These Are the Most Expensive Cities in the World Right Now
Budget accordingly!
City living isn't cheap, no matter where you do it. Some cities, though, are more expensive than others. If you're looking for a new place to put down roots or just want to know that things could be worse, the Economist Intelligence Unit (EIU) has you covered. The company just released its annual Worldwide Cost of Living index, a list of the most expensive cities in the world.
In putting together its list, EIU looked at the cost of living in 172 cities by comparing more than 200 everyday products and services. According to its findings, the average cost of living has increased by 8.1% in 2022, which is an effect attributed to both the Russian war in Ukraine and the aftermaths of a global pandemic.
"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," Upasana Dutt, head of worldwide cost of living at EIU, said in a statement. "We can clearly 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 for which we have digital data. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers."
EIU's list features some well-known pricey places, but also some new ones. While New York City is known to be very expensive, it topped the list for the first time ever. The city climbed the ranking since last year, when it placed 6th overall. Two other American cities made the Top 10, including Los Angeles, which won 4th place in a tie with Hong Kong, and San Francisco, which was named the 8th-most-expensive city. Last year's winner, Israel's Tel Aviv, fell to 3rd place.
Here are the top 10 most expensive cities in the world in 2022:
1. New York & Singapore (tie)
3. Tel Aviv, Israel
4. Hong Kong & Los Angeles, California (tie)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark
If you want to learn more about this year's study, you can find the full report here.