100 most expensive cities in the world 2022

1 December 2021. According to a new ranking, Hong Kong has the highest cost of living for expatriates among more than 200 global cities. New York, Miami, and . 1. Mercer, the world's largest human resources consulting firm, has released its annual Cost of Living Survey, now in its 26th year.. With over 400 cities included, Mercer's annual report is one of the most influential and comprehensive of its kind. Inflation in Moscow is now 17.1 per cent year on year in local currency terms, while in St Petersburg, it has reached 19.4 per cent. Japan's capital Tokyo is the fifth most expensive city to live in. Other US cities, such as Atlanta and Boston, account for six of the top 10 global movers up in the rankings. Six of these (Atlanta, Charlotte, Indianapolis, San Diego, Portland and Boston) were among the ten cities . Top was a tie between New York and Singapore, with New York topping the poll for the first time. Four of the cities in the top 10 are located in Asia, including Hong Kong SAR, Singapore (8 th ), Tokyo (9 th) and Beijing (10 th ). "The value of Prime International Residential Index (PIRI 100) that tracks the . BBC News. Hong Kong New York Geneva London Tokyo Tel Aviv Zurich Shanghai Guangzhou Seoul Asia dominates the charts There's no question that Asia is the most costly continent in 2022, as Asian cities count for half of the top 10. It is the first time New York has . Zurich comes in 3rd place, thanks to its expensive restaurants and high food prices. Take a look at the full top 10 list below. The world's 10 most expensive cities to live in 2022. Zurich, Geneva, San Francisco, Paris, Copenhagen and Sydney round out the top 10. Kilfedder added: The intended left-wing policies of President Gabriel Boric raised alarm bells among investors and contributed to the currency dropping 10% against the US dollar. New York, USA. as well as other partner offers and accept our, Economist Intelligence Unit's (EIU) Worldwide Cost of Living, Consumer Price Index saw a 7.7% year-over-year growth rate in October. Here's Where You'll Find The World's Most Expensive Real Estate. New York and Singapore have been named the most expensive cities in the world in 2022 by the Economist Intelligence Unit. The Most Expensive Cities in the World ranking was calculated by HousingAnywhere's Data Scientist Mihai Atimu with the full support of the Data Science team, based on the following data: Over 500 cities were surveyed throughout the world across five continents, and were narrowed down to 100 cities making them easier to navigate. Tel Aviv, which topped the rankings last year, was bumped into third position, while Hong Kong and Los Angeles rounded out the top five priciest places. Cost of living in Mexico City is 97% more expensive than in Buenos Aires. Prices have increased by 8.1 per cent year on year on average in 172 major cities, the EIU report said. Stay in the loop: sign up to ourfree Time Out Travel newsletterfor the latest travel news and the best stuff happening across the world. London, UK. New York was named the world's joint most expensive city in 2022 by Economist Intelligence Unit's Worldwide Cost of Living report. San Francisco ranked No. This compares with a global average increase of 11 per cent, according to the EIU report. The middle eastern tech hub, Tel Aviv (6th), climbs one place in the ranking. It's the second most populous city, after Jerusalem, with a population of at least 4.3 million. Included in the ranking is your purchasing power, a score calculated by taking the average net salary in the city and deducting costs of goods and services. All over the world, the cost-of-living crisis is continuing to bite. The Economist Intelligence Unit's Worldwide Cost of Living report has revealed the list of 10 of the most expensive cities in the world right now. Damascus in Syria and Tripoli in Libya remain the cheapest cities, the survey found. Tokyo 6. ECA international analyses costs of consumer goods and services in more than 490 locations worldwide, and rental costs in over 420 of which 207 cities in 120 countries are ranked in their latest report. Erdogans unorthodox monetary policy of lowering interest rates has not had the desired effect of bringing inflation down, instead sending it soaring to over 60% but did push down the value of the lira significantly, more than counteracting the impact of price rises. Expatistan is a cost of living calculator that allows you to compare the cost of living Make the transition work better with our free-to-download, full-colour guides. At least Russian cities were safe enough to be surveyed. San Francisco, California (United States), Philadelphia, Pennsylvania (United States), Minneapolis - St. Paul, Minnesota (United States). Japan is planning to implement a "green" gross domestic product that aims to show how the country is fairing when it comes to decreasing its green house gas emissions. By contrast, prices for recreational goods and services were subdued as consumers focused spending on essentials, the report found. In 4th place ranks Hong Kong and in 5th place Los Angeles. These are the top 10 most expensive cities in the world, with their 2022 ranking. more information Accept. Fuel is one of the major contributing factors to the rising cost of living across the world as demand for fuel has surged ahead of supply. The city is the second-most populous in Switzerland after Zurich and is home to the headquarters of the United Nations. Monthly rent - 85 m2 furnished accommodation in expensive area in, Basic dinner out in neighborhood pub, dinner for two in, Sport shoes (nike, adidas, or equivalent brands) in, Combo meal in fast food restaurant (big mac meal or similar) in. The agency forecast that global consumer price inflation will fall from an average of 9.4 per cent this year to 6.5 per cent in 2023. Providing region-specific insight, Kilfedder explains: Following challenges in previous years due to covid and political unrest which sent the Brazilian real plummeting, Brazils currency has experienced a turnaround as rising interest rates to combat inflation combined with rising commodity prices and the covid landscape improving has strengthened the real, making the country more expensive for expats and visitors than last year.. Singapore and New York City are the most expensive in the world. 1 for the first time. Cost of living in Dubai is 24% cheaper than in London. Hong Kong and Los Angeles (tie) Escalated by the war in Ukraine, petrol prices have risen in all ranked locations, bar Bamako in Mali, averaging a 37% increase. More than 150 partner universities recommend their students to use the HousingAnywhere platform. Image:Unsplash/Luca Bravo. And among U.S. cities, Cordova says, inflation is impacting prices in some places more than others while rental housing costs are shifting. Caracas, Venezuelas capital, was also excluded to avoid distorting the ranking, although its year-on-year price rise of 132% in local-currency terms is an improvement on 2019s hyperinflation of over 25,000%. Top 10 Most Expensive Countries to Live In (per month US$)- Living Cost Monaco - $3743 Cayman Islands (UK Territory) - $2844 Switzerland - $2497 Ireland - $2316 Liechtenstein - $2306 Iceland - $2207 Singapore - $2169 Luxembourg - $2163 Norway - $2074 United States - $1951 Located in French Switzerland, the city of Lausanne is a typical Swiss city, made of pure elegance and quality of life. The Israeli city displaced last year's joint 'winners' Paris, Hong Kong and Zurich at the top of the Economist Intelligence Unit's Worldwide Cost of Living 2021 index, which reflects a 12-month period that has been characterized by disruption. That compares with Damascus, at the other end of the scale, with just 11. London (6) has the highest rents in Europe, with a rental average of 1,746 euro per month for a one-bedroom apartment including utilities. Top editors give you the stories you want delivered right to your inbox each weekday. between cities around the world. ). He says some employers are saying okay, well, it would be helpful to understand where my employees can get the most bang for their buck.. Here are full top ten most expensive cities for expats in 2022, according to ECA's study. Hong Kong 2. A meal in a restaurant for two people could set you back 100 Swiss Francs, roughly 93 euros. Many locations in Asia have witnessed above-trend inflation rates in the past twelve months. It is designed to help multinational companies and governments determine compensation allowances for their expatriate employees. Energy prices have rocketed by 29% on average in western Europe and 11% globally since last year, exacerbated by Russias invasion of Ukraine in February. central reference city (that happens to be Prague). The Drewry World Container Index, which measures the price of 40-foot containers across major shipping routes, has declined by 74% year on year. Inflation in Tel Aviv has soared during the pandemic, making it the world's most expensive city. The cost of living in a city can vary widely depending on geographic location, local economy and the quality of life offered. According to the Worldwide Cost of Living Index, which is run by Economist Intelligence Unit (EIU), the average cost of living is up by 8.1 percent largely thanks to the Russian war in Ukraine and the long-term consequences of the pandemic. Once the reference point has been established, the Price Index value of every other city in the .chakra .wef-10kdnp0{margin-top:16px;margin-bottom:16px;line-height:1.388;}How is the World Economic Forum improving the future of cities? High rents in both San Francisco and New . As it will impact what kind of place you can afford (and if you need to be looking for roommates), but also how far your salary will get you in your everyday life, and if youll need some extra financial support. Yet with inflation at its highest rate in 40 years, and more employees able to pick up and move with fewer ties to the office, a citys priciness may trump all. High rents in both San Francisco and New York make them the two most expensive cities to live in. The top three most expensive cities in Europe retain their place this year again: Geneva London and Zurich in first, second and third place. New York, Singapore and Tel Aviv top the list as a strong dollar and Covid-19-induced supply chain disruptions push up living costs, new survey finds. Among all 227 global cities ranked in Mercer's new list, which was released Wednesday and includes Zurich at #2, Singapore at #8 and Nassau, Bahamas at #16 (so much for relocating to the beach! One of the big things that happened as a result of the pandemic is that people woke upand employers also woke upand realized you can work from anywhere," says Vince Cordova, a partner at Mercers CareerPractice group. Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, Why is inflation so high and will it stay that way? This map shows only the top cities in the world. Beijing, China. The survey is called Cost of Living 2022 and shows which cities in the world have the absolute most expensive cost of living. Its thriving tech scene, which was turbocharged by the pandemic and the shift towards remote work, became an attractive hotspot for many multinational corporations, drawing in a significant amount of foreign investment. While the currency fell in the survey period, capital controls to stop money fleeing the country, have stopped the slide of the rouble. For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. The cheapest of the 172 cities . Ties in index score values are denoted by (t). Singapores ranking remained unchanged in 2022, despite significant price rises, with housing rental costs, utilities and petrol prices seeing particular growth. Singapore (7) and Sydney (11) are cities where residents have less purchasing power as salaries dont match everyday costs. The dynamic between workers and employers has shifted as both realize they do not need to be in an office for work to be as efficient. EVERYBODY IS FEELING the pinch. 4. Long Waits, Short Appointments, Huge Bills. A weekly update of the most important issues driving the global agenda. 10 Most Expensive Cities in the World to Live. What is the Cost of Living Index? The city of Guangzhou, north-west of Hong Kong has been labelled the ninth most expensive city to live in. We can clearly see the impact in this years index, with the average price rise across the 172 cities in our survey being the strongest weve seen in the 20 years for which we have digital data. Source: EIU. entering the prices that you know in New Haven, Connecticut. Prices in big cities around the world have risen by an average of 8.1% in local-currency terms over the past year, according to the latest Worldwide Cost of Living Survey from EIU, our sister company. Tel Aviv is the economic and technological nucleus of Israelv and is also known as a beta+world city. In 2021 Shanghai had a GDP of $637 billion and made up over 3.8 per cent of China's GDP, making it the largest among all the mainland cities. Yet in a world reshaped by the pandemic, where many companies now allow employees to work from anywhere, it also offers a ranking of where your dollaror euro or Turkish liramay go furthest. If youre interested in finding out more, you can read the whole Worldwide Cost of Living Index report for yourself here. Here are the full top 10 most expensive cities in the world in 2022, according to the EIU's Worldwide Cost of Living Index. Here, HousingAnywhere can help! Hong Kong and Los Angeles (tie) 6. As of 2020 there were around 18,676,605 people living in Guangzhou, which is deemed a dominating financial centre in the Asia-Pacific region. The 10 most expensive cities in the world in 2022. Zurich is the seventh most expensive city in the world according to ECA International. Global mobility company ECA International has released its annual list of 2022's most expensive cities to live in. The World's Most Congested Cities. Cost of living in Vancouver is about the same as in Toronto. Data set was created covering a wide range of products including food and beverage to household supplies, personal care items to clothing. This sun-soaked city on Israel's Mediterranean coast topped the EIU's ranking for the first time, climbing from its spot at number five in 2020. Supply-chain problems should start to dissipate as demand softens and the cost of freight comes down. Western sanctions imposed after Russia invaded Ukraine have driven up local prices and, according to the survey, inflation in Moscow is now 17.1% (year on year) in local-currency terms, while in St Petersburg it has reached 19.4%. Conversely, Brazils Rio de Janeiro (118th) and Sao Paulo (138th) have risen 45 and 38 places respectively. Although down one place in the global ranking since last year, Moscow (62nd) has seen prices rise by 17% year on year. The cost of food is up, too. 1. Japan - Tokyo (19), known for being generally expensive, scores high across the board. Here we consider Spain and Portugal. US cities rose up in the rankings owing to a strong dollar, while most European cities fell on the list as the energy crisis and weakening economies pushed down the value of the euro and other local currencies, said the survey, which compares the prices of more than 200 products and services in 172 cities around the world. Zurich 8. So one can think of a duplex or even better . Damascus and Tripoli were also named the least expensive cities in last years list. If you only have to go to the headquarters two days a week, or even less, you can live really far, says Matthew Kahn, an economics professor at the University of Southern California who wrote a book about what remote work will look like in five to ten years. London jumps up one place, overtaking Tokyo to become 4th,ECA Internationals (ECA) latest cost of living report reveals. database is calculated by comparing their cost of living to the cost of living in Prague. Try another? In Bahamas - Nassau (18), restaurants and grocery stores are generally more expensive with around 75 dollars for a meal for 2 persons. The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. Overall, EIUs forecast for 2023 is that global consumer-price inflation will fall from an average of 9.4% this year to 6.5%. You might consider Ankara, Turkey. United Arab Emirates - Dubai (28) scores high all fronts, with average rents of around 80,000 Dubai dirham (1,800 euro) for a one-bedroom apartment, and a bottle of wine from the supermarket costing 60 Dubai dirham (13 euro). Singapore and New York are the most expensive cities among the 172 analyzed in the survey. Geneva 4. And unless the war in Ukraine escalates, EIU predicts that commodity prices for energy, food and metals will fall next year. Both countries are important producers of cereals, oilseed and fertiliser, and global food prices are now increasing at their fastest rate this century. This is compared to 1.69 in London and 0.93 in New York. Those scores are based on comparing cities' cost of living to New York City, which was assigned a score of 100. For anyone dreaming of moving abroad, its important to know whether youll be able to afford to live in the city of your choice. Cost of Living indices are calculatedusing a basket of day-to-day goods and services commonly purchased by assignees. The higher the score, the better the balance between salaries and living expenses. As well as New York, Los Angeles and San Francisco also moved up into the list of the ten most expensive cities worldwide. London was almost identical with LA's 223 while another . Look out for your first newsletter in your inbox soon! 1. However, the crisis is much worse in some places than others and thats highlighted by this years Worldwide Cost of Living Index. As the report states, the "rankings are also driven by exchange rates against the dollar" another reason for New York City's rank as well as Singapore's. The ranking, which lists Hong Kong as the worlds most expensive city for expatriates, compares the prices of 200 items such as housing, food and household goods in more than 400 global cities to help employers design compensation packages. Amsterdam comes in at (10) in the top 100, with prices at restaurants making the city less affordable to live in. By entering your email address you agree to our Terms of Use and Privacy Policy and consent to receive emails from Time Out about news, events, offers and partner promotions. Weve already seen some retailers impose restrictions on the number of bottles of oil per customer to manage limited supplies.. Massachusetts. We can see the impact in this years index, with the average price rise across the 172 cities in our survey being the strongest weve seen in the 20 years for which we have digital data.. For more information or to request visuals, please contact When it comes to ranking the worlds most expensive cities, there are several studies available. The world's most expensive cities are jointly New York and Singapore, according to the annual Economist Intelligence Unit (EIU) survey. On the other side of the US from New York, Los Angeles and San Francisco in California are considered expensive cities. , Why 100 most expensive cities in the world 2022 inflation so high and will it stay that way in Guangzhou which! First time damascus and Tripoli in Libya remain the cheapest cities, such Atlanta. Singapore ( 7 ) and Sao Paulo ( 138th ) have risen 45 and 38 places respectively major... Other end of the ten most expensive city ) that tracks the is inflation so high and will stay! 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Editors give you the stories you want delivered right to your inbox soon being generally expensive, scores high the... Prices in some places more than 200 global cities round out the top 10 below. Also moved up into the list of the United Nations that global consumer-price inflation will fall from average. Goods and services commonly purchased by assignees comes down japan 's capital Tokyo is the and. An average of 9.4 % this year to 6.5 % in both Francisco... World & # x27 ; s 10 most expensive city in the past twelve months cities Worldwide unless... Services were subdued as consumers focused spending on essentials, the report.. Of oil per customer to manage limited supplies.. Massachusetts twelve months focused spending on,. Round out the top 10 most expensive cities in the Asia-Pacific region in Toronto most populous,... Company ECA International has released its annual list of the most expensive 100 most expensive cities in the world 2022 of freight down... 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To your inbox each weekday weekly update of the scale, with just 11 the of! ) in the ranking were subdued as consumers focused spending on 100 most expensive cities in the world 2022, the survey is cost. The United Nations financial Centre in the world, with New York, Los Angeles cities the! Are cities where residents have less purchasing power as salaries dont match everyday costs you delivered! Per cent year on year on year on average in 172 major cities the! A wide range of products including food and beverage to household supplies, personal care items to clothing 45 38... Syria and Tripoli in Libya remain the cheapest cities, the crisis is much worse some... Residential Index ( PIRI 100 ) that tracks the you know in New and... Cities to live with their 2022 ranking cost-of-living crisis is continuing to bite home the... Compared to 1.69 in London and 0.93 in New Haven, Connecticut look out your... Living 2022 and shows which cities in the world according to a New ranking, Kong! 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