Highlights
- Higher prices and a stronger currency have made Asian cities stay successful and stronger in all aspects amid COVID
- London and Tokyo stand out in the top 5
- The rentals were continuously rising in London and New York, respectively
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World’s most expensive cities
- Hong Kong stands as one of the world’s most expensive cities for expats for consecutive years.
- New York and Geneva have taken second and third place in the rankings list.
- The ascending rental costs of 20% and 12% in London and New York respectively made the cities expensive.
- Though there was an increase in rents, utilities, and petrol prices, the cost of living in Singapore stays moderate and ranks on 13th position. Singapore dollar weakened compared to other currencies after the latter part.
- Most Japanese cities’ ranks have come down as the currency ‘yen.’
- The Chinese cities have improved in ranking, and the currency ‘Yuan’ rose. Shanghai and Guangzhou cities are currently ranking in 8th and 9th positions, respectively.
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World’s top 20 most expensive places for expats
|
City Name |
2021 Ranking |
| Hong Kong |
1 |
|
Tokyo, Japan |
2 |
| Geneva, Switzerland |
3 |
|
New York, US |
4 |
| London, UK |
5 |
|
Zurich, Switzerland |
6 |
| Tel Aviv, Israel |
7 |
|
Seoul, South Korea |
8 |
| Shanghai, China |
9 |
|
Guangzhou, China |
10 |
| Yokohama, Japan |
11 |
|
Shenzhen, China |
12 |
| Singapore |
13 |
|
Copenhagen, Denmark |
14 |
| San Francisco, US |
15 |
|
Beijing, China |
16 |
| Bern, Switzerland |
17 |
|
Jerusalem, Israel |
18 |
| Oslo, Norway |
19 |
|
Taipei, Taiwan |
20 |
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Survey findings
- The petrol prices have risen mainly to 37% around the globe, whereas Beirut has a record level increase of 1128% in petrol charges.
- The war in Ukraine made the cooking oil prices go high by almost 25% across the globe, and most of the cities’ ranking changed compared to 2021.
- Ankara city in Turkey is called the cheapest city globally by going down five spots to 207th for expats.
- The petrol price costs $0.09 per litre in Tehran, which is considered to cheapest fuel price across the globe.
- Hong Kong tops the list with the following prices cup of coffee at $5.21 per litre, petrol price at $3.04 per litre, and tomatoes at $11.51 per kilo.
- Hong Kong has seen global inflation past year with the rise in prices. Hence it stands out to be the most expensive location in the world.
- Hong Kong’s dollar raises strong, dependent on the US dollar; this allowed Hong Kong to become the most expensive place worldwide as the other cities’ currencies have weakened.
- The latest survey includes ranks of 207 cities in 120 countries.
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