The cost of living has been increasing across the globe, especially in major cities, but some have become just that bit more expensive than others. Henley & Partners, a wealth migration firm, has revealed just which cities top the list of the most expensive to live in.
They calculated this list based on the average square metre price of a ‘prime’ 100-to-200-square-metre apartment. Monaco came out top, with apartments of this size costing more than $38,800 (£29,328) per square metre. Perhaps unsurprisingly, given these high apartment costs, Monaco has become known for the wealth of its residences – with 40 per cent of those living there being considered millionaires.
Close behind was New York, where the price of a prime apartment averages at $27,500 (£20,786) per square metre. And in third was Hong Kong, with an average of $26,300 (£19,879) per square metre.
Then, in number four was the UK’s capital city of London, with $24,000 (or £18,140) per square metre. This may not be particularly shocking for anyone who as looked into buying or renting in London.
The average house price in the London region is currently a whopping £675k, while for England and Wales as a whole the average price is £350k. The overall cost of living in London is also quite a bit more expensive than elsewhere in the country.
London was the only UK city to feature on the list, while France had six cities on the list — Saint-Jean-Cap-Ferrat, Paris, Nice, Cannes, Antibes, and Èze.
The USA was the secondmost prominent on the list, with four places making it into the top 20 most expensive cities.
20 Most Expensive Cities, According to Henley Global
- Monaco, Monaco
- New York City, USA
- Hong Kong, special administrative region of China
- London, UK
- Saint-Jean-Cap-Ferrat, France
- Paris, France
- Sydney, Australia
- Palm Beach, USA
- Miami Beach, USA
- Los Angeles, USA
- Singapore, Singapore
- Geneva, Switzerland
- Nice, France
- Portofino, Italy
- Cannes, France
- Tokyo, Japan
- Lugano, Switzerland
- Antibes, France
- Porto Cervo, Italy
- Èze, France