World's Most Expensive Cities Revealed

If the price of your latte these days makes you do a double-take, rest assured you're not just imagining things.

A new report released today lists the top 10 most expensive cities in the world - and two major Australian cities are among them.

According to the EIU's survey, which ranks 133 cities using New York as a base, Sydney is now the fifth most expensive city in the world to live, followed by Melbourne at number six.

Interestingly, New York, London and Tokyo, once thought to be the most expensive cities in the world, have all fallen off the top 10, while Singapore, Paris, Oslo, and Zurich have retained their top 4 status for the second year in a row.

"The situation of an unchanged top five is very rare for the worldwide cost of living survey and disguises some significant global drivers that are impacting on the cost of living everywhere," explained Jon Copestake of the EIU.

"In fact, a look at the data six months ago would have shown a different top five, and things are changing quickly. Rebasing the survey to today's exchange rates would put Zurich top, highlighting how fluid the global cost of living has become."

We can blame the falling Australian dollar and the (insane) housing market for pushing Sydney and Melbourne into the top 10 - and it doesn't look like we'll be dropping off the list anytime soon.

The most expensive cities in the world are ranked below:

1. Singapore
2. Paris
3. Oslo
4. Zurich
5. Sydney
6. Melbourne
7. Geneva
8. Copenhagen
9. Hong Kong
10. Seoul

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