According to the 2016 Mercer Cost of Living report, the world's 10 most expensive cities to live in are:
- Hong Kong, Hong Kong
- Luanda, Angola
- Zurich, Switzerland
- Singapore, Singapore
- Tokyo, Japan
- Kinshasa, Democratic Republic of the Congo
- Shanghai, China
- Geneva, Switzerland
- Ndjamena, Chad
- Beijing, China
To put things in perspective, the Mercer report found Vancouver to be the world's 142nd most expensive city with Toronto trailing just behind in 143rd place. Other Canadian cities that made the list include Montreal (155), Calgary (162) and Ottawa (171).
To illustrate this further, Expatistan, a database that compares the cost of living in cities on an international level, finds that renting an apartment in Hong Kong is 98% more expensive than renting one in Toronto (Internet, however, is 38% cheaper).
Protecting Your Home and Valuables
No matter where you live, protecting your home and your valuables is of utmost importance. Home insurance not only protects the belongings in your home, but also the items you travel with. Even if you're only visiting expensive cities like Hong Kong, it's nice to know you're covered.
Whether you rent or own, find out how much you could be saving on your home insurance with a complimentary home insurance quote offered by OTIP.