New York And Singapore Top The List Of 'World’s Most Expensive Cities' In 2022

A recent study on cities worldwide found that New York and Singapore have the highest overall cost of living. According to the Economist Intelligence Unit's Worldwide Cost of Living report, the cost of living in 172 of the world's most important cities skyrocketed by an average of 8.1% over the course of the previous year.?

Several factors drove this rise, including the war in Ukraine and supply-chain snarls.

Tel Aviv, which had previously held the number one spot in these rankings, fell to the number three spot, above Hong Kong and Los Angeles, which rounded out the top five most expensive cities.

The average cost of living increase across Asian cities was 4.5%, lower than the global average of 6.2%. However, country-by-country results varied owing to government policies and rates.?

According to Upasana Dutt, head of worldwide cost of living at EIU,?

"The war in Ukraine, Western sanctions on Russia, and China’s zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world. We can see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years, we have digital data."

The survey, conducted in August and September of this year, compares more than 400 individual prices across over 200 different products and services in 172 different locations around the globe.

According to the ranking system used in 2022, these are the world's top 10 most expensive cities. Some of the cities are tied.

Singapore — 1

New York, US — 1

Tel Aviv, Israel — 3

Hong Kong, China — 4

Los Angeles, US — 4

Zurich, Switzerland — 6

Geneva, Switzerland — 7

San Francisco, US — 8

Paris, France — 9

Copenhagen, Denmark — 10

Sydney, Australia — 10

The following are some further essential findings from the study:?

1. Due to the continued low-interest rates, Tokyo and Osaka fell farther down the rankings, dropping 24 and 33, respectively.?

2. The cheapest cities in the world are Damascus, the city of Syria, and Tripoli, the capital of Libya.?

3. Due to Australia's robust exports, Sydney has made its way into the world's top 10 most expensive cities.?

4. The city of San Francisco moved to the eighth rank, up from 24th the previous year.?

5. Shanghai broke into the top 20 most expensive cities in the world, along with the other five most expensive cities in China.

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