The index used more than 9.1 million prices provided by almost 809,000 people from 11,761 cities to calculate the average cost for restaurant meals, groceries, childcare, transport, clothes, rent and utilities.
A final list of 218 cities is included on the index, with Geneva ranked the most expensive, with a score of 101.7, followed by Zurich, also in Switzerland.
America rounded out the top five with New York, San Francisco and Boston in third, fourth and fifth respectively.
Where does New Zealand rank?
Wellongtonians pull the short straw in Aotearoa, according to the index. The capital is ranked 29th in the list with a score of 70.3, while Auckland is 43rd and Christchurch 67th.
However, Kiwis are better off than those living in Canberra (79.3), Adelaide (76) and Sydney (73.4).
Most expensive and cheapest spots revealed
The highest cost of rent was found in New York, San Francisco and Boston and those in Geneva, Zurich, San Francisco and New York were supposedly paying the most for groceries. Those who love eating out may want to skip Reykjavik in Iceland, Los Angeles, New York, or Zurich and Geneva, cities with the highest average scores for eating out.
Travellers on a tight budget may want to consider a trip to India, Pakistan or Egypt, where you can find the 10 cities at the bottom of the cost index.
At the very bottom, with an index score of just 19 is Karachi in Pakistan, followed by Lahore (also in Pakistan) and Kolkata, India in third.
Islamabad in Pakistan, Chennai in India and Cairo in Egypt round out the cheapest six. The rest of the cheapest 10 can be found in India: Ahmedabad, Hyderabad, Delhi, and Pune.
Further up the list, but still with an index below 30, is Kathmandu in Nepal and Hanoi in Vietnam.