According to a research, the world’s most affordable cities are Damascus and Tripoli, while New York and Singapore are the most costly. Because of the significant price increases observed elsewhere, Asian cities were exempt from the list.
Through Daphne Clarance According to the Economist Intelligence Unit’s Worldwide Cost of Living survey, New York and Singapore are the most expensive places to live in.
One may compare the cost of living in over 173 major cities around the world according to the poll, which was carried out in August and September of this year. The rating is based on a large base of data that includes over 400 specific prices for over 200 goods and services across 90 nations. Also read:Gym Membership: Health Evaluation Crucial Before Joining Gym
Due to the war in Ukraine and supply-chain snags,
The cost of living increased by more than 1.8% from the previous year. According to the research, Singapore and New York tied for first place on the list.
The top ten list now includes more cities like Los Angeles and San Francisco. The research claims that despite individual country performance changing owing of governmental policies and currency movements, Asian cities avoided being included on the list due to the sharp price increases observed elsewhere, with the average increase in the cost of living at 4.5%.
Russian cities like Moscow and Saint Petersburg rose by 88 and 70 places, respectively, due to higher pricing brought on by Western sanctions, booming energy markets, and currency restrictions.
Last year, Tel Aviv came in first place, but this year, it dropped to third. Los Angeles and Hong Kong were two of the most costly cities.
According to the poll, the least expensive cities in the world are Tripoli, Libya, and Damascus, the capital city of Syria. Due to robust exports that supported the Australian dollar, Sydney rose to the tenth spot on the list.
Top 10 most expensive cities in the world, as per the 2022 rankings:
Singapore – 1
New York, US – 1
Tel Aviv, Israel – 3
Hong Kong, China – 4
Los Angeles, US – 4
Zurich, Switzerland – 6
Geneva, Switzerland – 7
San Francisco, US – 8
Paris, France – 9
Copenhagen, Denmark – 10
Sydney, Australia – 10