LONDON — Tokyo is listed as the world's most expensive city, while Karachi, Pakistan, and Mumbai, India, share the top spot in the list of least expensive city to live in, according to the latest Worldwide Cost of Living Survey from the Economist Intelligence Unit. The Saudi Arabian city Jeddah, the bride of the Red Sea, figures in the top ten least expensive cities — a list dominated by South Asian locations. Jeddah is ranked nine among the ten cities. The survey is released twice a year by the EIU and compares hundreds of prices across 160 products and services, including items such as food, drink, rentals, utility bills, schooling costs and household supplies. The cost of living the Australian dream has surged with Sydney and Melbourne among the five most expensive cities in the world, outstripping most European and US locations, according to the survey. Asia and Australasia account for 11 of the world's top 20 most expensive cities, with eight from Europe and one from South America, the EIU worldwide cost of living index found. No North American cities featured in the top 20. This compared to a decade ago when there were six Asian cities, 10 European cities and four US cities in the top 20 of the list. In the 2013 survey, Tokyo reclaimed the title as the world's most expensive city. Currency swings pushed Zurich into the No.1 position last year but government exchange rate controls have driven the Swiss city back to No.7 in the list. Osaka in Japan was ranked the second most expensive. Jon Copestake, editor of the EIU Worldwide Cost of Living Index, said one of the most notable changes was the rising costs in Australia, with Sydney third in the list and Melbourne fifth. Sandwiched between them was Oslo in Norway. "Ten years ago there were no Australian cities in the top 50 most expensive cities and I have not seen this sort of climb with any other cities," Copestake told Reuters. Although no North American cities feature in the top 20, the EIU said the cost of living in New York had risen relative to other places in the United States. It shares 27th position as the most expensive US city with Los Angeles. The Canadian city of Vancouver remains the most expensive location in North America, ranked 21st in the index. Top 10 most expensive cities: Tokyo, Japan (+1 place); 2. Osaka, Japan (+1); 3. Sydney, Australia (+4); 4. Oslo, Norway (+1) and Melbourne, Australia (+4); 6. Singapore (+3); 7. Zurich, Switzerland (-6); 8. Paris, France (-2); 9. Caracas, Venezuela (+25) and 10. Geneva, Switzerland (-7) . Top 10 least expensive cities : 1. Karachi, Pakistan and Mumbai, India; 3. New Delhi, India; 4. Katmandu, Nepal; 5. Algiers, Algeria and Bucharest, Romania; 7. Colombo, Sri Lanka; 8. Panama City, Panama; 9. Jeddah, Saudi Arabia and 10. Tehran, Iran. — Agencies
