List of the top 20 most expensive cities in the world; Hong Kong followed by New York and Geneva

Yet again Global mobility company ECA International has annual its yearly List of the world’s most expensive cities to live in, and Hong Kong has arrived at the first spot on the list. Hong Kong is the world’s most expensive city to live in as an ex-pat for the second year in a row, as per another review. New York and Geneva required second and third spots in the rankings.

More exorbitant costs and more powerful cash throughout the last year kept the Asian city at the highest point of the tree, as per ECA International, which completed its examination in March this year. London and Tokyo balance the top 5.

The company estimates the List given several factors, including the average cost of family staples like milk and cooking oil, rent, utilities, public transit, and the strength of the local currency.

This is the third year row that Hong Kong has asserted the questionable distinction of being the world’s priciest city on the ECA index. The index explicitly centers around unfamiliar workers and ex-pats in their rankings.

Taking off rental expenses were important for the explanation London and New York took their situations in the top 5, with lease in those urban areas rising 20% and 12% separately.

Apartment buildings in the West Village neighborhood of New York, U.S., on Monday, July 5, 2021. New York’s private market is warming back up in the midst of the facilitating of commercial limitations and lower Covid-19 rates, albeit the market still can’t seem to get back to pre-pandemic levels, Forbes reports.

Somewhere else in the Price of Living report, Singapore remained in 13th place regardless of critical ascents in rent, petrol costs, and utilities. Those were balanced by the Singapore dollar debilitating against other regional currencies during the last option part of the survey period, ECA said. Japanese cities generally tumbled down the ranks as the yen debilitated, while Chinese cities rose – with Shanghai and Guangzhou taking 8th and 9th positions separately – on a more powerful yuan.

Asia takes the award

It is protected to call Asia the most expensive landmass, with five cities – – Hong Kong, Tokyo, Shanghai, Guangzhou, and Seoul – – arriving in the best 10.

A few controllers remember the Middle East for Asia. All things considered, Tel Aviv – – which is in 6th place – – likewise combines with Asia’s aggregate and would give it six out of 10 spots.

Asia additionally claims the honor of being home to the quickest rising city on the general list. That would be Colombo, Sri Lanka’s fundamental city, which bounced 23 spots from 162 to 149.

Lee Quane, ECA’sregional director for Asia, made sense of the thinking for mainland China’s developing presence on the index.

“The majority of the mainland Chinese cities in our rankings have higher rates of inflation than we are used to seeing, but they are still typically lower than elsewhere in Asia,” Quane said in a statement. “Therefore, the main reason for their rise in the rankings has been the continued strength of the Chinese yuan against other major currencies.”

Lower down the list

All in all, which cities are lower positioned than in earlier years?

Paris, which has topped the ECA list previously, exited the top 30. Madrid, Rome, and Brussels all fell also.

“Nearly every major Eurozone city saw a drop in the rankings this year as the euro performed worse in the last 12 months than the US dollar and British pound,” Quane explains.

Outer factors like politics and international contentions can likewise assume a part. Russia’s attack on Ukraine and the simultaneous sanctions set by numerous countries implied that Moscow came in the 62nd spot and St Petersburg arrived in 147th.

Europe’s most expensive city is Geneva, Switzerland, which was in third place after Hong Kong and New York City. Switzerland utilizes the Swiss franc rather than the euro.

The Covid pandemic has assumed a part in global stockpile chains and other financial factors.

Different rankings

ECA International isn’t the main company that ranks the world’s cities based on economics.

London-based Economist Intelligence Unit (EIU) discharges its Worldwide Price of the Living index each December. In 2021, Tel Aviv took the award for the expensive place to live, with Paris and Singapore tying for second.

Hong Kong was in the fifth spot, behind Zurich. In 2020, Hong Kong, Zurich, and Paris all common the assignment of number one.

The two records utilize the costs of ordinary things like groceries and fuel to decide their rankings. Notwithstanding, EIU attaches its figures to the US dollar, so economies that do the same thing – – like Hong Kong, for one – – are more likely to exceptionally rank.

One way or another, no matter what the request cities are listed on various indexes, obviously Asian, European, and North American cities are undeniably more expensive to live in than their partners in Africa and South America.

Here are some a greater amount of the survey’s discoveries:

• Petroleum costs climbed by a normal 37% contrasted with a year sooner across all cities, while Beirut recorded a 1,128% expansion
• Turkey’s Ankara is the least expensive city in the world for ex-pats, after falling five spots to 207th spot
• War in Ukraine saw cooking oil costs rise a normal of 25% last year across cities in the ranking
• Tehran’s fuel costs were the cheapest, with a liter of petrol costing just $0.09
• A cup of coffee at $5.21, a liter of petrol at $3.04, and a kilo of tomatoes at $11.51 were only a few of the costs that took Hong Kong to the first spot on the list

“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world,” a press release quoted ECA International’s Regional Director for Asia, Lee Quane, as saying.

“It has been the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year which has enabled it to maintain its position as the most expensive location worldwide as other currencies have weakened.”

HRepulse Bay beachside during its resuming in Hong Kong, China, on Saturday, May 7, 2022. Hong Kong is accelerating its reopening plans as Covid cases drop, easing mask-wearing rules and permitting more relaxation scenes to return, regardless of proceeded with the flow of the pathogen that has led most rival financial hubs to live with the virus.

ECA International analyses the expense of consumer goods and services over 490locations worldwide, while convenience data is likewise factored in, looking at rental costs in regions normally possessed by exile staff in more than 410 locations worldwide. The most recent report ranks 207 cities in 120 countries.

Here are the world’s top 20 most expensive places for ex-pats (with the March 2021 ranking in parentheses):

• Hong Kong (2021 ranking: 1)
• New York, US (4)
• Geneva, Switzerland (3)
• London, UK (5)
• Tokyo, Japan (2)
• Tel Aviv, Israel (7)
• Zurich, Switzerland (6)
• Shanghai, China (9)
• Guangzhou, China (10)
• Seoul, South Korea (8)
• San Francisco, US (15)
• Shenzhen, China (12)
• Singapore (13)
• Beijing, China (16)
• Jerusalem, Israel (18)
• Bern, Switzerland (17)
• Yokohama, Japan (11)
• Copenhagen, Denmark (14)
• Oslo, Norway (19)
• Taipei, Taiwan (21)