The survey which compared the prices of 160 goods and services in 133 cities around the world showed that Asian cities have become comparatively more expensive as five cities from the continent are top on the list.
On the list, Singapore is followed by Hong Kong, Zurich and two Japanese cities, Tokyo and Osaka.
The survey which was released on Tuesday, March 21, indicated that Singapore was 20% more expensive than New York and 5% pricier than Hong Kong, which lies in second place.
Only four European cities made it to the top 10 most expensive cities around the world. A decade ago, European cities made up eight of the ten most expensive places.
According to the report, Paris is the only eurozone city among the 10 most expensive. Compared with other European cities, the French capital still remains expensive to live in, with only alcohol and tobacco offering value for money.
The top 10 most expensive cities are:
2. Hong Kong
9. New York
According to the ranking,Lagos in Nigeria is one of the world's cheapest cities. Other ranked as world cheapest were Almaty, Bangalore, Karachi and others.
The top 10 cheapest cities are:
10. New Delhi
London is at its lowest position in 20 years while Manchester fell sharply down the rankings from 26th to 51st position.