Revealed: World's Most Expensive Cities

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.

But among the top ten there was a bit of a shift. Ten years ago, Seoul was barely rounding out the top 50; now, the city is ranked alongside Hong Kong, which was once the third most expensive city. Though the majority of cities at the higher end of the study are in Asia, Western Europe and Australia, New York City rose from 26th to 22nd.

In Singapore, the study found, a loaf of bread, a bottle of wine, and a pack of cigarettes will together cost the equivalent of $39.11.

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