Despite Japanese deflation , a weaker yen and rising prices throughout the world , Tokyo has resumed its position as the world 's most expensive city , according to the latest Worldwide Cost of Living Survey from the Economist Intelligence Unit . Tokyo took over from the Swiss city of Zurich , which dropped to seventh . Australian cities were among the biggest movers in the top 10 most expensive cities . A strong local currency powered Sydney ( third ) and Melbourne ( equal fourth ) up four places each from the previous year , while Singapore rose three places to sixth . Asian cities now make up 11 of the world 's 20 most expensive cities . This compares to eight from Europe and highlights a trend of the cost of living increasing in the Asia-Pacific region . No U.S. city made the top 20 . The Venezuelan city of Caracas rose 25 places to ninth , making it the most expensive city across the Americas . The EIU report linked the climb to price volatility ( inflation has reached 20 percent ) and fixed exchange rates to the U.S. dollar . According to the survey , the Canadian city of Vancouver is the most expensive location in North America , at position 21 . Los Angeles and New York City tie at 27th as the most expensive U.S. cities . South Asian locations dominated the cheapest cities to live in . The Worldwide Cost of Living 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 . Top 10 most expensive cities . 1 . Tokyo , Japan ( +1 place ) 2 . Osaka , Japan ( +1 ) 3 . Sydney , Australia ( +4 ) =4 . Oslo , Norway ( +1 ) =4 . Melbourne , Australia ( +4 ) 6 . Singapore ( +3 ) 7 . Zurich , Switzerland ( -6 ) 8 . Paris , France ( -2 ) 9 . Caracas , Venezuela ( +25 ) 10 . Geneva , Switzerland ( -7 ) Top 10 least expensive cities =1 . Karachi , Pakistan=1 . Mumbai , India3 . New Delhi , India4 . Kathmandu , Nepal=5 . Algiers , Algeria=5 . Bucharest , Romania7 . Colombo , Sri Lanka8 . Panama City , Panama9 . Jeddah , Saudi Arabia10 . Tehran , Iran .
Sydney , Melbourne big movers . Caracas the most expensive city in the Americas . Comment: