LONDON: 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 U.S. locations, according to an annual survey released yesterday.
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 Economist Intelligence Unit’s (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 U.S. cities in the top 20 of the list that calculates living costs in 131 cities in 93 countries and is used by companies for costings when relocating staff.
In the 2013 survey, Tokyo reclaimed the title as the world’s most expensive city.