Two New Zealand cities are now among the most expensive in the world to live in, rating higher than the likes of New York, Hong Kong and Rome according to a new survey.

Auckland, previously 24th, is now ranked the 15th costliest city in the world in the Economist Intelligence Unit's report while Wellington has jumped 16 places to be equal 17th - level-pegging with London.

The Worldwide Cost of Living saw the only two New Zealand cities ranked in 130-city study both enter the top 20 since the last survey in June.

Wellington's leap up the rankings was only bettered by four cities - Asuncion, Belgrade, Caracas and Montevideo.

The report, carried out twice a year, compares more than 400 individual prices across 160 products and services, including food, drink, clothing, transport, utility bills and recreational costs.

Zurich was the world's most expensive city in the survey followed by Tokyo and Geneva.

Across the Tasman things weren't much better, with five Australian cities in the top 20.

Sydney was seventh, Melbourne eighth, Perth 12th, Brisbane joint 13th and Adelaide sharing the same spot as Wellington offering food for thought for those Kiwis keen to flee to Australia.

"The cost of living in Sydney is now almost 50 per cent higher than that of global business centre New York - while a decade ago Sydney was more than 25 per cent cheaper than New York," report editor Jon Copestake said.

A quality of life survey last year ranked Auckland the third-best place in the world to live with Wellington 13th.

Sydney (11th) was the highest-ranked Australian city.

Top 10 most costly cities:

1. Zurich

2. Tokyo

3= Geneva

3= Osaka Kobe

5. Oslo

6. Paris

7. Sydney

8. Melbourne

9. Singapore

10. Frankfurt