Most people are feeling the pinch financially right now – coffees, cabbages and even Caramello Koalas have all doubled in price over the past few years, and life in general seems more expensive. There are certain places where our wallets are being squeezed the tightest, and the latest Cost of Living Index by City has revealed exactly which ones.
So, there's good news and bad news. The good news is for Melburnians, it turns out that our city is currently the least expensive major city in the country. Out of 218 cities worldwide, Melbourne ranked 42nd on the list. The bad news is that for our country as a whole, the results aren't looking so good. Six Australian cities landed in the top 50 for most costly places to live. Yikes.
Every six months, data company Numbeo publishes a global ranking of the most expensive places to live. To compile the index, they score more than 200 cities on everything from the cost of living and rent to grocery bills, restaurant prices and local purchasing power (basically, how far your local currency goes).
Canberra has held onto its ranking as the number one most expensive city in Australia and has even climbed two places since the start of 2024, now sitting as the 12th costliest city to live in worldwide. This is a dramatic jump from our capital city’s 117th place ranking only two years ago, with skyrocketing living costs and soaring rents to blame.
Adelaide also cracked the top 20 priciest cities, with South Australia’s capital climbing five spots up the charts since January 2024 and a staggering 69 spots since mid-2022. Next on the list in Australia was Sydney, which ranked as the 24th most expensive city globally – almost doubling its previous 43rd place ranking from early 2024 and its 47th place ranking from this time in 2022. Perth followed as Australia’s fourth priciest city and the 32nd most expensive worldwide, while Brisbane wasn’t far behind in 40th place.
It might not be too surprising to learn that Geneva and Zurich, both Swiss cities, are ranked as the two most expensive on the planet. Aside from Reykjavik in Iceland, all the other cities that topped Canberra in the rankings are in the United States, with New York, San Francisco and Boston leading the charge.
These are the 20 most expensive cities in the world:
- Geneva, Switzerland
- Zurich, Switzerland
- New York, USA
- San Francisco, USA
- Boston, USA
- Reykjavik, Iceland
- Washington, USA
- Seattle, USA
- Los Angeles, USA
- Chicago, USA
- San Diego, USA
- Canberra, Australia
- London, UK
- Oslo, Norway
- Portland, USA
- Tampa, USA
- Miami, USA
- Singapore, Singapore
- Denver, USA
- Adelaide, Australia
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