World's Most Expensive Cities

15. Sydney, Australia

Sydney has come a long way from its early days as a convict settlement. Today it is the largest and most expensive city on the Australian continent, home to world cultural landmarks like the Sydney Opera House. A ride on mass transit costs $2.41 per ride, 20% more than the price in New York.

14. Tel Aviv, Israel

Israel has more billionaires per capita than any country in the world, so it should come as no surprise that its commercial center is the most expensive destination in the Middle East. Tel Aviv, which means "spring hill" in Hebrew, grew out of the ancient trading post of Jaffa and now boasts a metro-area population over 3 million.

13. Singapore, Singapore

Notorious for draconian littering policies, Singaporean authorities have been known to submit gum-spitting foreigners to public floggings. American tourists and expats can find punishment enough in the city's cost of living, more than 25% higher than that of Los Angeles.

12. Paris, France

Paris may be the world's unofficial capital of romance, but love comes with a price for American visitors. Even a Royale with cheese will cost you: The average fast-food burger costs $8.61, about 50% more than a comparable meal in New York.

11. Osaka, Japan

In addition to being Japan's culinary capital, Osaka is the fourth most expensive city in all of Asia. Its population of 17 million makes it the ninth-largest metro area in the world; Osaka is also home to a host of multinational corporations, including Mitsubishi and Sanyo.

10. Milan, Italy

Milan rounds out the top 10 most expensive cities in the world. The city's Via Montenapoleone rivals New York's Fifth Avenue and Paris' Champs Elysees as an international shopping destination--and, at least for Americans, it's pricier than both.

9. Zurich, Switzerland

Founded in Roman times as a tax-collecting and trading post, Zurich remains a vital cog of the world economy. Slightly cheaper than nearby Geneva, Zurich is still a pricey destination for Americans, thanks to the Swiss Franc's 15% appreciation against the dollar over the past year.

8. Geneva, Switzerland

The unofficial capital of watchmaking, Geneva is a pricey locale even if you aren't going there to shop for a Patek Philippe. Geneva's cost-of-living index is almost 50% higher than Chicago or San Francisco.

7. Copenhagen, Denmark

Denmark's capital takes its name from the Danish words meaning "merchant's harbor," and the city still lives up to its mercantile moniker: It's the third-most expensive city in Europe.

6. Hong Kong, China

Eleven years ago, this glittering metropolis returned to Chinese control after more than a century in British hands. Communist oversight hasn't made the city cheap enough for the masses: Hong Kong is nearly 20% more expensive than New York.

5. Seoul, South Korea

Just 40 miles from the North Korean border, Seoul continues to flourish despite the specter of conflict. South Korea's capital is the most expensive city in Asia outside of Japan, edging Hong Kong by less than one percentage point.

4. Oslo, Norway

The Norwegian capital jumped up from No. 10 last year, thanks to an infusion of wealth spurred by the country's booming oil industry. With a population of 850,000, Oslo has plenty of room to grow.

3. London, U.K.

Founded by the Romans nearly 2,000 years ago, London is an ancient stalwart when it comes to pricey cities. Though it slipped from last year's No. 2 spot, it remains extremely expensive--even a ride on one of the city's vaunted double-decker buses costs $5.89.

2. Tokyo, Japan

Japan's economy is stagnating, but Tokyo is as expensive as ever. For American travelers, the city's real estate prices are the highest in the world--a two-bedroom luxury apartment costs over $5,100 per month, about $600 more than a comparable pad in Moscow or New York.

1. Moscow, Russia

Less than two decades after the fall of communism, Moscow has taken well to capitalism, earning the title of world's most expensive city for the third year in a row. Home to more billionaires (74 and counting) than any other metropolis, Russia's capital is 42% more expensive than New York, the most expensive city in the U.S.