Singapore is the most expensive city to live in the world

Singapore is the most expensive city to live in the world, topping a global cost of living survey for the fifth year in a row.

The city took the No. 1 spot on the Economist Intelligence Unit's worldwide cost of living index released Thursday. Paris followed at No. 2, landing among the top 10 most expensive as it has since 2003.

To determine the ranking, the EIU compares 400 individual prices across 160 products and services in 133 cities twice a year. The most recent report found a number of cities have jockeyed positions over the years, with Asian and European cities claiming several spots in the top 10 this year.

Zurich, Hong Kong and Oslo, Norway, round out the top five most expensive cities. Tel Aviv, Israel - the sole Middle Eastern country in the top 10 – and Sydney – the sole Oceanic nation among the most expensive – ranked 9th and 10th, respectively. 

RELATED: Check out the world's safest cities of 2017:

15 PHOTOS
Top 15 safest world cities in 2017
See Gallery
Top 15 safest world cities in 2017

15. San Francisco 

Safe Cities score: 83.55

(Photo via Getty Images)

14. Seoul

Safe Cities score: 83.61

(Photo via Getty Images)

13. Barcelona

Safe Cities score: 83.71

(Photo via Getty Images)

12. Madrid

Safe Cities score: 83.88

(Photo via Getty Images)

11. Frankfurt

Safe Cities score: 84.86

(Photo via Getty Images)

10. Zurich

Safe Cities score: 85.20

(Photo via Getty Images)

9. Hong Kong

Safe Cities score: 86.22

(Photo via Getty Images)

8. Stockholm

Safe Cities score: 86.72

(Photo via Getty Images)

7. Sydney

Safe Cities score: 86.74

(Photo via Getty Images)

6. Amsterdam

Safe Cities score: 87.26

(Photo via Getty Images)

5. Melbourne

Safe Cities score: 87.26

(Photo via Getty Images)

4. Toronto

Safe Cities score: 87.36

(Photo via Getty Images)

3. Osaka

Safe Cities score: 88.87

(Photo via Getty Images)

2. Singapore

Safe Cities score: 89.64

(Photo via Getty Images)

1. Tokyo

Safe Cities score: 89.80

(Photo via Getty Images)

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

 

U.S. cities ranked lower on the list because of the nation's weakened dollar against other currencies, with New York at No. 13 and Los Angeles at No. 14. The report notes, however, that New York saw a "comparatively sharp increase in the relative cost of living" compared with five years ago, when the city was No. 27.

Singapore's top spot reflects a regional trend of rising costs of living as Asian economies expand. The city is reportedly the priciest place in the world to buy and run a car, as well as the third most expensive place to buy clothes. It still offers relative value in some areas, like personal care, household goods and domestic help, when compared with its peers, according to the report.

Caracas, Venezuela, and Damascus, Syria, ranked as the two least expensive cities in the world.

The Top 10 Most Expensive Countries:

CityCountryExpense RankOverall Best Countries Rank
SingaporeSingapore116
ParisFrance29
ZurichSwitzerland31
Hong KongHong Kong4N/A
OsloNorway512
GenevaSwitzerland61
SeoulSouth Korea722
CopenhagenDenmark811
Tel AvivIsrael930
SydneyAustralia107

More country-related rankings can be found here.

Copyright 2017 U.S. News & World Report

Read Full Story

Can't get enough personal finance tips?

Sign up for Finance Report by AOL and get everything from consumer news to money tricks delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.