ECA International, a world mobility firm, has just lately launched its annual checklist of the most expensive places to live in the world. But once more, Hong Kong has remained within the primary place for causes akin to a stronger forex and better costs. This marks the SARs third consecutive yr as the costliest place to reside on this planet. We discover the costliest cities on this planet in 2022 on this Pacific Prime article.
The costliest cities globally
How does ECA Worldwide decide the best value of residing cities, you ask? The corporate calculates the price of residing primarily based on elements like the common value of meals, fundamentals, utilities, and public transport. Observe that the index focuses solely on expats and international employees of their rankings.
Right here is the highest 10 rating for the costliest cities on this planet in 2022.
- Hong Kong
- New York
- Tel Aviv
Asia dominates the charts
There’s no query that Asia is the costliest continent in 2022, as Asian cities depend for half of the highest 10. These 5 cities embody Hong Kong, Tokyo, Shanghai, Guangzhou, and Seoul. And if you happen to embody the Center East in Asia (as some regulators do), then there’s yet another metropolis within the prime 10 to incorporate, as Tel Aviv bagged the sixth spot.
On prime of that, Asia is dwelling to the quickest metropolis to climb up the rankings. Colombo, the biggest metropolis in Sri Lanka, leaped a powerful 23 spots from 162 to 149. A number of cities in Mainland China have additionally risen within the rankings. Not solely is Shanghai the third costliest metropolis in Asia, however 4 Mainland Chinese language cities now fall below the highest 15 costliest cities on this planet.
Lee Quane, ECA Worldwide’s Regional Director – Asia, mentioned:
“The vast majority of the mainland Chinese language cities in our rankings have larger charges of inflation than we’re used to seeing, however they’re nonetheless usually decrease than elsewhere in Asia. Subsequently, the primary purpose for his or her rise within the rankings has been the continued energy of the Chinese language yuan in opposition to different main currencies.”
Which cities dropped within the rating?
By now, you’re most likely questioning which cities have a decrease value of residing in 2022 than in earlier years. Paris, a metropolis that after claimed the primary spot, shouldn’t be even within the prime 30. Different cities that fell in rating embody Brussels, Madrid, and Rome.
In reality, “Almost each main Eurozone metropolis noticed a drop within the rankings this yr because the euro carried out worse within the final 12 months than the US greenback and British pound,” mentioned Quane. Political and worldwide conflicts are different exterior elements that additionally play a component. As an example, Russia’s invasion of Ukraine and the sanctions that many international locations consequently positioned contributed to Moscow’s 62nd spot and St Petersburg’s 147th.
Geneva in Switzerland is the costliest in Europe, coming in third after Hong Kong and New York Metropolis. The nation makes use of Swiss francs as an alternative of euros. After Geneva, London and Zurich are the second and third costliest cities in Europe. Reykjavik in Iceland is available in at thirty fourth globally and eighth in Europe, rising 9 spots within the continent’s prime 10.
Naturally, the COVID-19 pandemic additionally has an affect on financial elements like international provide chains and extra.
Different value of residing rankings
Except for ECA Worldwide, a number of different firms rank cities all over the world based on economics. Each December, the Economist Intelligence Unit, or EIU, releases its Worldwide Cost of Living Index. Tel Aviv earned its place because the world’s costliest place to reside in 2021, adopted by a tie between Paris and Singapore. Zurich got here in fourth whereas Hong Kong was fifth.
In 2020, Hong Kong, Paris, and Zurich all tied at primary. Each ECA Worldwide and EIU’s lists consider the price of on a regular basis gadgets akin to gas and groceries. One main distinction is that the EIU makes use of the US greenback, so Hong Kong and different economies that do the identical are likely to rank extra extremely.
However whichever approach the cities are ordered on the varied indexes, there’s no denying that cities in Asia, Europe, and North America are a lot costlier locations to reside than locations like Africa and South America. How does your metropolis rank?
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