The index notes that the average cost of living has increased by 8.1% in 2022 due to factors such as the ongoing war in Ukraine as well as the effects of the pandemic. Upasana Dutt, head of worldwide cost of living at EIU, shared with CNN, “We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers.”
The most expensive cities to live in are New York City and Singapore tied for first place, making the first time the Big Apple tops the list. In third place is Tel Aviv, Israel, followed by Hong Kong and Los Angeles tied for fourth. Switzerland takes two of the top 10 slots with its cities Zurich and Geneva, which are followed by San Francisco, USA; Paris, France; and Copenhagen, Denmark.
The list is built based on research from over 400 individual prices in more than 200 products and services in 172 cities. A wide range of businesses are surveyed to measure the fluctuation in prices over the past year. Another company named ECA International also releases its own list of the most expensive cities, having named Hong Kong as the priciest of 2022. The ECA’s list is based on a different set of data which includes everyday expenses such as rent and public transit.
The World’s Most Expensive Cities to Live in 2022
1. New York and Singapore (tie)
3. Tel Aviv, Israel
4. Hong Kong and Los Angeles (tie)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark