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Global mobility company ECA International has published its annual list of the most expensive cities in the world to live in. At the top of the list again is Hong Kong, for the third year in a row.
The company calculates the list based on several factors, including the average price of household products such as milk and cooking oil, rent, utilities and the strength of the local currency.
Asia most expensive continent:
The Asian continent is the most expensive, including Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul. Some conditions include the Middle East in Asia, in this case, Tel Aviv, which is in sixth place. Asia also claims to be the fastest growing city home on the overall list.
“Most mainland Chinese cities in our rankings have higher inflation rates than we are used to seeing, but they are still usually lower than anywhere in Asia.” said Quane, according to CNN.
Countries that have declined:
There are several places that are listed below this year including Paris, Madrid, Rome and Brussels.
“Almost every major eurozone city saw a drop in rankings this year as the euro performed worse in the last 12 months than the US dollar and the British pound.” explains Quane.
External factors such as politics and international conflicts can also play a role. At the same time, the Russia-Ukraine war and the sanctions imposed by many countries have played an important role.
The most expensive city in Europe is Geneva, Switzerland, which was in third place after Hong Kong and New York. Switzerland uses the Swiss franc instead of the euro.
The coronavirus pandemic, of course, has played a role in global supply chains and other economic factors.
Other rankings:
In 2021, Tel Aviv received the award for the most expensive place to live, with Paris and Singapore staying in second place.
Hong Kong was in fifth place, after Zurich. In 2020, Hong Kong, Zurich and Paris all shared the number one designation.
Both lists use the prices of everyday items like groceries and fuels to determine their ranking.
Despite the ranking of different cities it is clear that Asian, European and North American cities are much more expensive to live in than in Africa and South America.
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