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Sydney ranked at number 7, slightly ahead of Melbourne at number 8, Perth is 13th, Brisbane is 14th, and Adelaide is 18th.
It costs more to live in each of the 5 Australian cities than London, New York, Rome, LA, Berlin or Hong Kong.
A loaf of bread in Sydney is almost doubled in the past 10 years, while petrol had risen threefold.
Zurich in Switzerland for the first time outranked Tokyo as the most expensive city.
The editor said it is due to Australian currency becoming stronger and local price inflation, and Swiss Franc is affected by the Eurozone crisis.
The survey compares the price of more than 400 items including food, clothing, rent, utility bills and recreational costs.
At the other end the least expensive city in the world is Muscat, in Oman.
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