Oslo is the most expensive city to live in, says a report released by UBS.

Oslo, Zurich and Geneva are the priciest cities to live in the world, according to a report released by UBS.

The rankings, published in the annual UBS Prices and Earnings report, were based on a comparison of the average cost of 122 commodities and services in 73 cities, excluding rent.

Six European cities took spots in the top 10. They were Oslo, Zurich, Geneva, Copenhagen, Stockholm and Helsinki.

With New York prices used as the benchmark at 100 points, Oslo took the top spot with 139.1 points, followed by Zurich and Geneva with 135 points and 133.1 points.

Tokyo was the most expensive city in Asia, taking sixth place in the rankings with 112.6 points. Singapore ranked 10th with 102.4 points.

Shanghai took 49th on the list, while Beijing came in at 58th.

The report also ranked the 73 cities by wages, adjusting for exchange rates and inflation. Again using New York's wage level as a benchmark, Zurich, Geneva and Copenhagen took the top three spots with 144.4 points, 138.8 points and 134.8 points.

Shanghai and Beijing were ranked 59th and 63th with 17.8 points and 14.7 points.

The report said the living cost in American cities has fallen, possibly due to a weaker dollar. New York, which was typically among the top 10, dropped to the 14th place this year.

The top 15 most expensive cities this year are as follows:

1. Oslo

A view of Oslo