Everyone imagines relocating to a larger city abroad to live the life they desire. However, the expense of living has only gone up over time. It can build up to pay for needs like housing, electricity, water, groceries, clothing, and gas for your vehicle. However, some cities have extremely high living expenses, which makes it difficult for many people and families to make ends meet. ECA International, a global mobility organization, has published its annual ranking of the costliest locations or the most expensive cities in the world for people to live in.
Over the course of 50 years, ECA International has conducted research on the cost of living. It conducts two major polls each year to assist businesses in figuring out the cost of living adjustments that will safeguard their employees’ purchasing power while on a global assignment. It compares the cost of similar items commonly purchased by people across more than 490 places in the world. According to the report, here are the top 10 expensive cities with the highest cost of living in 2022.
1. Hong Kong
Hong Kong is the most expensive city in the world for people due to its strong currency and high cost of consumer goods. According to the study, a kilo of tomatoes costs around Rs 900 in the city on the Chinese mainland, while a cup of coffee can cost up to Rs 400. The most expensive place to buy gasoline is in Hong Kong, where a liter costs about Rs. 214. A lot of people are drawn to the city of Hong Kong, which is known for some of the most successful and rich businesses in the world.
2. New York
The USA’s New York has a name on the list next. The only city in North America to make the top 10, New York is known as the “land of opportunities,” drawing throngs of visitors from all over the world who are competing to establish themselves in the city. This makes it understandable why living here is so expensive. The city moved up two spots from the year before to take the second spot on the list.
The top contender from Europe, Geneva, Switzerland, has long been regarded as the pinnacle of style and luxury. Geneva is renowned for facilitating the most extravagant of lifestyles, with the best dining establishments, a vibrant social scene, and cutting-edge homes. You won’t have any doubts about why it’s one of the costliest cities to live in after strolling through one of its pristine streets.
London has established itself as the fourth most expensive city in the world, earning the nickname “the City of Dreams.” Like in New York, a large number of individuals from all over the world migrate to the UK city in search of fame, fortune, or just to live the life that Londoners make out to be so damn nice. You need a lot of money if you want to create a nice life for yourself in London because the cost of rent and public transportation in this city is among the highest in the entire world.
Tokyo, which was the second-most expensive city for foreigners the previous year, is now in fifth place. According to the research, last year had the greatest inflation rate in the Japanese capital in thirty years. Given that Tokyo is the country’s capital and since Japan is notorious for having extremely high living expenses, it is not surprising that prices are highest there. Rent is the largest component of the cost, followed closely by car ownership and transportation.