New York dethrones Hong Kong (China) as the world's most expensive city. (Source: The Time)

ECA International ranked 207 cities based on a basket of everyday goods and services that survey respondents typically buy, such as food, utilities, public transportation and other basic needs like household items.

The company said the research is aimed at helping organizations calculate living allowances for employees based overseas.

Hong Kong (China) slipped in the ECA rankings as the rise in the cost of everyday goods and services was somewhat tempered by falling housing costs in the city, according to the survey.

However, Hong Kong remains the most expensive location in Asia for foreigners.

The second most expensive location in Asia is Singapore, up eight places from last year's ranking.

Globally, Singapore is also the fifth most expensive location, marking the first time the country has entered the top five of the ranking.

In the US, all cities' rankings rose this year due to a strong US dollar as well as “significant increases” in rental costs.

New York rose one spot to first place, while San Francisco rose four spots from 11th to seventh, according to the survey.