A new global survey has revealed that New York and Singapore rank as the two most expensive places to live in.
According to the Economist Intelligence Unit’s Worldwide cost of Living report, the cost of living in 172 of major cities around the world rose an average 8.1% last year. This was due to factors like the war in Ukraine or supply-chain snarls.
Tel Aviv, the number one ranking last year, was promoted to third, with Hong Kong, Los Angeles, and Los Angeles finishing in the top five most expensive.
Asian cities managed to avoid the sharp price rises elsewhere. The average cost of living increased by 4.5%. But individual country performance can vary due to currency and government policies.
Other important findings of the study include:
Tokyo and Osaka both fell 24 and 33 spots respectively in the rankings as interest rates remained low.
Tripoli, Libya’s capital, and Damascus in Syria are the two most expensive places in the world.
As strong exports helped the Aussie dollar, Sydney rose to the top 10.
San Francisco leapt into eighth position, up from 24 in last year
The six most expensive Chinese cities rose up the ranks with Shanghai joining the top 20.
EIU’s head of global cost of living, Upasana DUTT, stated that “The war in Ukraine, Western sanctions against Russia, and China’s zero-Covid policy have created supply-chain issues that, along with rising interest rate and exchange-rate shifts have led to a crisis in the cost-of life across the globe. This year’s index shows the effects, with the average price change across the 172 cities included in the survey being the highest in 20 years.
The survey, which was completed in August and Sept this year, compares 400 prices for over 200 products in 172 cities worldwide.
These are the top ten most expensive cities in the globe, according to their 2022 ranking. Some cities are even tied.