New York? Moscow? London? All cities have a thing in common: They are hugely expensive. But no one of them actually ranks as Top 10 World’s most expensive city in the world. No, that designation is actually reserved for city all-too-familiar with a peak of annual global Cost of Living Survey, published by EIU or otherwise known as the Economist Intelligence Unit. In fact, this No. 1 has held down the title of the most pricey city since 1992 nearly every year. Aside from the present title holder, only Paris, Zurich and Oslo have worn championship belts in the last 2 decades. No. 1 in last year, Zurich, ascended to the throne of the most pricey city in the world thanks to currency fluctuations. But as EIU or Economist Intelligence Unit explains, efforts to weaken Swiss franc helped Geneva and Zurich experience sharpest drops in rankings, with Zurich dropping from No. 1 to No. 7 & Geneva falling from No. three to No. 10. CNN emphasizes that strong local currencies powered Melbourne and Sydney toward the top of the list, each growing four places from their spots of 2012.
“Ten years ago there were no cities of Australia in top 50,” Jon Copestake, editor of the index, told Guardian. “But economic growth has help inflation and strength of the dollar of Australia against other currencies besides U.S. $ has driven up costs. Visitors would certainly feel difference & people living there’ll have noticed prices have moved stealthily up.” In the region of sharp contrasts, Australia and Asia account for 11 of 20 most pricey cities, but also six of 10 cheapest. Karachi, Pakistan & Mumbai, India tie for cheapest cities considered. Other surprises: no U.S. city ranks in top 20, and Venezuela’s city Caracas, ranks as most expensive in Americas — but Venezuela could thank inflation and fixed exchange rate of bolívar to U.S. dollar for Caracas’ unnaturally high ranking. What determines the most expensive city in the world? The EIU or Economic Intelligence Unit explains that its bi-annual list takes in account “Four hundred individual prices across 160 services and products,” including “food, clothing, drink, household supplies & personal care items, transport, home rents, utility bills, domestic help, private schools, and recreational costs.” All cities are actually compared to New York as a base, with an index of big apple set at 100. In the interest of fairness, the methodology makes sure apples are compared to apples through the diversity of metrics. The EIU or Economist Intelligence Unit explains: More than fifty thousand individual prices are actually collected in every survey, conducted each September and March and published in December and June. EIU researchers survey a huge range of stores: midpriced stores, supermarkets, and higher-priced specialty outlets. Prices actually reflect costs for more than One hundred and Sixty items in each city. These are not suggested costs of manufacturers or retail prices; they are what paying customers are actually charged. Prices gathered are converted in U.S. dollars (central currency) with the help of a prevailing exchange rate and then weighted so as to achieve comparative indices. The cost-of-living index actually utilizes an identical set of weights that’s internationally-based & not geared toward spending patterns of every specific.
(10) Geneva, Switzerland
Geneva is after Zürich the second most heavily populated city in Switzerland and its the most populous city of Romandy, Switzerland’s French-speaking part. Situated where the Rhône exits Lake Geneva, it is the capital of the Republic & Canton of Geneva. The municipality has a population of more than 194,460, and the canton (which is fundamentally city and its inner-ring suburbs) has more than 474,160 residents. In 2011, compact agglomeration franco-Valdo-genevoise (Grand Genève or Greater Geneva) had more than 914,990 inhabitants in both France and Switzerland. Within Swiss territory, the commuter area named “Métropole lémanique” contains a population of almost 1.25 million. This area is basically spread east from Geneva towards the Riviera area and north-east facing Yverdon-Les-Bains, in neighboring canton of Vaud. Geneva is actually a global and rated10th most expensive city all across the world. Geneva is an international city, a financial center, and a global center for diplomacy due to the presence of many global organizations, including the headquarters of lots of agencies of the United Nations and Red Cross. Geneva is a city that hosts the highest number of global organizations in the world. It is also a place where Geneva Conventions were signed, which mainly concern the treatment of prisoners of war and wartime non-combatants.
(9) Caracas, Venezuela
Caracas officially Santiago de León de Caracas, is the largest and capital city of Venezuela. Caracas is positioned in the northern part of the country, following contours of narrow Caracas Valley on the Venezuelan coastal mountain range known as Cordillera de la Costa. Terrain appropriate for building lies between 2,490 and 2,990 ft (760 and 910 m) above sea level. Valley is close to the Caribbean Sea, separated from the coast by a steep 7,200 ft (2,200 m) high mountain range, Cerro El Ávila; to the south, there’re more mountains and hills. Caracas’s Metropolitan District is actually made up of 5 municipalities: Libertador Municipality which is an only administrative division of Venezuelan Capital District, and 4 other municipalities, which are inside Miranda State: Chacao, Sucre, Baruta and El Hatillo. Libertador holds lots of government buildings and is Capital District (Distrito Capital). Distrito Capital had a population of more than 1,943,900 while that of Caracas’s Metropolitan District was estimated at more than 3,055,000. Businesses that are actually located here comprise service companies, malls, and banks among others. It has widely service-based economy, apart from a few industrial activities in the metropolitan areas. Petróleos de Venezuela (PDVSA) and Caracas Stock Exchange are headquartered here. The PDVSA is the largest company in the whole of Venezuela. Caracas is also the cultural capital of Venezuela, with numerous theaters, restaurants, shopping centers, and museums.
(8) Paris, France
Paris is the most populous and capital city of France. It is positioned on Seine River, in the country’s north, at heart of Île-de-France region. Inside its administrative limits, the city had more than 2,243,830 inhabitants in 2010 while its metropolitan area is the largest population centers in Europe with greater than 12 million inhabitants.
(7) Zurich, Switzerland
Zurich or Zürich is the largest city in Switzerland and the capital of the canton of Zürich. It is positioned in north-central Switzerland at Lake Zürich’s northwestern tip. The municipality has almost 400,028 inhabitants, and Zurich metropolitan area has greater than 1.82 million. Zürich is actually a hub for roads, railways, and air traffic. Both Zürich railway stations and airports are busiest and largest in-country.
Singapore, officially the Republic of Singapore, is actually an island country and sovereign city-state in Southeast Asia. It lies off the southern tip of the Malay Peninsula and is 85 mi (137 kilometers) north of the equator. The territory of the century is consists of the lozenge-shaped main island, usually referred to as Pulau Ujong in Malay and Singapore Island in English, and greater than 60 significantly minor islets. Singapore is separated from Peninsular Malaysia by Straits of Johor to the north and from the Riau Islands of Indonesia by Singapore Strait to the south. The country is highly urbanized and little of original vegetation remains. The territory of the country has consistently expanded with the help of land reclamation.
(5) Melbourne, Australia
Melbourne is the most populous and capital city in the state of Victoria, and 2nd most populous city in Australia. The name “Melbourne” actually refers to a census statistical division (and urban agglomeration area) spanning 3,857.2 sq mi (9,900 km2) that comprises greater metropolis in addition to being the common name for its urban hub, Melbourne City Centre. It’s a leading financial center in Australia in addition to the Asia-Pacific region and has been ranked the most livable city in the world since 2011 (and among the top three since 2002), according to EIU (Economist Intelligence Unit). In 2013 EIU also ranked Melbourne 5th most expensive city in the world. Melbourne is rated highly in areas of entertainment, education, research and development, tourism and sports and healthcare.
Oslo is the most populous city in Norway and also the capital of Norway. Oslo constitutes a municipality and a county. Founded approximately 1000 AD & in 1048 it established as a trading place by King Harald III, the city was elevated to a bishopric in 1070 & a capital under Haakon V approximately 1300. Personal unions with Denmark (a Nordic country) from 1397 to 1523 & again from 1536 to 1814 & with Sweden from 1814 to 1905 compact its influence.
Sydney is the most populous city and the state capital of NSW or New South Wales in Australia. It’s on the south-east coast of Australia, on the Tasman Sea. In June 2010 the greater metropolitan area had greater than 4.75 million people. Sydneysiders are the common name for Inhabitants of Sydney, comprising international and cosmopolitan population.
(2) Osaka, Japan
Osaka is a city in the Kansai region of the main island of Honshu, Japan, a designated city under Local Autonomy Law, the capital city of Osaka Prefecture & also the largest part of Keihanshin metropolis, comprising 3 major cities Kyoto, Kobe, and Osaka. Located at the mouth of the Yodo River on Osaka Bay, Osaka is the third-largest city of Japan by population after Tokyo and Yokohama, in addition to an economic hub.
Tokyo, officially Tokyo Metropolis one of 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the most crowded metropolitan area in the world. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family. Tokyo is in the Kantō region on the southeastern side of main island Honshu and includes Ogasawara Islands and Izu Islands.