The world’s most excessive priced cities for 2022

(CNN) — World mobility company ECA Intercontinental has launched its annual record of the world’s most dear cities to reside in, and when once more Hong Kong has landed on the high of the record.

The enterprise calculates the guidelines based mostly totally on numerous features, just like the strange price of family staples like milk and cooking oil, hire, utilities, public transit and the power of the realm foreign money.

That is the third yr in a row that Hong Kong has claimed the uncertain honor of getting the world’s priciest metropolis on the ECA index. The index completely focuses on overseas employees and expats of their rankings.

Asia often takes the prize

It’s secure to name Asia the most costly continent, with 5 cities — Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul — touchdown within the main 10.

Some regulators embody issues just like the Heart East in Asia. In that circumstance, Tel Aviv — which is in sixth space — additionally counts in the direction of Asia’s entire and would give it 6 out of 10 locations.

Asia additionally statements the glory of being home to the swiftest-increasing metropolis on the all spherical guidelines. That will be Colombo, Sri Lanka’s principal metropolis, which jumped 23 areas from 162 to 149.

Lee Quane, ECA’s regional director for Asia, defined the reasoning for mainland China’s rising presence on the index.

“The the overwhelming majority of the mainland Chinese language metropolitan areas in our rankings have larger costs of inflation than we’re made use of to viewing, however they’re proceed to usually lower than elsewhere in Asia,” Quane reported in a press release. “For that purpose, the most important trigger for his or her improve within the rankings has been the continued energy of the Chinese language yuan in the direction of different vital currencies.”

Hong Kong's competitive and cramped housing market contributed to its "most expensive" ranking.

Hong Kong’s aggressive and cramped housing sector contributed to its “most highly-priced” rating.

Li Zhihua/China Information Service/Getty Images

Reduce down the guidelines

So, which cities are decrease ranked than in previous a number of years?

Paris, which has topped the ECA guidelines within the earlier, dropped out of the highest rated 30. Madrid, Rome and Brussels all fell as effectively.

“Roughly every most important Eurozone metropolis noticed a fall within the rankings this 12 months because the euro executed even worse prior to now 12 months than the US dollar and British pound,” Quane factors out.

Exterior elements like politics and international conflicts can even play a job. Russia’s invasion of Ukraine and the accompanying sanctions put by a number of worldwide areas supposed that Moscow got here in 62nd place and St Petersburg landed in 147th.

Europe’s costliest city is Geneva, Switzerland, which was in third place after Hong Kong and New York Metropolis. Switzerland makes use of the Swiss franc as a substitute of the euro.

The coronavirus pandemic has, of sophistication, carried out a function in world-wide supply chains and different monetary features.

Different rankings

ECA Worldwide is not the one firm that ranks the world’s cities based on economics.

London-based Economist Intelligence Unit (EIU) releases its Across the globe Price ticket of Residing index nearly each December. In 2021, Tel Aviv took the prize for costliest spot to remain, with Paris and Singapore tying for second.

Hong Kong was within the fifth spot, guiding Zurich. In 2020, Hong Kong, Zurich and Paris all shared the designation of selection one explicit.

Each equally lists use the prices of every day issues like groceries and gasoline to determine their rankings. Nonetheless, EIU ties its figures to the US greenback, so economies that do the very same matter — like Hong Kong, for one explicit — are way more most definitely to rank remarkably.

Each manner, whatever the buy cities are detailed on distinctive indexes, it may be clear that Asian, European and North American cities are a lot further dear to dwell in than their counterparts in Africa and South The us.

New York was the only North American city to place in the top ten.

New York was the one North American city to place within the prime ten.

Angela Weiss/AFP/Getty Images

The world’s most dear cities

1. Hong Kong

2. New York

3. Geneva

4. London

5. Tokyo

6. Tel Aviv

7. Zurich

8. Shanghai

9. Guangzhou

10. Seoul

CNN’s Maureen O’Hare contributed reporting.

Related Articles

Back to top button