New York and Singapore have been ranked as the world’s most expensive cities to live in, according to the Economist Intelligence Unit’s annual Worldwide Cost of Living survey. The report revealed that the cost of living in 172 global cities surged an average 8.1 percent over the past year. The cost of living in the major cities of the world has been driven by multiple factors, including the war in Ukraine and supply chain snarls, according to the Economist Intelligence Unit. The survey compared the prices of more than 200 products and services. This year, the cost of living in over 170 cities rose at its fastest rate in almost 20 years, as per the report. Here’s a look at the top 10 most expensive cities in the world.

Rank 10: City | Copenhagen, Denmark | Known for its high living standards, Denmark has an intriguing mix of natural bliss and city buzz, but managing expenditure might be challenging for people living in the city.

Rank 10 : City | Sydney, Australia | One of the hottest destinations for expats and international students, Sydney, the metropolitan city of Australia, has a lot to offer but for a price. This year Sydney jumped into the top 10 as strong exports buoyed the Aussie dollar, as per the EIU report.

Rank 9: City | Paris, France | The French capital fell from the second spot in 2021 and is now the 9th most expensive city in the world to live in. Paris has been a global center for art, fashion, gastronomy and culture. The city's landmark attractions such as the Eiffel Tower and the 12th-century, Gothic Notre-Dame cathedral, make it one of the most popular tourist destinations in the world.

Rank 8: City | San Francisco, US | San Francisco is a beautiful city renowned for its diverse culture. Nicknamed The Golden City, San Francisco leaped into eighth place, from 24 last year.Paris, a large and diverse city offering varied options in accommodation, food, entertainment, and transportation has a high cost of living and is considered as one of the most expensive cities in the world. (Photo credit: Preeti Verma Lal)

Rank 7: City | Geneva, Switzerland | Another Swiss city with excellent transport links, an international airport, and excellent quality of life, Geneva ranks seventh in EIU’s list.

Rank 6: City | Zurich, Switzerland | Switzerland’s idyllic Alpine lifestyle, political and economic stability, excellent healthcare, come at a price as Zurich ranks sixth on the list.

Rank 4: City | Hong Kong, China | In many international surveys, Hong Kong ranks higher in terms of cost of living. While Hong Kong is an administrative region of China, the city has its own separate government, laws and currency.

Rank 4: City | Los Angeles, US | The second largest city in the United States, LA occupied the fourth spot on the list. As per the EIU report, US cities rose in the rankings owing to a strong dollar.

Rank 3: City | Tel Aviv, Israel | The largest city of Israel and last year’s leader Tel Aviv has dropped to third. Tel Aviv is considered the economic centre of the country.

Rank 1: City | Singapore: Singapore, which has been topping the list for the past eight years, is once again the world’s most expensive city.

New York: City | This year, New York has topped the rankings for the first time as prices in America have gone up.