings in the latest Worldwide Cost of Living (WCOL) Survey conducted by the prestigious Economic Intelligence Unit (EIU).

1. Photo By Moyan BrennWed, 9 Jan, 2013 9:00 AM EST