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15. Doha, Qatar
Ever since the mass tourism boom after the FIFA World Cup, the cost of living in Qatar, especially in its capital Doha, has risen exorbitantly. Most consumables in Doha, like food, clothing, and accessories, are imported, so one should expect to pay much more for them than elsewhere. Accommodation is also expensive in this affluent city. Rent for a simple one-bedroom apartment starts from $1,500 and can easily reach up to $2,000 if located in an upscale area. That said, salaries are high as well, with no personal income tax to pay, meaning expats can keep everything they earn. The overall median cost of living in Doha is roughly around $2,600 to $3,000 per person, but in the end, most expenses in Doha vary greatly depending on one’s lifestyle choices.
14. Auckland, New Zealand
Nestled between two sparkling harbors and rainforest-covered mountain ranges, Auckland is the main melting pot for New Zealanders and expats. Being the largest city on the island, food costs end up being higher than one may be used to as most products have to be imported. The cost of accommodation has also skyrocketed in recent years, with more expats choosing to settle here. Luckily, the competitive salaries offered in this economic hub tend to make up for the high cost of living. The standard of living is also great, which makes high prices more bearable. Currently, the median cost of living to reside comfortably in the city is estimated around $2,800 to $3,200 a month.
13. Amsterdam, Netherlands
Given its reputation as a sought-after travel destination in Europe, Amsterdam certainly isn’t cheap. Like most European capitals, its cost of living is on the rise, and nowadays, a single person’s monthly spending can range from around $3,000 to $3,600. Although the cost of living depends upon one’s requirements and tastes, Amsterdam’s reputation for being an expensive city doesn’t mean it has to break the bank. Many people tend to reside in shared accommodation or hostels to live on a budget. Despite that, it’s still an expensive city to live in, especially for those not employed in its local job market. Furthermore, utilities like gas and electricity are also exorbitant in Amsterdam, and most are expected to pay a large sum towards utilities at the end of each month.
12. Oslo, Norway
Oslo is without a doubt one of the most expensive cities in Europe, and it’s hardly a surprise for anyone familiar with Norway’s capital. But at the same time, it’s a super progressive city with eclectic architecture, developed infrastructure, and an excellent quality of life. The main driver that makes Oslo expensive is accommodation, as the rental market in this city is out of control. One can expect to pay over $1,800 per month for a one-bedroom apartment in the main hub. With that, the overall cost of living in this city is about $3,000 to $3,600 per month. This high cost of living is balanced by high salaries and the exceptional quality of life enjoyed by its residents. Moreover, as a global metropolis and a major economic, industry, trade, banking, and shipping hub, Oslo provides many job opportunities to expatriates.
11. Sydney, Australia
Australia’s largest city, with nearly 5 million people calling it home, Sydney shares exorbitant prices for real estate, rivaling New York City’s notoriously high costs. In addition, entertainment, utilities, transport, and eating out are also far more expensive than in many other parts of Australia. That said, expats usually find that the quality of life in Sydney is worth the cost, and in most cases, salaries are high enough to afford a comfortable life here. After all, the city accounts for nearly half of the entire country’s economic growth, and at 3.8%, it has one of the lowest unemployment rates out of all the other expensive cities worldwide. A single person can easily live a comfortable life here under a monthly budget of $3,000 to $3,800 per month.
10. Nassau, Bahamas
The capital and most populated city of the Bahamas, Nassau is a progressive, well-developed, urban city with many attractive features. It boasts world-class entertainment, great outdoor activities, excellent safety, and a landscape for affluent retirees. Despite its small size, it is a really busy city, and there are always festivals or events going on. Since it’s a central point of commercial activities in the Bahamas, there are a lot of expatriates and business workers here, so the median cost of living in this city is on the higher side. Goods are usually shipped in, resulting in high import duties, and accommodation options are limited, especially compared with other expensive cities. However, those with a steady job that pays well can enjoy all that this city has to offer. Typically, the median cost of living in this city is around $3,200 to $3,800 per month.
9. Toronto, Canada
In the past, the Canadian city of Vancouver was considered the most expensive city in the country, but according to current stats, Toronto has dethroned Vancouver as the most expensive city in Canada. The cost of goods and services, including food, transportation, and housing, are at an all-time high in Toronto. During the pandemic, its population was depleting, but these days, its momentum is back, and the city continuously attracts new residents because of its great career opportunities. In addition, it earns global recognition by continuously ranking at the top of global livability lists. The average monthly cost for a sole individual amounts to around $3,200 to $4,000, a figure that depends upon the type of accommodation and lifestyle choices. All in all, it’s a multicultural, cosmopolitan city with plenty to offer in terms of its job market, entertainment, and overall quality of life, which is why it’s such a hotspot for expats.
8. Paris, France
Paris always features among the most expensive cities to live in the world. Many tourists, expats, and digital nomads flock to this historic city as it hosts some of the most significant global events and career opportunities. The median cost of living here starts from $3,300 to $4,000. Housing takes a large chunk of this monthly expense, and the price of rent in all 20 of its neighborhoods is quite high. For instance, monthly rent for a basic unfurnished one-bedroom apartment in the city center can be around $2,200. So, without a doubt, rent takes a large chunk of monthly spending in Paris, while other day-to-day essentials like fresh produce and groceries are somewhat affordable. But bear in mind, entertainment options, eating out, and services like healthcare still cost a lot here.
7. Copenhagen, Denmark
It’s no news that the capital city of Denmark is an expensive city to live in. Despite being closer to mainland Europe, the cost of living in Copenhagen is the highest out of all the Scandinavian cities, with median costs for a single person coming at around $3,400 to $4,000. Two main factors that contribute to these high costs are high taxes and rents in Denmark. Plus, many other daily expenses also tend to be higher than average, including the cost of utilities, groceries, and dining out. Despite these high living expenses, Copenhagen has become increasingly popular among both expats and Danes, as the metropolis has a reputation for being one of the most cosmopolitan, developed, and exciting cities to live in Northern Europe.
6. Dublin, Ireland
Dublin’s cost of living is continuously rising each year. According to a recent survey, an average blue-collar Dubliner ends up in debt each month after paying all the bills and rent. The main reason for the sudden high costs is due to a large influx of international companies moving their EU base here. In addition, the housing supply in the city simply cannot keep up with the demand, which causes housing prices in Dublin to soar. Currently, the median cost of living to reside in this city is estimated around $3,600 to $4,000.
5. London, UK
Culturally diverse yet very modern and steeped in history, the English capital carries the reputation of an extremely expensive city. It’s one of the most significant metropolitan cities, with more than 8 million residents, and it attracts many expats looking to find work in fields of IT, banking, business, and healthcare. Even though the average cost of living in this city is higher than the rest of the UK cities, people are still keen on moving and securing a job here. Just like most of the other cities on this list, rent is the biggest expense in London. No matter what area, decent housing is expensive throughout the city. As a whole, its median cost of living is in the price bracket of $3,800 to $4,500 per month.
4. Zurich, Switzerland
Located at the northeastern tip of Switzerland, Zurich is a vibrant city filled with old-world charm and trendy industrialism. It holds a reputation for being an economic hub and financial capital of the country. On top of this, it ranks as one of the best cities in terms of quality of life, so it being expensive is quite evident. This applies not only to property but also to the general cost of living, including utilities, eating out, and services. But thankfully, the net pay is among the highest in the world, and the job market is very healthy for expats. Almost 35,000 of its population is made up of non-Swiss citizens, reflecting the city’s appeal among international folks, despite being costly. Its median cost of living, including rent and all amenities, is around $4,800 to $5,500 per month.
3. Hong Kong
Hong Kong consistently ranks in the top five most expensive cities to live in the world. It’s very densely populated, and the supply for housing is very low, but the demand is very high, so housing costs a fortune in Hong Kong. Rent for a small one-bedroom condo usually starts from $2,500. In fact, there are some areas in the city where monthly rent for a small shared bedroom can cost up to $1,500. Aside from accommodation, groceries, services, amenities, and eating out are also very expensive. The prices are so exorbitant in the city that one should expect to pay almost $15 for a cup of coffee. Considering all things, its median monthly cost of living starts from $5,000 to $6,000. Regardless of its high prices, many expats from neighboring areas still move here due to the low income tax rates and career growth opportunities.
2. Singapore
Singapore has secured the second spot together with Hong Kong as Asia’s and one of the world’s most expensive cities to live in. The average cost to reside in the main city hub of Singapore starts from $5,800 to $6,500. While much of the high prices relate to the demand to live in this city, residents often blame the lack of management of resources as an explanation for the high prices. Over the years, it has become an attractive place to live and work for skilled expats, which has resulted in more people wanting to move here. Thus, prices for resources and accommodation are inflating. Nonetheless, the GDP per capita in this city is one of the highest in the world, so the purchasing power of its settled residents is on par with the monthly expenses.
1. New York City, USA
Unsurprisingly, New York tops the list of most expensive cities in the world. Especially its boroughs of Manhattan and Brooklyn are ranked as the most expensive areas to live and buy property on the planet. The median cost to live here is about $6,000 to $7,000. During the pandemic, its cost of living decreased a bit as most people were working remotely, so they migrated to less dense areas in nearby counties and spent less. But as soon as things got back to normal, its cost of living increased again, and the sudden surge of inflation made living here even more expensive. In conclusion, no matter what, the costs of living in cities like New York will always rise as they always attract newcomers due to their unique ability to cater to the interests of everyone, be it young artists, skilled expats, and entrepreneurs.