In a review of available data on higher education in 13 countries and territories worldwide, Australia ranks as the most expensive, reaching an annual total of $38,516 in combined yearly fees and cost of living. The US follows with a $35,705 total, while the UK lands third with $30,325. 

Five of the top 10 countries with the highest cost of studying are in Asia, the other four being Singapore, Hong Kong, Japan and China. International students in Ivy League universities could pay 67 per cent more, with the average total reaching more than $58,000 a year.

"Assuring children's education is a top priority for Asian parents. However, this is no small financial goal. College education spends are significant and rising... and could have a significant impact on one's overall financial net worth," said .

He further notes that besides tuition fees, parents also have to factor in living costs, exchange rates and inflation.

The study also shows that the majority of students in Asia, such as Hong Kong, Singapore and Taiwan, prefer vocational courses. Seven in 10 students in the top 10 courses are taking vocational programmes, compared to five in 10 in the US, UK and Canada on average. Engineering ranked as the top course in Singapore and Taiwan, and second in Hong Kong. 

"Vocational subjects are popular as these are traditionally seen to be an important route to jobs offering stable income and promising career prospects. We expect this trend will be supported by the relatively faster growth in emerging markets," added Vohra.