The SAR is the expensive place to live in the world for the third year running, according to an annual report by ECA International. Hong Kong, New York, Geneva, London and Tokyo follow, while Singapore lands on the 13th spot. So In this article we will talk about the most expensive cities.
The ECA ranks the cost of living in each city by seeing how expensive food, clothing, daily household consumables, electrical goods, utilities and public transport are compared to other areas, and analyses how prices have changed in the last 12 months. This is combined with “accommodation research” – determining the cost of renting a house or apartment and buying a house – to create the final ranking.
Here is the list of Top 5 Most Expensive Cities
Hong Kong is the most expensive city in the world to live in for the third year running, according to an annual report by global mobility company ECA International.
For comparison, the average price of coffee at a cafe in Hong Kong is US$5.21, while the same costs US$3.30 in Sydney. There is also a large disparity in the price of petrol between cities—in Hong Kong, a litre of petrol, on average, costs US$3.04. In New York, the second most expensive city in the world, it costs an average of US$1.24 per litre.
- 1 kilo of tomatoes costs £2.44.
- A loaf of fresh white bread costs £1.88.
- A regular cappuccino costs £4.13.
- One pair of Levi’s jeans costs £66.39.
- A one-bedroom apartment in the city centre costs £1,835.69.
- Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £157.79.
- The average monthly net salary (after tax) is £2,538.80.
New Yorkers may have already believed this to be true, but now it’s official: New York City is the 2nd most expensive city in the world. For the first time, the Big Apple tied with Singapore on the Economist Intelligence Unit’s annual worldwide cost of living survey.
The research and analysis firm found that the steepest price increase was for petrol. On average, petrol prices rose by 22% from the year before.
Oil prices have been “very, very extreme” and “one of the highest that we’ve ever recorded in the history of our data collection,” Dutt said.
- 1 kilo of tomatoes costs £5.02.
- A loaf of fresh white bread costs £3.31.
- A regular cappuccino costs £4.24.
- One pair of Levi’s jeans costs £51.52.
- A one-bedroom apartment in the city centre costs £2,877.46.
- Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £134.07.
- The average monthly net salary (after tax) is £5,257.98.
Geneva was ranked as the third most expensive place to live in the world, and the most expensive in World.
The study also showed that most European cities mostly fell in the rankings. “This is mainly due to the unstable economic time in Europe which led to the depreciation of most local currencies against the US Dollar,” according to Nathalie Constantin-Métral, Senior Analyst at Mercer UK and coordinator of the study, quoted in a press release.
- 1 kilo of tomatoes costs £2.71.
- A loaf of fresh white bread costs £2.25.
- A regular cappuccino costs £3.70.
- One pair of Levi’s jeans costs £87.01.
- A one-bedroom apartment in the city centre costs £1,754.12.
- Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £148.89.
- The average monthly net salary (after tax) is £5,331.49.
London is the fourth most expensive city in the world during global cost of living crisis.
A 20% rent increase cements London’s position within top five most expensive cities in the world, while a 12% increase in rental costs sees New York overtake Geneva to secure second place. Food prices soar across the globe due in part to shortages created by the war in Ukraine, but worst is unfortunately yet to come for Sunflower and palm oil shortages drive up cost of cooking oils by a quarter on average globally*, and by more than double in Beirut, Tehran and Sarajevo -compared to a 4% annual increase in the Petrol prices climbed on average 37% y-o-y across all cities, compared to a 23% rise in London. The world’s most expensive petrol is still found in Hong Kong, at £2.26 per liter – up from £1.87 last year.
- 1 kilo of tomatoes costs £2.40.
- A loaf of fresh white bread costs £1.21.
- A regular cappuccino costs £3.23.
- One pair of Levi’s jeans costs £77.17.
- A one-bedroom apartment in the city centre costs £1,787.69.
- Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £241.19.
- The average monthly net salary (after tax) is £2,538.80.
According to the ECA International survey, Tokyo is the fifth most expensive city in the world for expats.
Japan is well-known for being an expensive price to live in, and so with Tokyo as its capital city is it not surprising that the bustling city has a very high cost of living. Rent, car ownership and transport are especially expensive.
- 1 kilo of tomatoes costs £4.36.
- A loaf of fresh white bread costs £1.37.
- A regular cappuccino costs £2.90.
- One pair of Levi’s jeans cost £66.39.
- A one-bedroom apartment in the city centre costs £943.73.
- Basic bills (electricity, heating, cooling, water, garbage) for an 85m2 apartment costs £144.19.
- The average monthly net salary (after tax) is £2,268.11.