In the latest survey by The Economist Intelligence Unit, Sydney has emerged out as one of the most costly cities in the world to live in. The survey was conducted in 130 global cities which were compared to the living costs. While last, Sydney stood at the 14th rank in the same survey, this year it has climbed up to the position 10th.
As per the report, people living in Sydney have to spend higher on goods and services as compared to other major global cities. In the survey, the cities were examined for their living costs based on many factors like food, clothing, rent, transport, utility bills, private school fees, domestic help and recreational costs. Using these factors, the worldwide living costs were calculated. There are a total of 160 factors that have been considered in the survey.
In the survey, Singapore continues to be the most costly city in the world like last year. It is followed closely by Asian cities: Hong Kong (fourth) and Seoul (sixth). In the past couple of years, the cities in Japan have reduced their cost of living. Tokyo, which was the most expensive city in the world in the year 2013 has been pushed out owing to the low inflation rate in Japan. Osaka has been removed as well.
This tweet by The Economist Intelligence Unit explains further about the survey. Find out where does your city rank!
#Worldwidecostofliving compares more than 400 individual prices across over 150 products and services, to measure the cost of living in over 130 cities all over the globe. Where does your city rank? https://t.co/B3c3tZ8M5A pic.twitter.com/7FTNaU4BOZ
— The Economist Intelligence Unit (@TheEIU) March 16, 2018
The effect of Brexit has caused the living expenses in the UK to come down significantly. The city of London which is usually acknowledged as an expensive one has come down to position 30th in the list and has been at its lowest since 20 years now.