Paris, Hong Kong and Singapore ranked most expensive cities in the world

Chart of the day: Three cities named the world's most expensive; Australia, NZ more affordable

The report also found that the weaker dollar had made it more affordable to live in Australia's five major cities as well as Auckland and Christchurch. Other cities that make up the top 10 list include Zurich, Geneva, Copenhagen, New York, Tel Aviv and Los Angeles.

The Economist Intelligence Unit, which carried out the research, said it was the first time in the more than three decades of the survey that three cities were equally ranked top, after Singapore led the chart outright a year earlier.

Caracas dethroned Damascus as the world's cheapest city amid a power struggle in Venezuela that plunged the country into a deepening crisis.

After topping the Economist Intelligence Unit's Worldwide Cost of Living Survey for five years, Asia's Lion City has been joined by Paris and Hong Kong in a tie at the top of the table.

Zurich and Geneva rounded out the top five, while NY and Los Angeles reclaimed spots in the top 10.

According to the survey, USA cities were among the priciest when it came to utilities and domestic help.

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"European cities tend to have the highest costs in the household, personal care, recreation and entertainment categories-with Paris being a good representative in these categories-perhaps reflecting a greater premium on discretionary spending", Slavcheva said. Meanwhile, cities like Seoul and Copenhagen is at the same level with NY and shared the same seventh place.

"Even in locations where shopping for groceries may be relatively cheaper, utilities or transportation prices drive up overall cost of living", she said.

San Francisco has also become a more expensive place to live, rising 12 positions to 25th place.

London and Manchester in the United Kingdom made the list for the most expensive cities to live in Europe. The survey's editor, Roxana Slavcheva, claimed converging prices were "a testament to globalisation and the similarity of tastes and shopping patterns" in those destinations.

The previous sharp fall in the ranking for United Kingdom cities, brought on in part by economic troubles following Brexit according to the Economist Intelligence Unit, has been reversed partially in the latest ranking.

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