New York, Singapore Are World’s Most Expensive Cities. Cheapest Are…

The price of dwelling in 172 of the world’s main cities rose by a median 8.1% over the previous yr.

New York and Singapore have emerged because the joint-most costly cities to stay in, in response to a brand new worldwide survey.

The price of dwelling in 172 of the world’s main cities rocketed a median 8.1% over the previous yr, pushed by components together with the battle in Ukraine and supply-chain snarls, in response to the Economist Intelligence Unit’s Worldwide Cost of Living report.

Customers outdoors bars in Singapore. Photographer: Lauryn Ishak/Bloomberg

Tel Aviv, which topped the rankings final yr, was ran into third place, whereas Hong Kong and Los Angeles rounded out the highest 5 priciest locations.

Asian cities tended to flee the steep worth rises seen elsewhere, with the common improve in the price of dwelling at 4.5%, though particular person nation efficiency various attributable to authorities insurance policies and forex strikes.

Other key findings from the examine included:

Tokyo and Osaka tumbled down the rankings, dropping 24 and 33 locations respectively, as rates of interest stayed low

The Syrian capital Damascus and Libya’s Tripoli are the world’s most cost-effective locations

Sydney jumped into the highest 10 as sturdy exports buoyed the Aussie greenback

San Francisco leaped into eighth place, from 24 final yr

The six most costly Chinese cities all rose up the ranks, with Shanghai coming into the highest 20

The metropolis skyline in San Francisco. Photographer: David Paul Morris/Bloomberg

Upasana Dutt, head of worldwide price of dwelling at EIU, mentioned: “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. We can 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 survey, which was carried out in August and September this yr, compares greater than 400 particular person costs throughout over 200 services in 172 cities globally.

These are the highest 10 most costly cities on this planet, with their 2022 rating. Some cities are tied.

Singapore – 1

New York, US – 1

Tel Aviv, Israel – 3

Hong Kong, China – 4

Los Angeles, US – 4

Zurich, Switzerland – 6

Geneva, Switzerland – 7

San Francisco, US – 8

Paris, France – 9

Copenhagen, Denmark – 10

Sydney, Australia – 10

(Except for the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)

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