New York and Singapore have emerged because the joint-most costly cities to reside in, based on a brand new worldwide survey.
The price of residing in 172 of the world’s main cities rocketed a median 8.1% over the previous 12 months, pushed by elements together with the battle in Ukraine and supply-chain snarls, based on the Economist Intelligence Unit’s Worldwide Price of Residing report.
Tel Aviv, which topped the rankings final 12 months, 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 enhance in the price of residing at 4.5%, though particular person nation efficiency assorted on account of authorities insurance policies and forex strikes.
Different key findings from the research 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 least expensive locations
- Sydney jumped into the highest 10 as robust exports buoyed the Aussie greenback
- San Francisco leaped into eighth place, from 24 final 12 months
- The six most costly Chinese language cities all rose up the ranks, with Shanghai getting into the highest 20
Upasana Dutt, head of worldwide price of residing at EIU, mentioned: “The battle in Ukraine, Western sanctions on Russia and China’s zero-Covid insurance policies have triggered supply-chain issues that, mixed with rising rates of interest and exchange-rate shifts, have resulted in a cost-of-living disaster internationally. We are able to see the affect on this 12 months’s index, with the common worth rise throughout the 172 cities in our survey being the strongest we’ve seen within the 20 years for which we have now digital knowledge.”
The survey, which was carried out in August and September this 12 months, compares greater than 400 particular person costs throughout over 200 services and products in 172 cities globally.
These are the highest 10 most costly cities on the 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
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