World's Most Expensive Cities to Live In 2013: Tokyo, Japan Takes Number One

With its expansive high rises, fancy restaurants and high-profile boutiques, Tokyo has been named the world's most expensive city according to a new survey.

The Worldwide Cost of Living Survey from the Economist Intelligence Unit reported their most recent findings with the Japanese capital at the top of their list. A close second is Zurich, which dropped from number seven this year. Osaka, Japan came in at number two.

"Since 1992 Tokyo has been the ranking city in every year bar six. Only Zurich, Paris and Oslo were dubbed the world's most expensive city during this time," said the survey's website.

CNN reported that Australian cities, likely due to its strong local currency, moved upwards this year with Sydney at number three and Melbourne at four. Both were up four places from last year's survey.

Out of the top twenty most expensive cities to reside in, Asia dominates 11 of them with eight from Europe. No U.S. city made the top 20, surprisingly not even New York City.

Caracas rose to ninth place and Vancouver, Canada took number 21. In the U.S. New York and Los Angeles tied as the most expensive U.S. cities. They both came in at 27^th.

For cheapest cities to live in, South East Asia dominates with places like Mumbai, India and Karachi, Pakistan topping it.

"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," reported CNN."

The Economist Intelligence Unit from The Economist Magazine helps "business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions," states the survey's website. We are renowned for our comprehensive global coverage and use the best analytical minds to examine markets, countries and industries with a level of insight you cannot find elsewhere. Uncompromising integrity, relentless rigour and precise communication underpin everything we do."

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