Despite taking the crown yet again as the most expensive city in Australia, Sydney has fallen two places from 2013 to become fifth behind this year's new number one Singapore, followed by Paris, Oslo and Zurich.
Tokyo, the most expensive city in 2013, fell to ninth place.
The EIU survey calculates the cost of living in over 131 cities by comparing the prices of over 400 different products and services against their price in New York. As a result, the rankings disregard purchasing power or average salary and are instead heavily affected by exchange rates.
Mumbai was found to be the cheapest city in the world to live in, partly due to the countries' low wages, followed by Karachi, New Delhi, Damascus and Kathmandu.