Top 10 Most Expensive Cities In The World To Live

Key Takeaways:

  • New York was never in the top ten for most expensive cities; now, the Big Apple is first due to US interest rate increases and inflation.
  • China’s Zero-Covid policy and the War in Ukraine are increasing energy and food prices worldwide.
  • Six out of ten cities making the biggest jumps, surveyed by the EIU, are in the US.
Top 10 Most Expensive Cities In The World To Live in 2022
New York and Singapore – The Most Expensive Cities To Live

WISCONSIN (CoinChapter.com) — New York and Singapore are the two most expensive cities in the world. According to Economist Intelligence (EIU), global prices have risen 8% in 2022 due to China’s Zero-Covid policy and the war in Ukraine.

The survey analyzed 170 cities worldwide to determine the results. Most years, Singapore ranks as the world’s most expensive place to live, but because interest rates have risen in the United States, New York surpassed the regular first-place holder.

China’s Zero-Covid Policy and War in Ukraine

Although China began to relax its zero-Covid policy last week, the longer-term effects of lockdowns continue to strain food shortages, health care, and mental health struggles.

Meanwhile, energy and food prices have soared because of the Russia-Ukraine war, with European electricity wholesale prices increasing from 115% in July to 237% in September.

Food Price Index has skyrocketed because of economic disruptions worldwide
The Food Price Index has skyrocketed because of economic disruptions worldwide. Credit: Farm Policy News

Food and fuel prices are going through the roof. Soon after the war started, wheat prices rose 62%. Sugar has risen 50%, and vegetable oil has doubled in price since 2020. Important supplies of cooking oil and grains are additionally under disruptions.

Last Year’s Most Expensive City Bumped To Third

Tel Aviv was the most expensive city to live in in 2021; this year, Israel’s cultural and commercial capital fell to third overall. Last year, Tel Aviv spiked five spots higher to take over the list, but a strong US currency and high inflation rate bumped the city down a couple of places.

High Inflation Pushed The US To The Top

Last Year’s Most Expensive City Bumped To Third
High inflation has been a problem in the US for over a year. Credit: Statista

Being in the first place is usually good, but not in the case of expenses. The US Federal Reserve has raised interest rates by 375 basis points this year alone, giving the US Dollar a jump in value. Another rate increase of 50 bps is expected on Dec 14, only adding to an already strong dollar.

Biggest Drops Were in Japan and South Korea

Because the Japanese Yen and South Korean Won currencies decreased so much in value, their ranks respectively fell too. Osaka, Japan, was previously ranked number 10 and dropped to 43. Busan, South Korea, fell from 81st position to 106.

Biggest Increases Were In Russia

Russia’s two most populated cities, Moscow and Saint Petersburg jumped significantly in cost of living. Moscow rose from 124th to 36th, and Saint Petersburg rose from 143rd to 73rd. Western sanctions have punished the nation’s inflation rate.

Top 10 Most Expensive Cities To Live

The US has three of the top ten most expensive cities to live in. New York was never on the top ten list before; now, out of nowhere, it is. Six out of ten cities that made the biggest jumps surveyed by the EIU are in the US.

The top ten most expensive places to live in the world:

1- New York
2- Singapore
3- Tel Aviv
4- Hong Kong
5- Los Angeles
6- Zurich
7- Geneva
8- San Francisco
9- Paris
10- Copenhagen

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