The most expensive cities in the world revealed

Ebony Bowden
Mar 05, 2015, updated Mar 05, 2015

A new study of the most expensive cities in the world has placed both Sydney and Melbourne in the top 10 – making them pricier than places like Copenhagen and New York.

The Economist Intelligence Unit report compared things like the cost of a loaf of bread to rental prices, and found the most expensive cities were in Australia, Asia and Western Europe.

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Singapore took the top spot for the second time in a row.

Sydney is more expensive than Melbourne, with Australia’s two biggest cities coming in at fifth and sixth place respectively.

“The long-term rise in the relative cost of living in Australia, driven by sustained strengthening of the Australian dollar, has cemented the positions of cities like Sydney and Melbourne as top-ten staples,” the report said.

A decade ago, the Australian capital cities were both cheaper than New York, but have now surged ahead while New York places 22nd.

The report found the price of staples like bread and fuel were rapidly increasing in Melbourne and Sydney.

The average price of bread per kilogram in Sydney is $6.34, compared to $5.95 two years ago.

The only other cities more expensive than Sydney and Melbourne are Paris, Zurich, Oslo and Singapore.

Other Australian cities also appeared in the top 50, with Brisbane coming in at 21st place, and Perth and Adelaide tying for 24th place.

Those looking for a cheap place to live will need to consider a move to India or the Middle East, with Karachi in Pakistan named the least expensive city in the world.