These Are The World’s Most Expensive Cities
All over the world, people are grappling with the rising costs of living. According to the Economist Intelligence Unit (EIU)’s 2022 Worldwide Cost of Living survey, the average price of goods rose by 8.1% this year, largely driven by Russia’s war with Ukraine and the ongoing impact of the coronavirus pandemic.
However, some cities are stretching their residents’ wallets further than others. Once again, the EIU determined the most expensive cities in the world by studying price comparisons — from August 16 to September 16, 2022 — between 172 major cities worldwide, including over 200 goods and services (such as food, transport, and clothing).
New York City and the city-state of Singapore tied for first place, with the Big Apple topping the EIU’s survey for the very first time.
New York’s high ranking is partially influenced by recent U.S. inflation. The Federal Reserve has raised interest rates by 375 basis points this year, making basic goods that much more expensive. Two other U.S. cities made the top 10 list: Los Angeles, California (which is tied for fourth place alongside Hong Kong) and San Francisco, California (which placed eighth).
Meanwhile, Singapore’s high ranking on the EIU survey is nothing new. According to the report, the country “has the world’s highest transport prices, owing to strict government controls on car numbers. It is also among the most expensive cities for clothing, alcohol, and tobacco, thanks to its success as a premier location for business investment.”
Third place goes to Tel Aviv, Israel, which previously ranked as the world’s most expensive city in the EIU’s 2021 poll.
These are the 10 most expensive cities in the world in 2022, according to the EIU’s Worldwide Cost of Living Index:
- TIE — Singapore, Singapore (Index: 100)
- TIE — New York, United States (Index: 100)
- Tel Aviv, Israel (Index: 99)
- TIE — Hong Kong, China (Index: 98)
- TIE — Los Angeles, California (Index: 98)
- Zurich, Switzerland (Index: 94)
- Geneva, Switzerland (Index: 91)
- San Francisco, United States (Index: 85)
- Paris, France (Index: 84)
- Copenhagen, Denmark (Index: 83)
Meanwhile, the least expensive cities in the world this year are Damascus, Syria, Tripoli, Libya, and Tehran, Iran.
You can read the EIU’s full report here.