- Beating London and New York, the Australian city topped list of expensive cities
- New study named Sydney the tenth most expensive city to live in worldwide
- The research compared prices of services including food, clothing and rent
The most expensive cities in the world to live in have been announced and it comes with little surprise that Sydney took out a top spot.
Beating London and New York, the New South Wales capital was listed the tenth most expensive city to live in world wide.
Economist Intelligence Unit’s study revealed what Sydneysiders know all too well, with the city jumping four spots higher than last year.
Sydney (pictured) has been named the tenth most expensive in the world, moving four spots higher than last year
Living in New South Wales capital is more expensive than London (right) and New York (left)
The study compared services including rent, food, clothing, petrol and cigarettes (Bondi Beach pictured)
The study compared the prices of 160 services including food, clothing and rent making Singapore the most expensive place to live in the world.
New York dropped to 13th place, down four spots since 2017, while London came in at 30th making it the cheapest it has been in more than two decades.
The study also compared the prices of products including petrol, bread, wine and cigarettes to determine the cities with the highest and lowest cost of living.
TOP TEN EXPENSIVE CITIES IN WORLD 2018
1. Singapore, Singapore
2. Paris, France
3. Zurich, Switzerland
4. Hong Kong, Hong Kong
5. Oslo, Norway
6. Geneva, Switzerland
7. Seoul, South Korea
8. Copenhagen, Denmark
9. Tel Aviv, Israel
10. Sydney, Australia
Source: Economist Intelligence Unit
The average price to rent in Sydney is $910 per week for a two bedroom unit compared to $898 per week in New York.
For those wanting to save some pennies, cities in India and Pakistan were listed as some of the cheapest places to live.
The data comes as New South Wales recorded the highest increase of homelessness in Australia between 2016 and 2011.
The Australian Bureau of Statistic census revealed the number of homeless people increased in Sydney by 70 per cent during the five year period.
Nationwide, homelessness increased by 14 per cent with more than 110,000 people sleeping rough.
London came in at 30th making it the cheapest it has been in more than two decades according to a 2018 study by Economist Intelligence Unit
New York (picutred) dropped to 13th place, down four spots since 2017, according to the data