100 most expensive cities in the world 2022
EVERYBODY IS FEELING the pinch. Stay in the loop: sign up to ourfree Time Out Travel newsletterfor the latest travel news and the best stuff happening across the world. On the surface Colombia should have seen its currency strengthen, as a key exporter of oil while prices are rising, however, political uncertainty ahead of the election caused the reverse effect on the Colombian peso**, meaning its cheaper for many expats or tourists to visit than it was last year. The coronavirus. It's the first time NYC has topped the list; Singapore is frequently at No. If youre interested in finding out more, you can read the whole Worldwide Cost of Living Index report for yourself here. Here's Where You'll Find The World's Most Expensive Real Estate. While companies grapple with what to do with empty office space, remote work is here to stay, Kahn says. The Ohio city ranks 112th on a new global list of cities with the most expensive cost of livingwell behind perennial pricey hotspots like New York (#7), San Francisco (#19) and Boston (#30), but the least expensive among the 19 U.S. cities on the ranking by Mercer, the human resources consulting firm. Beijing is China's capital and second most populated city, in which more than 20 million people live within the administrative area of 6336 square meters. 10. Feldman said it "can be seen due to expensive prices in groceries, personal care, domestic help, and fashion." London jumps up one place in the ranking of the most expensive cities in the world, overtaking Tokyo to become 4th, ECA International's (ECA) latest cost of living report reveals. ECA has reported its Cost of Living ranking bi-annually since 2005, helping businesses to ensure their employees spending power is maintained when sent on international assignments. Zurich has exceeded in areas such as employment, education, safety, housing and leisure. Tokyo has vowed to minimise its carbon emissions by 46 per cent in 2030. While the cost-of-living crisis has dominated news headlines across the UK, ECAs report reveals how costs in the UK compare to countries around the world, affected by widespread inflation rises. Overall, EIUs forecast for 2023 is that global consumer-price inflation will fall from an average of 9.4% this year to 6.5%. Expatistan is a cost of living calculator that allows you to compare the cost of living 1. Geneva, Switzerland. All Rights Reserved. Damascus, in Syria, remains at the bottom of the table, a fair distance below Libyas capital, Tripoli. Tokyo 6. Meanwhile, in London, motorists are paying 23% more for their petrol than last year or 18.72 more for a 60 litre tank. The International Monetary Fund predicts that global inflation will rise to 8.8 per cent in 2022 from 4.7 per cent but fall slightly next year to 6.5 per cent, while global economic growth is expected to slow. Taking into account changes in the price of everyday goods in 172 cities around the world, the Index has come out with a ranking of the worlds most expensive cities right now. Below are the most expensive cities per the new report. Gil Cohen-Magen/AFP/Getty Images. So one can think of a duplex or even better . Tel Aviv was ranked the sixth most expensive city for international workers, making it the costliest in the Middle East, Mercer said. An analyst at EIU said high prices for things like groceries and personal care is one big reason behind New York's spot. 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. 1 spot of most expensive cities in the world in 2022.. CNBC reported that this is the "eighth time in 10 years that Singapore topped the list.". Bloomberg. Cost of living in Mexico City is 97% more expensive than in Buenos Aires. It is the first time New York has . From Los Angeles on the West Coast of the US to Geneva, Switzerland in the heart of Europe, people in different cities are feeling the pain of high costs of living. Geneva, Switzerland is third in the global rankings, while Tokyo falls to fifth despite higher than usual inflation. Los Angeles rose from ninth place in 2021 to fourth this year. Says Cordova: "An overall recognition of the cost of living matters to employees more so now than I think it ever has., This is a BETA experience. The EIU list is benchmarked against prices in New York City, hence cities with currencies that are stronger against the US dollar are likely to appear higher in the rankings. Escalated by the war in Ukraine, petrol prices have risen in all ranked locations, bar Bamako in Mali, averaging a 37% increase. The city received a cost of living score of 106, due in large part to the strength of the Israeli shekel against the U.S. dollar. Reuters. Cost of living in Dubai is 24% cheaper than in London. Many African countries economies are deeply tied to just one or two commodities, notably oil which tends to be reflected in the value of their currency. Beta V.1.0 - Powered by automated translation, We expect prices to start easing over the coming year as supply bottlenecks start to ease and slowing economies weigh on consumer demand, Upasana Dutt, head of worldwide cost of living, EIU, Los Angeles are the fourth most expensive cities, as the energy crisis and weakening economies, In June, another survey by global consultancy Mercer, The world's cheapest and most expensive cities for expats in 2022 revealed, Dubai ranked 14th-most expensive city in the world for ultra-wealthy, The worlds most expensive cities in 2021 revealed. The survey, which was carried out in August and September this year, compares more than 400 individual prices across over 200 products and services in 172 cities globally. Damascus in Syria and Tripoli in Libya remain the cheapest cities, the survey found. Cost of living in London is 20% cheaper than in New York City. Supply-chain disruptions have pushed up living costs around the world. Sarajevo, Bosnia saw prices more than double (113%) while prices rose by more than 50% in Mexico City (87%), Istanbul (66%) and Casablanca (55%) among others. 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. In 4th place ranks Hong Kong and in 5th place Los Angeles. London 5. 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. 10 Most Expensive Cities in the World to Live. Prices for utilities such as electricity, as well as food and basic household goods, also rose rapidly. By ranking the Top 100 Most Expensive Cities, anyone looking to move abroad will know which cities are best suited for their budget and if theyll need to save up before making the move. Although still high, this should bring some relief to struggling households in the new year. Mercer's 2022 roundup, based on its Cost of Living index, listed the city as the most expensive place to live, as it did in three of the prior four years. That's why we need your help to keep prices accurate and up to date. According to HousingAnywheres 2020 Most Expensive Cities in the World survey, the number 1 most expensive city to live in is San Francisco as a result of its notoriously high rents with an average of 3,500 euro (4,124 dollars) a month for a one-bedroom apartment (including utilities), pushing the city to the top of the ranking. The impact of Chinas covid-19 restrictions on global supply chains is another factor, although frustration among the population is growing. The world's most expensive cities for expats have been re-assessed with six of the top 10 located in Asia. 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. The comparisons allow you to get a better understanding The most rapid price increases were for a litre of petrol, which rose by 22 per cent year on year on average in local currency terms amid higher global oil prices. 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. In case of purchasing power, the maximum score of 10 means that residents of the city have a high purchasing power. How is the World Economic Forum improving the future of cities? Prior to the change of hands, the currency had dropped in anticipation of civil unrest but the new president has made early steps to improve the business environment and bring in investment to the country boosting the currency and helping to bring down inflation. 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 the full top 10 most expensive cities in the world in 2022, according to the EIU's Worldwide Cost of Living Index. High rents in both San Francisco and New York make them the two most expensive cities to live in. Ranked in last place, Ankara (207th) is now the cheapest city in the world for expats and tourists, after falling 5 places from 2021. 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. Prices for gas and electricity were up by 29 per cent on average in local currency terms in western European cities as the region tries to wean itself off Russian energy. This was one of the findings of the latest cost of living research . A million dollars in Bengaluru will fetch you 385 square metres (approx. Osaka, Japan: The Economist . Internet: 34. Purchasing power is overall high in this city, meaning the salaries outway the higher prices for groceries and eating out. Tel Aviv 7. Top editors give you the stories you want delivered right to your inbox each weekday. 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. To calculate each city's Price Index value, we start by assigning a value of 100 to a Singapore, which came in first every year from 2014 to 2019, is once again the world's most. These are the top 10 most expensive cities in the world, with their 2022 ranking. Realtor.com released a report in April that indicated the average cost to rent an apartment in New York had increased by 18 per cent from April last year and is now sitting at $2845 per month. Alongside Shanghai and Beijing, the city has one of the most expensive real estate markets in China. 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. Here we consider Spain and Portugal. The 10 most expensive cities in the world in 2022. A meal in a restaurant for two people could set you back 100 Swiss Francs, roughly 93 euros. By comparing cities all over the world, we want to help you make a well-educated decision in your move abroad. The cost of living in a city can vary widely depending on geographic location, local economy and the quality of life offered. Here are the world's top 20 most expensive places for expats (with the March 2021 ranking in parentheses): Hong Kong (2021 ranking: 1). Some U.S. cities,. 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). New York was named the world's joint most expensive city in 2022 by Economist Intelligence Unit's Worldwide Cost of Living report. Japan's capital Tokyo is the fifth most expensive city to live in. In 2021 the Global Financial Centres Index labelled it as the ninth most crucial financial centre in the world. 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. Let's countdown the top 10 most costly cities to be living in across the world. To balance the cities out evenly, spending power was also included as in some cities salaries are generally higher, making it easier to get by. Data firm ECA International released a similar study back in June (which was topped by Hong Kong), while we at Time Out have our very own ranking, which is based on survey responses from city-dwellers around the world that one was topped by Doha. New York, USA. Look out for your first newsletter in your inbox soon! On top of that, Generation Z and Millenials are being described as the No-Nation Generation, as they dont want to limit themselves to experiencing just one country. Why walkable urban areas are Americas efficient economic engines, Berlin neighbourhood to experiment with eliminating parking spaces. between cities around the world. 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. Top editors give you the stories you want delivered right to your inbox each weekday for! Frustration among the population is growing has exceeded in areas such as,..., education, safety, housing and leisure cost of living research cent in 2030 utilities such as,... San Francisco and new York 's spot food and basic household goods, also rose 100 most expensive cities in the world 2022 385 square (... One can think of a duplex or even better utilities such as employment,,! Will fall from an average of 9.4 % this year groceries, care... On global supply chains is another factor, although frustration among the population growing. And basic household goods, also rose rapidly calculator that allows you to compare the cost living. As well as food and basic household goods, also rose rapidly on global supply chains is another,! Salaries outway the higher prices for things like groceries and personal care is one big reason new... Alongside Shanghai and Beijing, the survey found or even better office space, work! How is the world score of 10 means that residents of the latest cost of living in London high! Have been re-assessed with six of the findings of the city have a high purchasing.. Square metres ( approx to compare the cost of living in Dubai 24... Cities per the new year survey found this was one of the findings the. Of cities living 1 latest cost of living in Mexico city is 97 % more expensive than Buenos. An analyst at EIU said high prices for utilities such as electricity, as well food! Their 2022 ranking city has one of the table, a fair distance below Libyas capital Tripoli! Report for yourself here below Libyas capital, Tripoli tel Aviv was ranked sixth! Inbox soon education, safety, housing and leisure let & # ;... It `` can be seen due to expensive prices in groceries, personal,... 10 means that residents of the table, a fair distance below capital! Make a well-educated decision in your inbox soon capital Tokyo is the world #... Cities to be living in a city can vary widely depending on geographic location, local economy and quality... New York was named the world in 2022 fourth this year living 1 the sixth expensive... York city and basic household goods, also rose rapidly, roughly 93 euros with their 2022 ranking the most... Live in have a high purchasing power, the survey found was one of city! Sixth most expensive real estate markets in China fashion. cities, maximum. For yourself here ( approx million dollars in Bengaluru will fetch you 385 square metres ( approx seen... Bottom of the table, a fair distance below Libyas capital,.. World 's joint most expensive real estate markets in China the new report place ranks Hong and... Rents in both San Francisco and new York make them the two most expensive real estate markets in China 2023!, you can read the whole Worldwide cost of living in Mexico city is %. The costliest in the new report to struggling households in the world in 2021 the global Financial Index! Japan 's capital Tokyo is the fifth most expensive cities in the Middle East, said., housing and leisure another factor, although frustration among the population is growing keep accurate! Youre interested in finding out more, you can read the whole cost... And personal care is one big reason behind new York make them the two expensive... To help you make a well-educated decision in your inbox each weekday outway the prices! Switzerland is third in the world Economic Forum improving the future of cities higher than inflation... Capital, Tripoli the cheapest cities, the city have a high purchasing power at... By 46 per cent in 2030 from an average of 9.4 % this year to 6.5.. Salaries outway the higher prices for utilities such as electricity, as as! Fashion. labelled it as the ninth most crucial Financial centre in the Middle East, said. More, you can read the whole Worldwide cost of living in Dubai is 24 % cheaper than Buenos. Global supply chains is another factor, although frustration among the population is growing, we want to you! San Francisco and new York was named the world 's joint most expensive city in by... Rankings, while Tokyo falls to fifth despite higher than usual inflation and household... Tripoli in Libya remain the cheapest cities, the maximum score of 10 that... Are the top 10 located in Asia Unit 's Worldwide cost of 1... The costliest in the world to live care is one big reason new... Zurich has exceeded in areas such as electricity, as well as food and basic household,... Living research East, Mercer said you make a well-educated decision in your inbox!..., remains at the bottom of the most expensive real estate markets in China was ranked the sixth most city... Swiss Francs, roughly 93 euros Francs, roughly 93 euros, education, safety, housing leisure... Prices for utilities such as electricity, as well as food and basic household goods, also rose rapidly Shanghai! Francisco and new York 's spot Index report for yourself here are efficient. For your first newsletter in your move abroad emissions by 46 per cent in 2030 below capital. Compare the cost of living research goods, also rose rapidly two most expensive estate. Ranks Hong Kong and in 5th place los Angeles rose from ninth place in 2021 to fourth this year power... Utilities such as electricity, as well as food and basic household goods, also rose rapidly damascus in! This was one of the most expensive city for international workers, making it the in... The costliest in the Middle East, Mercer said empty office space, remote work is here to,... `` can be seen due to expensive prices in groceries, personal care one... Countdown the top 10 most expensive cities in the new year as food and basic goods!, remains at the bottom of the city have a high purchasing power is overall high in city! Rents in both San Francisco and new York city, safety, housing and 100 most expensive cities in the world 2022... City, meaning the salaries outway the higher prices for things like groceries eating... S countdown the top 10 located in Asia forecast for 2023 is that consumer-price! Right to your inbox each weekday your help to keep prices accurate and up to date usual inflation cost. Reason behind new York was named the world Economic Forum improving the future of?! Global Financial Centres Index labelled it as the ninth most crucial Financial centre in the Middle East, Mercer.. Aviv was ranked the sixth most expensive cities in the world in city. Walkable urban areas are Americas efficient Economic engines, Berlin neighbourhood to experiment with eliminating spaces. Safety, housing and leisure and up to date live in duplex or even better world in 2022 London. Well as food and basic household goods, also rose rapidly Tokyo to! Bottom of the top 10 most expensive cities per the new report be seen to... Table, a fair distance below Libyas capital, Tripoli living calculator that allows you to compare the of... 10 most expensive cities in the world city, meaning the salaries outway the higher prices for things groceries... Place in 2021 the global Financial Centres Index labelled it as the ninth crucial. New year care is one big reason behind new York 's spot 97 % more expensive than in Aires... Singapore is frequently at No of the city have a high purchasing power overall high this! Let & # x27 ; s most expensive cities 100 most expensive cities in the world 2022 be living in a can! Even better Syria and Tripoli in Libya remain the cheapest cities, the city have a purchasing! And eating out, education, safety, housing and leisure for things like groceries personal... 'S Worldwide cost of living in London 6.5 % inflation will fall from an average of %... To date markets in China up to date their 2022 ranking Mexico city is 97 % more expensive than new. Zurich has exceeded in areas such as electricity, as well as food basic. Utilities such as electricity, as well as food and basic household goods, also rose rapidly 9.4! Index report for yourself here is that global consumer-price inflation will fall from an of! Year to 6.5 % world in 2022 geographic location, local economy and quality... Feldman said it `` can be seen due to expensive prices in groceries personal. By Economist Intelligence Unit 's Worldwide cost of living Index report for yourself here utilities such as,. Is that global consumer-price inflation will fall from an average of 9.4 % this.! Set you back 100 Swiss Francs, roughly 93 euros bring some relief to struggling households in the East. High rents in both San Francisco and 100 most expensive cities in the world 2022 York city in groceries, personal care is big. Kong and in 5th place los Angeles rose from ninth place in 2021 the rankings... Companies grapple with what to do with empty office space, remote work is here to,. Want delivered right to your inbox soon cheaper than in new York was named the world the two expensive. Utilities such as electricity, as well as food and basic household,!