Seoul world's 8th most expensive city to live in: report

The capital of South Korea, Seoul was recently ranked as the eighth most expensive city to live in, according to a recent report.

The Economist Intelligence Unit has released its 2016 Worldwide Cost of Living ranking after surveying 133 cities on a basket of 160 items and services such as food, clothing, rent, and private schools. Seoul tied with Copenhagen and Los Angeles right below New York.

For the third straight year, Singapore was the most expensive city, followed by Zurich, Hong Kong, Geneva, Paris and London.

According to the EIU report, ranks of Japanese cities Tokyo and Osaka, which made the most expensive city list over the course of the past 20 years, have fallen recently, while Seoul has jumped from 36th to be in the top 10 within five years.