According to a global survey, New York City and Singapore are the most expensive cities in which to live.
According to the Economist Intelligence Unit’s Worldwide Cost of Living report, the average cost of living rose by 8.1% in 172 of the largest cities in the world. This was driven by factors such as the war in Ukraine, and supply-chain snarls.
Tel Aviv, which topped last year’s rankings, was moved to third place, with Hong Kong and Los Angeles rounding out the top five most expensive places.
Asia cities were more resilient to rising prices than other places, with an average increase of 4.5% in living costs. However, individual country performance was affected by currency movements and government policies.
The study also revealed other key findings:
Tokyo and Osaka fell down the rankings, falling 24 and 33 respectively as low interest rates kept them from rising
Tripoli in Libya and Damascus, Syria are two of the most affordable places on earth.
Strong exports boosted the Aussie dollar and Sydney leapt into the top 10.
From 24 last year, San Francisco jumped into eighth place.
The six most costly Chinese cities rose in the rankings, with Shanghai achieving the top 20.
EIU’s global cost of living head Upasana DUTT said that the war in Ukraine and Western sanctions against Russia and China’s Zero-Covid policies caused supply-chain problems which, together with rising interest rates, has led to a worldwide crisis in cost-of-living. The impact of the war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies can be seen in this year’s EIU index. We see an average price increase across all 172 cities in our survey as the strongest in 20 years.
The survey was conducted in August and September of this year and compares over 400 prices for more than 200 products and services in 172 global cities.
These are the 10 most expensive cities worldwide, based on their 2022 ranking. Some cities are tied.