ECA International has released its annual Cost of Living report, revealing the most expensive cities in the world to live in.

In order to produce the list, the business management consultancy compared the costs of a basket of day-to-day goods and services commonly purchased by expats in various countries, including groceries, household and recreational goods, leisure, clothing, meals out, as well as alcohol and tobacco, among other items.

European cities dominated the top of the ranking, with almost a third of the top 100 cities being located in the continent.

Meanwhile, only three US cities placed in the top 50 – and a surprise winner took the top spot.

Scroll down to see the 18 most expensive cities to live in the world, ranked in ascending order.

18. Yokohama, Japan.

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Foto: source Flickr via xiquinho

17. Jerusalem, Israel.

Foto: source Shutterstock/Sean Pavone

16. Busan, South Korea.

Foto: source Shutterstock

15. Copenhagen, Denmark.

Foto: source S-F/Shutterstock

14. Tel Aviv, Israel.

Foto: source Shutterstock

13. Beijing, China.

Foto: source LU JINRONG/Shutterstock

12. Stavanger, Norway.

Foto: source virtualwayfarer/Flickr

11. Hong Kong, Hong Kong.

Foto: source Vincent Yu (Associated Press)

10. Shanghai, China.

Foto: source Thomson Reuters

9. Oslo, Norway.

Foto: source Marina_89/Shutterstock

8. Seoul, South Korea.

Foto: Seoul, South Korea. source Public Domain

7. Tokyo, Japan.

Foto: source Rachel Premack/Business Insider

6. Luanda, Angola.

Foto: FILE PHOTO: A general view Luanda, Angola’s capital source Thomson Reuters

5. Bern, Switzerland.

Foto: source Daniel Schwen / Wikimedia Commons

4. Basel, Switzerland.

Foto: source xlibber/ Flickr

3. Geneva, Switzerland.

Foto: source bluejayphoto/iStock

2. Zurich, Switzerland.

Foto: source NavinTar/Shutterstock

1. Caracas, Venezuela.

Foto: source danielito311 / Flickr

Kilfedder said, “The economic situation in Venezuela has become increasingly volatile with inflation reaching an astounding 7,000 (seven thousand) percent in the year to March 2018 and 1,800 percent over the last six months alone. The cost of goods has increased exponentially as the economic and political situation has deteriorated and despite the plummeting value of the Bolivar, Caracas sits at the top of our cost of living rankings.”