CNN reports that Hong Kong has once again been named the world's most expensive city.
According to global mobility company ECA International, this is the third year in a row that Hong Kong has topped the list.
The list is calculated based on several factors, including the average price of household staples, rent, utilities, public transit and the strength of local currency.
CNN reports that Asia is clearly the most expensive continent, with Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul all earning spots in the ECA's top 10.
"The majority of the mainland Chinese cities in our rankings have higher rates of inflation than we are used to seeing, but they are still typically lower than elsewhere in Asia." Lee Quane, ECA's regional director for Asia, via CNN
"Therefore, the main reason for their rise in the rankings has been the continued strength of the Chinese
yuan against other major currencies." Lee Quane, ECA's regional director for Asia, via CNN
Meanwhile, several major cities in the EU were ranked lower than in previous years.
Paris, Madrid, Rome and Brussels all saw their overall cost of living drop.
Nearly every major Eurozone city saw a drop in the rankings this year as the euro performed worse in the last 12 months than the U.S. dollar and British pound, Lee Quane, ECA's regional director for Asia, via CNN.
Geneva and Switzerland came in third place after New York and Hong Kongas the world's most expensive cities.
London, Tel Aviv and Zurich rounded out the rest of the ECA's top 10 most expensive cities in the world.