The cost of living has been increasing across the globe, especially in major cities, but some have become just that bit more expensive than others. Henley & Partners, a wealth migration firm, has revealed just which cities top the list of the most expensive to live in.
They calculated this list based on the average square metre price of a ‘prime’ 100-to-200-square-metre apartment. Monaco came out top, with apartments of this size costing more than $38,800 (£29,328) per square metre. Perhaps unsurprisingly, given these high apartment costs, Monaco has become known for the wealth of its residences – with 40% of those living there considered millionaires.
Close behind was New York, where the price of a prime apartment averages at $27,500 (£20,786) per square metre. And in third was Hong Kong, with an average of $26,300 (£19,879) per square metre.
Then, in number four was the UK’s capital city of London, with $24,000 (or £18,140) per square metre. This may not be particularly shocking for anyone who as looked into buying or renting in London.
The average house price in the London region is currently a whopping £675k, while for England and Wales as a whole the average price is £350k. The overall cost of living in London is also quite a bit more expensive than elsewhere in the country.
London was the only UK city to feature on the list, while France had six cities on the list — Saint-Jean-Cap-Ferrat, Paris, Nice, Cannes, Antibes, and Èze.
The USA was the secondmost prominent on the list, with four places making it into the top 20 most expensive cities.
World’s 20 most expensive cities
- Monaco, Monaco
- New York City, USA
- Hong Kong, special administrative region of China
- London, UK
- Saint-Jean-Cap-Ferrat, France
- Paris, France
- Sydney, Australia
- Palm Beach, USA
- Miami Beach, USA
- Los Angeles, USA
- Singapore, Singapore
- Geneva, Switzerland
- Nice, France
- Portofino, Italy
- Cannes, France
- Tokyo, Japan
- Lugano, Switzerland
- Antibes, France
- Porto Cervo, Italy
- Èze, France