The world’s most expensive cities for 2022

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(CNN) – Global mobility company ECA International has released an annual list of the world’s most expensive cities to live in and once again Hong Kong Has topped the list.

The company calculates inventory based on a number of factors, including the average cost of household essentials, such as milk and cooking oil, rent, utilities, public transport, and the strength of the local currency.

This is the third year in a row that Hong Kong has claimed the dubious honor of being the world’s most expensive city on the ECA index. The index focuses specifically on foreign workers and foreign workers in their rankings.

Asia takes the prize

With five cities – Hong Kong, it is safe to call Asia the most expensive continent. TokyoShanghai, Guangzhou and Seoul – landed in the top 10.

Some regulators include the Middle East in Asia. In that case, Tel Aviv – which ranks sixth – is also counted among the total in Asia and will rank six out of 10.

Asia also claims to be the home of the fastest growing city in the overall list. It will be Colombo, Sri Lanka’s main metropolis, which has jumped 23 places from 162 to 149.

Lee Kuan Yew, ECA’s regional director for Asia, explained the reason for mainland China’s growing presence on the index.

“Inflation rates in most of our mainland Chinese cities are higher than we used to see, but they are still generally lower than in other parts of Asia,” Quinn said in a statement. “Therefore, the main reason for their rise in the rankings is the continued strength of the Chinese yuan against other major currencies.”

Hong Kong's competitive and scarce housing market contributed to this "The most expensive" Ranking

Hong Kong’s competitive and scarce housing market contributed to its “most expensive” ranking.

Li Zhihua / China News Service / Getty Images

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So, which cities are at a lower rank compared to previous years?

Paris, which has topped the ECA list in the past, has slipped out of the top 30. Madrid, Rome and Brussels are all down.

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“Almost every major eurozone city has seen a decline in rankings this year as the euro has performed worse than the US dollar and the British pound in the last 12 months,” Quinn explains.

External factors such as politics and international conflict may also play a role. Russia’s invasion of Ukraine At the same time, sanctions imposed by many countries meant that Moscow was ranked 62nd and St. Petersburg 147th.

The most expensive city in Europe is Geneva, Switzerland, which was in third place after Hong Kong and New York City. Switzerland uses the Swiss franc instead of the euro.

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The coronavirus epidemic, of course, has played a role in the global supply chain and other economic factors.

Other rankings

ECA International is not the only company that ranks cities around the world economically.

It was released by the London-based Economist Intelligence Unit (EIU) Worldwide Living Price Index Every December. In 2021, Tel Aviv won the award for the most expensive place to live, with Paris and Singapore in second place.

Hong Kong was fifth behind Zurich. In 2020, Hong Kong, Zurich and Paris all shared the number one position.

Both lists use the prices of everyday items such as groceries and fuel to determine their rankings. However, the EIU combines its figures with the US dollar, so economies that do the same thing – like Hong Kong, for one – are more likely to rank higher.

However, regardless of the list of cities on different indexes, it is clear that Asian, European and North American cities are more expensive to live in Africa and South America than their counterparts.

The only North American city to make it into the top ten was New York.

The only North American city to make it into the top ten was New York.

Angela Weiss / AFP / Getty Images

The most expensive cities in the world

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 to the report.

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