Singapore Merlion
IN PHOTO: The Marina Bay Sands casino construction site is seen from the Merlion Park in Singapore May 1, 2008 Reuters/stringer

A number of countries are known for their high cost of living, which can discourage people from migrating. Some places have consistently been listed in the top ten most expensive through the years, while others are new entries due to economic factors and the growing prices of commodities.

Here are the five countries with the highest cost of living for the year.

1. Singapore

In a list by the Economist Intelligence Unit, Singapore is the most expensive 2014 out of 131 cities. The strong currency, high car maintenance cost and huge utility bills placed the city at No. 1. In 2013, Tokyo was at number one.

2. London, United Kingdom

According to a study cited by The Guardian, London has overtaken Hong Kong as one of the most expensive cities to live in. According to the study by estate agent Savills, the overall real estate costs rose by an annualized rate of 10.6% during the initial six months of 2014. London became the priciest city for companies to locate employees. The city also featured rising costs of rent for both residential and commercial spaces.

3. Hong Kong

The financial capital of Asia is one of the most expensive cities in the world for 2014. For years, the average home in Hong Kong can cost millions of dollars. The regular family spends about half of its income on housing alone. Transportation and meals are affordable in the city, however.

4. Zurich, Switzerland

In a list by CNN Money, Zurich is one of the most expensive cities to live in for 2014. About one-fourth of city residents works at investment firms or banks so they can generally have more buying power than the average individual in other nations. A bedroom apartment costs over $4,000 a month and one meal averages $15.

5. Tokyo, Japan

Just like Hong Kong, the capital city of Japan is densely populated, making accommodations very expensive. A two-bedroom apartment costs over $4,300 per month. The cost of food, drinks, entertainment and transportation also continues to rise in previous years. In 2013, Tokyo was the most expensive city in the world in a list by the Economist Intelligence Unit.