Singapore is the most expensive city to live in the world

Megan Trimble

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.

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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:

City

Country

Expense Rank

Overall Best Countries Rank

Singapore

Singapore

1

16

Paris

France

2

9

Zurich

Switzerland

3

1

Hong Kong

Hong Kong

4

N/A

Oslo

Norway

5

12

Geneva

Switzerland

6

1

Seoul

South Korea

7

22

Copenhagen

Denmark

8

11

Tel Aviv

Israel

9

30

Sydney

Australia

10

7

More country-related rankings can be found here.

Copyright 2017 U.S. News & World Report