Costliest Cities Of 2022 !!
The most costliest cities in the world, according to the annual Economist Intelligence Unit (EIU) report, are New York and Singapore.
- According to the EIU’s Worldwide Cost of Living survey, prices in 172 major cities worldwide have risen by 8.1% year on year.
- First-time leader New York shares the top spot with Singapore, which has held the top spot eight times in the last ten years. The two have pushed Tel Aviv (Israel), which was first last year, into third position.
- Price increases have impacted production and trade globally and have been attributed to the conflict in the Ukraine and ongoing supply-chain issues.
- A litre of gasoline saw the fastest price rises, rising an average of 22% year over year in local currency due to higher global oil costs.
According to Upasana Dutt, head of worldwide cost of living at EIU, “the war in the 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 definitely see the effects in this year’s index, with the average price increase across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data, she continued. “The increase in gasoline costs in cities was particularly strong (as it was last year), but city residents are seeing price increases in everything from food to utilities to household products.”
What are the consequences of an expensive year?
Europe In Transition
The EIU is situated in London and tracks daily costs in 172 locations worldwide. The British capital, which ranked 27th this year, substantially dropped down the rankings.
Four European cities made the top 10 list: the highest was Zurich (ranked sixth), followed by Paris, Copenhagen, and Geneva, also in Switzerland.
Rising gas prices as a result of the ongoing Russian war in Ukraine and the region’s efforts to identify other gas suppliers were the main reason for price increases in western Europe. One litre of fuel now costs 22% more than it did during the same time last year.
Naturally, the cost of living climbed dramatically in the Russian cities of Moscow and St. Petersburg, but this year’s study did not include Kyiv, the capital of Ukraine.
The inconsistent value of the Euro, which is used by some but not all of the European cities on this year’s list—the UK uses the pound, and Switzerland uses the franc—was another reason mentioned by the EIU in addition to gas prices.
Stockholm, Lyon, and Luxembourg, three further European cities, declined to be listed.
A First Ever Winner
New York City, the largest city in the US, has never come in first place on this list, despite the fact that it is tied for the top spot with Singapore, another frequent winner.
In 2021’s Accounting, New York was in sixth place.
Los Angeles and San Francisco, two more American cities, tied for fourth with Hong Kong on the list of the top 10.
22 of the 172 cities that the EIU monitors each year, including Portland, Boston, Chicago, and Charlotte, are located in the US. This year, inflation increased in each and every one of the 22 nations.
Meanwhile, last year’s winner, Tel Aviv, fell to third place.
How The List Is Made
By analysing more than 400 unique prices across more than 200 products and services in 172 localities, the EIU creates the list. To gauge how much prices have changed in the last year, they conduct surveys of a variety of high-end and low-end firms.
Every year, a different organisation, the global mobility corporation ECA International, releases its own lists of the most expensive cities in the globe. The ECA list has a somewhat different technique and excludes luxury goods from its calculations, instead focusing on regular costs like rent and the price of public transportation.
For the third year running, Hong Kong was named the most expensive city on its list, with New York coming in second. However, as Seoul, Shanghai, and other East Asian urban centres all made the top 10, the ECA’s list significantly favours large Asian cities.
Since the prices in New York City serve as the standard for the EIU list, cities with currencies that are stronger versus the US dollar are likely to be ranked higher.
The world’s 10 most expensive cities to live in 2022
- New York & Singapore ( Tie )
- Tel Aviv, Israel
- Hong Kong & Los Angeles ( Tie )
- Zurich, Switzerland
- Geneva, Switzerland
- San Francisco, California
- Paris, France
- Copenhagen, Denmark