In a new list of the most expensive cities in the work, UK cities made no appearance in the top 100, with capital city London being ranked at just 109th.
This is the first time London has not featured in the top 100 in the last 10 years.
In the aftermath of Brexit, Central London dropped sharply on the list but in this most recent survey it has risen more than 20 places – although still not enough to make the top 100, despite the gradual recovery of the pound following the European referendum.
The cost of living survey for expats was carried out by expatriate management company ECA International.
The study compared a basket of like-for-like goods and services often purchased by employees on international assignments in 475 locations across the world.
For instance, they examined the price of a cup of coffee, beer at a bar, a cinema ticket and a litre of petrol.
The most expensive city in the world is now Caracas in Venezuela, overtaking Hong Kong, all cities in Switzerland and last year’s most expensive location, Luanda, the capital of Angola in Africa.
Inflation in Venezuela has rocketed over the past year causing a significant hike in the cost of living.
“The economic situation in Venezuela has become increasingly volatile with inflation reaching an astounding 7,000 per cent in the year to March 2018 and 1,800 per cent over the last six months alone,” said Lee Quane, Regional Director – Asia at ECA International.
“The cost of goods has increased exponentially as the economic and political situation has deteriorated and despite the plummeting value of the peso, Caracas sits at the top of our Cost of Living rankings.”
European cities dominated the top of the ranking, with almost a third of the top 100 cities being located in the continent.
The other four cities in the top five were all in Switzerland: Zurich (2nd), Geneva (3rd), Basel (4th) and Bern (5th).
“The four Swiss cities in our rankings have been among the top ten most expensive in the world for years despite very low or negative inflation for much of the time,” said Steven Kilfedder, of ECA International.
“A strong currency and particularly high prices for food are among the reasons why the country is so expensive for foreigners.”
The strength of the euro resulted in 18 additional European cities entering the top 100.
For those on a budget, the cheapest all-inclusive package holiday destinations have recently been revealed.
UK locations included in the cost of living report were Central London, Outer London, Edinburgh, Manchester, Cardiff, Glasgow and Belfast.
Belfast is still the cheapest city in the UK, ranking 164th globally.
Top 20 most expensive cities
1. Caracas, Venezuela
2. Zurich, Switzerland
3. Geneva, Switzerland
4. Basel, Switzerland
5. Bern, Switzerland
6. Luanda, Angola
7. Tokyo, Japan
8. SEOul, Korea Republic
9. Oslo, Norway
10. Shanghai, China
11. Hong Kong, Hong Kong
12. Stavanger, Norway
13. Beijing, China
14. Tel Aviv, Israel
15. Copenhagen, Denmark
16. Busan, Korea Republic
17. Jerusalem, Israel
18. Yokohama, Japan
19. Nagoya, Japan
20. Singapore, Singapore
Source : EXPRESS