The city-state of Singapore and New York City both ranked first in the 2022 list of the Top 10 most expensive places to live in, per EIU data that analyzed a total of 172 cosmopolitan areas. Tel Aviv, Israel, took third while the Chinese city of Hong Kong and the west coast’s Los Angeles tied for fourth. Two Swiss cities also made the list; the northern town of Zurich came in sixth, while the southwestern metro area of Geneva landed in seventh. San Francisco, California, ranked slightly more expensive (in eighth place) than Paris, France, which secured the ninth position on the list. The least expensive of the most expensive cities was awarded to Sydney, Australia. On the other end of the spectrum, Damascus, Syria, and Tripoli, Libya, were measured as the cheapest cities to live in. The findings reflect data collected as a part of the Worldwide Cost of Living (WCOL) survey, which also highlighted some other interesting stats. Despite widespread inflation, the cities seeing the highest rates include Caracas, Venezuela–where WCOL prices have risen by 132 percent since last year–Istanbul, Turkey; Buenos Aires, Argentina; and Iran’s capital city, Tehran. The survey also found that prices in the world’s biggest cities have risen faster in the past year than in the last two decades–by an average of 8.1 percent in local currency. The most rapid increase in the index was for the price of petrol, which has risen by 22 percent on average amid higher global oil prices and a stronger U.S. dollar. Western European cities reported soaring prices for gas and electricity, which have risen by 29 percent (the global average increased by 11 percent, comparatively) as the region weans itself off Russian energy. The WCOL survey also underscored that trade restrictions and high inflation affecting food prices and the cost of household goods have altered consumer habits to favor spending on essentials, which decreased prices for recreational goods and services in 2022. Here’s to hoping 2023 is a better year for all of us–especially those not living in one of the happiest countries in the world.
