The comparison between the price as well as income levels of a city can be a very daunting task. The strong currency fluctuations which have been seen in the previous months have clearly shown how difficult it might be formulate such a comparison. Even if we succeed in making such a comparison, still we would have a problem in deducing meaningful relationships or associations from them. In the past few years, dramatic changes have been seen in the U.S dollar, Euro, Swiss Franc, Japanese Yen and all others. The Most expensive cities in the world also have something in common.These enormous convulsions have an everlasting impact on the all the sectors and domains of the city, especially on the tourism sector. At the same time, their influence on the economy of the city is comparatively less pronounced. Due to this transition in the currencies, the smaller economies are effectuated more heavily. This fact can be understood by analyzing the larger economies of some of the most expensive cities in the world like New York, Tokyo, Sydney, Zurich and others. Based on the reports published by UBS wealth management organizations, due to the rise in the value of the Australian Dollar, most of the Australian cities have become more expensive than before. Conversely, the income levels of the citizens have also increased which is indeed quite positivistic for the country. Having an idea about some factual technicalities involved in making a city expensive or cheap, Let us now have a look at the top 10 most expensive cities in the world.
At number 10 we have the most expensive German city located in the State of Hesse, Frankfurt. Presently, it is considered to one of the largest metropolitan economies of Germany. Some of the world’s most important and first rate financial centers are located in Frankfurt, thus making it the artery of worldwide economies. In the year 2010, Frankfurt had been ranked at the number 10th spot in the list formulated by the Global Power City Index. In addition, it is also the only German City which has been added in the list of the alpha world cities. There are more than 150 international banks which are located in the city. Not surprisingly, the stock exchange of Frankfurt is the largest among all the German cities. All these factors make Frankfurt as the 10th most expensive city in the world.
As some of you might already know that Singapore is a city-state, because of which it has qualified for our top 10 list. So, at number 9 we have Singapore which is known as the metropolitan panorama location of the world. With some of the most expensive casinos, shopping malls, restaurants, hotels and houses, the economy of Singapore is the most competitive in the world. According to the reports published by the 2011 Index of Economic Freedom, the economy of Singapore is marked by its business friendly and freest nature, thus making it one of the most lucrative states in the world. More than 14 million tourists come to visit the city each year, so in response of acquire more capital from these tourists, the city is 50 % more expensive than most of the top tourist locations in the world.
Being the capital and heavily populated city of the state of Victoria, Melbourne is the 8th most expensive city in the world. As it is located on the central bay of the country known as port Philip, so having a very strong economy is not much of a surprise. The economy of the city depends heavily on the manufacturing, IT, education, financial and tourism sectors. The seaport of the city handles good worth of nearly $ 75 billion each year. In addition, Melbourne is also the industrial, culture and automotive center of the country. The surveys which have been carried out in Melbourne revealed that most of the consumers and tourists of the city had ranked it as one of the most expensive cities in the world. Similar findings have also been reported in a number of economic reports.
At number 7 we have the capital and presently the most expensive Australian city, Sydney. Quite surprisingly, it is also the most populous city in the country. Being the financial hub of the worldwide economy and the most important financial center of the country, the city has now established itself as a prosperous and wealthy city. The reports published by “The Economist” and UBS Organization revealed that Sydney contributes nearly 25 % of the country’s GDP. For those who are planning to visit the city, it is advised to carry tons and tons of cash.
Paris is one of the most attractive and most visited tourist centers of France. Marked by its leading cultural, business, educational, industrial, media and fashions centers, Paris is the sixth most expensive city in the world. In the year 2010 it was reported that the GDP of the city is the highest among all the European cities. Surprisingly, the reported GDP estimates are even more than the entire economy of Turkey. Recently, a massive transition has also been seen in the city’s economy primarily due to the growing demands of the fashion, industrial, electronics, and educational sectors.
At number 5 we have the capital of Norway, Oslo. The history of the city elucidates that it has always been one of the wealthiest cities in the world. The FDI magazine had ranked this city at the number 1 spot in terms of the strongest and most stable economies among all the European cities. In the year 2010, The Survey for Worldwide Living Cost has ranked this city at number among the top 10 most expensive cities. Some of the world’s largest and wealthiest oil companies are located in Oslo. Not to forget that the shopping malls and hotels of the city are also quite expensive, nearly 50 % than the standard rates.
Although the Swiss Currency is not considered to be the strongest currency, but still it is quite stronger than most of the highly developed countries like U.S, China, France and others. Marked by the presence of numerous international centers and industrial units, Geneva is the 4th most expensive city in the world. The Global Financial Centers Index had ranked the city as one of the most important financial centers in the world after London, Zurich and New York. The city is also known for its automobile industries, valued added services, commodity trade and hundreds of international banks.
At number 3 we have the command center of the Japanese economy and one of the largest metropolitan centers of the world, Osaka. In terms of economy, some of the surveys and reports have stated that Osaka even out paces Tokyo. The gross city products in the past few years have calculated to be several trillion Yens. Along with London, Paris and New York, Osaka has one of the most efficient and highly productive hinterlands of the world. Since the year 2008, it has moved a number of spots in the list of the most expensive cities which indeed shows that the economy of the city has always been improving. The famous companies like Panasonic, Sanyo and Sharp have their headquarters located in Osaka. So, the high prices seen in the greater Osaka areas are not surprising.
Being the largest metropolitan and wealthiest cities in the world, the capital city of Japan, Tokyo has made it to our number 2nd spot. It is also the seat of the central Japanese government. In terms of economy and GDP, Tokyo has been ranked at the number 1 spot by various economic surveys conducted all over the world. The most number of Fortune Global 500 companies are also hosted by the city, which is yet another pointer towards the economic and strategic importance of the city. Along with New York and London, Tokyo is regarded in high terms as the command centers for the entire world economy. The “Monocle” magazine had ranked the city as the “Best Livable City and Megalopolis of the World”. In the year 2008, the reported GDP of the city was nearly U.S $1.5 trillion. The stock exchange of the city is the largest in the country and the third largest in the whole world. According to various statistical surveys, Tokyo is more than 60 % expensive than New York.
For many years, Tokyo had occupied the first spot, but for this year that is not the case. At number 1 for this year, we have the more than 7,000 years old city, Zurich. Being one of the leading financial and commercial centers of the city, Zurich has been ranked as the most expensive city in the world. Not surprisingly, most of the world’s banking giants and industrialists have their businesses located in this city. The major reason behind this fast and upward economic growth of the city is the high standard of living. Mercer, the famous consulting company, has always ranked Zurich at number 1 for its highest living standards. In addition, due to some very high levels of investments in education and industrial sectors of the city, Zurich has always been quite expensive for the tourists. Some of the most expensive universities, hotels and restaurants are also centered in Zurich. The most famous and expensive university of the country, Swiss federal Institute of Technology, is also located in the city. This university has also been ranked among the top 50 universities of the world. So, if you want to live in Zurich, you must have large bank accounts. No doubt, Zurich is the most expensive city in the world.