All over the world, the cost-of-living crisis is continuing to bite. According to the Worldwide Cost of Living Index, which is run by Economist Intelligence Unit (EIU), the average cost of living is up by 8.1 percent – largely thanks to the Russian war in Ukraine and the long-term consequences of the pandemic.
However, the crisis is much worse in some places than others – and that’s highlighted by this year’s Worldwide Cost of Living Index. Taking into account changes in the price of everyday goods in 172 cities around the world, the Index has come out with a ranking of the world’s most expensive cities right now.
Top was a tie between New York and Singapore, with New York topping the poll for the first time. Both knocked Tel Aviv down to third, with the Israeli city having been named the most expensive city in the world in the EIU’s 2021 rankings.
Down the other end of the list, the least expensive cities in the world are apparently Damascus in Syria, Tripoli in Libya and the Iranian capital, Tehran. Damascus and Tripoli were also named the least expensive cities in last year’s list.
Here are the full top 10 most expensive cities in the world in 2022, according to the EIU’s Worldwide Cost of Living Index.
- New York, USA
- = Singapore, Singapore
- Tel Aviv, Israel
- Hong Kong, China
- = Los Angeles, USA
- Zurich, Switzerland
- Geneva, Switzerland
- San Francisco, USA
- Paris, France
- Copenhagen, Denmark
If you’re interested in finding out more, you can read the whole Worldwide Cost of Living Index report for yourself here.
When it comes to ranking the world’s most expensive cities, there are several studies available. Data firm ECA International released a similar study back in June (which was topped by Hong Kong), while we at Time Out have our very own ranking, which is based on survey responses from city-dwellers around the world – that one was topped by Doha. So whichever of those cities you’re planning to visit next, don’t expect any bargains.
Stay in the loop: sign up to our free Time Out Travel newsletter for the latest travel news and the best stuff happening across the world.