The most expensive cities on the planet for 2022
The global mobility company, ECA International, published this year’s list of the ten cities on the planet, where to be a permanent resident, you should put your hand deep in your pocket.
But, based on what factors is this ranking formed?
A particularly important role is played by the prices of basic products of every household regardless of country and culture, such as milk and cooking oil, but also the costs of rent, public transport, and the overall dynamics of the “local” currency.
And for another year, Hong Kong is at the top of the list. Something that hasn’t changed in the last three years. Of course, this is a controversial first, as it can act as a deterrent for many, if they are thinking of choosing it as their place of residence.
No loneliness for Hong Kong, since it is joined by five other big Asian cities in the top ten. Tokyo, Shanghai, Seoul and, not so popular compared to the aforementioned, Guangzhou, the important financial center of southern China.
With Tel Aviv also on the list of cities with the most expensive cost of living, we could say that Asia also takes sixth place, since Tel Aviv is in the Middle East.
Another Asian win is that of the city that climbed the most places so quickly, as Sri Lanka’s megacity Colombo jumped 23 places, from 162nd to 149th.
Lee Kuan, regional head of Asia for ECA, explains why Asia took more than half the places.
If you don’t want to follow the silk road to Asia, and therefore increase your cost of living, there are some cities that, unlike the ones above, lost places.
Paris used to be at the top, but now, it is in position 30. Other such cities are Madrid, Rome and Brussels.
Certainly there were external factors that played their role, such as politics and international confrontations. Russia’s invasion of Ukraine, and accompanying sanctions from many countries, pushed Moscow to 62nd place and St. Petersburg to 147th place.
The most expensive European cities are Geneva, London and Zurich (came 3rd after New York). Worth noting that Switzerland uses the Swiss Franc and not the Euro.
Of course, Covid-19 also affected many economic factors and global supply chains, shaping this list.
The only thing that is certain is that the cities of Asia, Europe and North America are much more expensive than the rest of the world.
1. Hong Kong 2. New York 3. Geneva 4. London 5. Tokyo 6. Tel Aviv 7. Zurich 8. Shanghai 9. Guangzhou 10. Seoul