Wednesday, August 17
    Trending
    • Cincinnati Zoo’s baby hippo has a name
    • Top 8 Most Incredible Timeshares
    • Looking for an offbeat European holiday? This island has its own rules, language and vodka
    • These eco-friendly futuristic floating homes are currently under construction
    • Myths and magic on a Greece luxury yacht charter
    • Munich travel guide
    • A Complete Guide to La Fortuna, Costa Rica
    • American Airlines agrees to buy 20 supersonic planes from Boom
    Travel Advice
    • Features
    • News
    • Travel
    • Destinations
    • Lifestyle
    • Food & Drink
    • Advice
    • Videos
    Travel Advice
    Home»Travel»The world’s most expensive cities for 2022
    Travel

    The world’s most expensive cities for 2022

    June 8, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    The world's most expensive cities for 2022
    Share
    Facebook Twitter LinkedIn Pinterest Email
    (CNN) — Global mobility company ECA International has released its annual list of the world’s most expensive cities to live in, and once again Hong Kong has landed at the top of the list.

    The company calculates the list based on several factors, including the average price of household staples like milk and cooking oil, rent, utilities, public transit and the strength of the local currency.

    This is the third year in a row that Hong Kong has claimed the dubious honor of being the world’s priciest city on the ECA index. The index specifically focuses on foreign workers and expats in their rankings.

    Asia takes the prize

    It is safe to call Asia the most expensive continent, with five cities — Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul — landing in the top 10.

    Some regulators include the Middle East in Asia. In that case, Tel Aviv — which is in sixth place — also counts toward Asia’s total and would give it six out of 10 spots.

    Asia also claims the honor of being home to the fastest-rising city on the overall list. That would be Colombo, Sri Lanka’s main metropolis, which jumped 23 places from 162 to 149.

    Lee Quane, ECA’s regional director for Asia, explained the reasoning for mainland China’s growing presence on the index.

    “The majority of the mainland Chinese cities in our rankings have higher rates of inflation than we are used to seeing, but they are still typically lower than elsewhere in Asia,” Quane said in a statement. “Therefore, the main reason for their rise in the rankings has been the continued strength of the Chinese yuan against other major currencies.”

    Hong Kong's competitive and cramped housing market contributed to its "most expensive" ranking.

    Hong Kong’s competitive and cramped housing market contributed to its “most expensive” ranking.

    Li Zhihua/China News Service/Getty Images

    Lower down the list

    So, which cities are lower ranked than in previous years?

    Paris, which has topped the ECA list in the past, dropped out of the top 30. Madrid, Rome and Brussels all fell as well.

    “Nearly every major Eurozone city saw a drop in the rankings this year as the euro performed worse in the last 12 months than the US dollar and British pound,” Quane explains.

    External factors like politics and international conflicts can also play a role. Russia’s invasion of Ukraine and the accompanying sanctions placed by many countries meant that Moscow came in 62nd place and St Petersburg landed in 147th.

    Europe’s most expensive city is Geneva, Switzerland, which was in third place after Hong Kong and New York City. Switzerland uses the Swiss franc instead of the euro.

    The coronavirus pandemic has, of course, played a role in global supply chains and other economic factors.

    Other rankings

    ECA International isn’t the only company that ranks the world’s cities based on economics.

    London-based Economist Intelligence Unit (EIU) releases its Worldwide Cost of Living index every December. In 2021, Tel Aviv took the prize for costliest place to live, with Paris and Singapore tying for second.

    Hong Kong was in the fifth spot, behind Zurich. In 2020, Hong Kong, Zurich and Paris all shared the designation of number one.

    Both lists use the prices of everyday items like groceries and fuel to determine their rankings. However, EIU ties its figures to the US dollar, so economies that do the same thing — like Hong Kong, for one — are more likely to rank highly.

    Either way, regardless of the order cities are listed on different indexes, it’s clear that Asian, European and North American cities are far more expensive to live in than their counterparts in Africa and South America.

    New York was the only North American city to place in the top ten.

    New York was the only North American city to place in the top ten.

    Angela Weiss/AFP/Getty Images

    The world’s most expensive cities

    1. Hong Kong

    2. New York

    3. Geneva

    4. London

    5. Tokyo

    6. Tel Aviv

    7. Zurich

    8. Shanghai

    9. Guangzhou

    10. Seoul

    CNN’s Maureen O’Hare contributed reporting.

    This article was originally published by Cnn.com. Read the original article here.
    Managed Wordpress Hosting
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleJapan is about to welcome back foreign travelers, but domestic tourism remains its priority
    Next Article CDC’s travel advisory on monkeypox: ‘Practice enhanced precautions’

    Related Posts

    Cincinnati Zoo’s baby hippo has a name

    August 17, 2022

    These eco-friendly futuristic floating homes are currently under construction

    August 17, 2022

    Philippines wins bid to host the WORLDCHEFS Asian Presidents Forum

    August 16, 2022
    Signup for our Newsletter
    Advert
    Categories
    • Advice
    • Destinations
    • Features
    • Food & Drink
    • Lifestyle
    • News
    • Travel
    • Videos
    Signup for our Newsletter
    Advert
    Managed Wordpress Hosting
    Useful Links
    • Contact us
    • About us
    • DMCA / Copyrights Disclaimer
    • Privacy Policy
    • Terms and Conditions
    • Cookie Policy (US)
    • Cookie Policy (EU)
    ARCHIVES
    © 2022 Designed and Powered by JL Digital webbyrå.

    Type above and press Enter to search. Press Esc to cancel.

    Manage Cookie Consent
    To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    Manage options Manage services Manage vendors Read more about these purposes
    View preferences
    {title} {title} {title}