The United States is the most pricey place to live globally, according to the Economist Intelligence Unit.
The US ranked as the second-most expensive country to live, after South Korea, in its ranking of world’s most expensive cities.
Australia ranked third, after Singapore and Japan.
The United Kingdom ranked fourth, and the US ranked sixth.
The Economist Intelligence Group also analysed the cost of living in each country’s top 10 cities, and found that the US had the highest average annual rent per square metre of any country.
The Economist Intelligence report said Australia’s median rent for a one-bedroom flat was $3,200, while New Zealand’s was $2,600.
Australia’s median annual rent for the median apartment was $1,895, while the UK’s was about $1.25 million, according the report.
According to the report, the average annual wage in the US is about $57,000 a year.
The median wage for a full-time worker in the UK is about £42,000, the report found.
A recent study found that more than 40 per cent of workers in the U.S. work in low-paying jobs.
But Australia’s housing affordability is often blamed for its high housing prices, with the median cost of a two-bedroom home in Sydney and Melbourne in 2018 costing $2.5 million and $2 million respectively.