16.5 C

New York and Singapore Are Most expensive cities in the world


- Advertisement -

According to the annual Economist Intelligence Unit (EIU) survey, the world’s most expensive cities are New York and Singapore.

This is the first time New York has made it to the top of the list. This year’s top spot, Tel Aviv, is currently ranked third.

In the overall picture, the cost of living in the largest cities in the world is rising. Its a rise by 8.1 percent this year. Thus, According to the EIU study finds.

The conflict in Ukraine and the effects of Covid’s war on supply chain logistics were the main reasons. The key reasons that contributed to the rise.

- Advertisement -

The highest inflation rate was seen in Istanbul. A city from Turkey, where the prices increased by 86%, Buenos Aires (64%) and Tehran (57%).

Inflation is high in the US. Therefore, is one of the reasons that led to New York topping the list.

The past season, Los Angeles and San Francisco made it into the top 10 list. US inflation was the highest for more than forty years.

The stronger dollar was an element in rising US cities’ rising prominence.

Moscow and St Petersburg rose through the ranks in 88. Alarmingly, 70 spots up to 37th and 73rd in the respective rankings. Hence, partly due to Western sanctions after the Russian military invasion in Ukraine.

- Advertisement -

The survey compares prices of US dollars for both services and goods. Thus, within 173 major cities. Kyiv wasn’t included in the review this year.

The EIU examined more than 400 prices for over 200 items. Also, the services in more than 172 cities worldwide.

Upasana Dutt, the researcher responsible for the research, explained that the conflict raging in Ukraine. Also, the Western sanctions on Russia. Furthermore, China’s zero-Covid policies “have created supply chain issues.”

“That, coupled with the rise in interest rates. Also, the shifts in exchange rates. Obviously, have led to an increase in the cost of living all over the world,” Ms. Dutt added.

She noted that the average rise in prices in the cities of the survey by EIU has been “the highest we’ve ever seen in the past 20 years we’ve had electronic data”.

Most Expensive Cities Of Year 2022:

- Advertisement -

The list of the most expensive cities of the year 2022 has rated New York on Top. Hence, this is along with Singapore which is the capital city as well as the country Singapore. The cities Telaviv, Hong Kong & Los Angeles follows in the list. Ironically, its the Swiss cities that are next in the list which are Zurich & Geneva. Obviously, being the two most expensive ones from the continent Europe.

The rest of them being San Francisco & Paris in the list. Ideally, placed in the list of top 10 most expensive cities is the Aussie city Sydney. Thus, followed by the Danish capital city Copenhagen.

1 . = New York

1 = Singapore

  1. Tel Aviv
  2. = Hong Kong

4 = Los Angeles

6 = Zurich

7 = Geneva

8 = San Francisco

9 = Paris

10 = Sydney

10 = Copenhagen

Top 10 Most Affordable Cities by Rankings:

In contrast to the list of most expensive cities of the world is the list of the most affordable cities by rankings. Colombo is the city which is on top of the list & ranks 161. This is followed by Bangalore & Algiers from Algeria being the same at 161. The Indian city of Chennai, which was known before as Madras is ranked 164 followed by Ahmedabad city in Gujrat State India. This is followed by Almaty at 166 & than Karachi, the largest city from Pakistan with the ranking 167. This list obviously means the lower in the list being the most affordable.

After Karachi city of Pakistan, its Tashkent, at 168 followed by Tunis at 169. The capital city of Iran, i.e. Tehran is placed at 170. Hence, followed by Tripoli at 171 & Damascus city at 172.

Colombo = 161 

Bangalore = 161  

Algiers = 161  

Chennai = 164  

Ahmedabad = 165  

Almaty = 166  

Karachi = 167  

Tashkent = 168  

Tunis = 169  

Tehran = 170  

Tripoli = 171  

Damascus = 172  

Source: The EIU’s World Cost of Living index

- Advertisement -
MBE Digital Media Team
MBE Digital Media Teamhttps://blog.mbeforyou.com
MB Enterprises is an independent, Canada based business solutions and services providing group that is envisioned to lead the industry through trend-setting innovation and ground-breaking ideas.

Related articles