Skip to content

Surprises on the list of the most expensive cities in the world

The British consultancy firm ECA Internationala leading global provider of data and information for expatriate management and assignment, released its annual list of the most expensive destinations to live in.

The cost of living index is based on the calculation of prices for food, household and leisure items, services, clothing, electrical products, alcohol and tobacco. Added to this are car maintenance, eating out, the cost of utilities, public transport and rent. 207 cities around the world are scrutinized. The reference of this study…

The British consultancy firm ECA Internationala leading global provider of data and information for expatriate management and assignment, released its annual list of the most expensive destinations to live in.

The cost of living index is based on the calculation of prices for food, household and leisure items, services, clothing, electrical products, alcohol and tobacco. Added to this are car maintenance, eating out, the cost of utilities, public transport and rent. 207 cities around the world are scrutinized. The reference of this study is the month of March 2022.

In its 2022 list, we find cities that generally prance at the top of the rankings: Hong Kong, New York, Geneva and London.. One would have thought that the leaden screed – sanitary and political – which has befallen Hong Kong for two years would have contributed to a drop in the cost of living in the metropolis of southern China. It has not happened. Whether Hong Kong has retained its position as the most expensive city in the worldThis is due to rising prices and currency appreciation over the past year according to ECA.

Although Hong Kong has been less affected by rising global inflation than other cities over the past year, it is still the most expensive city in the world.explains Lee Quane, regional director for Asia at ECA International. The 3% year-on-year price increase, measured by our basket of goods and services, is higher than what we usually see in Hong Kong. Rather, it was the strength of the Hong Kong dollar, which is pegged to the US dollar, over the past year that has allowed it to maintain its position as the world’s most expensive place in the face of weakening other currencies.“.

Inflation will also have pushed up the ranking of Asian cities. Of the 20 most expensive cities in the world, 10 are located in Asia. Note that Chinese cities prance in this ranking. Shanghai and Guangzhou now rank 8th and 9th, while Beijing moves up two places to become the 14th most expensive city in the world. On the other hand, if Tokyo remains in the top 5, the Japanese capital lost three places. In particular with the sharp depreciation of the yen over one year. The Japanese currency has indeed lost 20% of its value in a few months. Seoul also fell two places (from 8th to 10th place), while Singapore remained stable.

With a weak euro, less expensive EU cities

In Europe, on the other hand, the top three of the most expensive cities on the continent remain the same! It includes Geneva, London and Zurich. It should be noted that the three cities are not part of the European Union or the euro zone. Because, for the majority of cities in the EU, the weak euro has in fact rebalanced the cost of living.

Most EU cities have seen their rankings fall after a period of euro instability. Paris fell out of the world’s top 30 and cities like Madrid, Brussels and Rome also fell. “PAlmost all major cities in the Eurozone have seen their rankings drop this year due to a euro that has underperformed against the dollar and the pound over the past 12 months“, analyzes Lee Quane.

On the other hand, the revaluation of local currencies resulted in a jump in destinations such as Tel Aviv, Sao Paulo and Rio de Janeiro as well as Luanda. The capital of Angola jumped 108 places to become the 30th most expensive city in the world. Tel Aviv ranks sixth for expats (+1 place), while Jerusalem now ranks 15th, up from 18th a year ago.

As for the United States, we find in the top 20 the cities of New York (from 4th to 2nd place this year) and san francisco (from 15th to 11th place). But these two metropolises have become “classics” on the list of the most expensive cities on the planet!

The top 20 most expensive destinations for expats in the world

Country

Town

2022

2021

hong kong

hong kong

1

1

UNITED STATES

New York

2

4

Swiss

Geneva

3

3

UK

London

4

5

Japan

Tokyo

5

2

Israel

Tel Aviv

6

7

Swiss

Zürich

7

6

China

Shanghai

8

9

China

Guangzhou

9

10

South Korea

Seoul

10

8

UNITED STATES

san francisco

11

15

China

shenzhen

12

12

Singapore

Singapore

13

13

China

beijing

14

16

Israel

Jerusalem

15

18

Swiss

Bern

16

17

Japan

Yokohama

17

11

Denmark

Copenhagen

18

14

Norway

Oslo

19

19

taiwan

taipei

20

21

(Source: https://eca-international.com/insights/blog)

The top 20 most expensive destinations in Europe in 2022

Country

Town

2022

2021

Swiss

Geneva

1

1

UK

London

2

2

Swiss

Zürich

3

3

Swiss

Bern

4

5

Denmark

Copenhagen

5

4

Norway

Oslo

6

6

Norway

Stavanger

7

8

Iceland

Reykjavík

8

17

Sweden

stockholm

9

7

Luxemburg

Luxemburg

10

10

France

Paris

11

9

Austria

Vienna

12

16

Ireland

Dublin

13

11

Netherlands

amsterdam

14

13

Netherlands

The Hague

15

15

Germany

Munich

16

14

Finland

helsinki

17

12

Russia

Moscow

18

20

Germany

Frankfurt

19

19

Italy

Rome

20

21

(Source: https://eca-international.com/insights/blog)

Leave a Reply

Your email address will not be published.