And the most expensive city in the world to live in is…

When we look at postcard-perfect pictures of global cities, we are consumed by the urge to travel to these places, or even live there. But, when it comes to finances, it may seem like a struggle, especially if the city is a bit too expensive. And there are several such cities that appear simply majestic and magical, but when it comes to everyday expenses and the towering cost of living, they may make you weep.

The Economist Intelligence Unit’s Worldwide Cost of Living report has revealed the list of 10 of the most expensive cities in the world right now. It stated that the average cost of living has gone up 8.1 per cent in 2022 because of the ongoing Russian war in Ukraine, coupled with the effects of the Covid-19 pandemic.

Upasana Dutt, head of worldwide cost of living at EIU, said in a media statement: “The war in Ukraine, Western sanctions on Russia and China’s zero-Covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world.”

Dutt added, “We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data. The rise in petrol prices in cities was particularly strong (as it was last year), but food, utilities and household goods are all getting more expensive for city-dwellers.”

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So, what are the world’s 10 most expensive cities to live in 2022? Here is the list:

1. New York and Singapore (tie)
3. Tel Aviv, Israel
4. Hong Kong and Los Angeles (tie)
6. Zurich, Switzerland
7. Geneva, Switzerland
8. San Francisco, California
9. Paris, France
10. Copenhagen, Denmark

New York, a city in New York State in the US, is visited by lakhs of tourists from around the world every year. Also known as ‘The Big Apple’, it is the most populous city in the US. Interestingly, New York City comprises five boroughs, each of which is a respective county of the state of New York: Brooklyn (Kings County), Queens (Queens County), Manhattan (New York County), the Bronx (Bronx County) and Staten Island (Richmond County).

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Singapore is understood to be one of the most expensive places to live in, not just this year, but generally. Officially known as the Republic of Singapore, this global financial hub has four official languages, which are English, Malay, Mandarin, and Tamil. Singapore’s Changi Airport is to be one of the world’s busiest airports; it has also been rated as the ‘World’s Best Airport’ by Skytrax many times, with its futuristic look and many passenger-friendly features.

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Tel Aviv finds itself in the third spot. The city is located on the Israeli Mediterranean coastline, and is the fifth-most-visited city in the Middle East and Africa. Famous for its culture, the city has a thriving nightlife, too.

Next on the list are Hong Kong and Los Angeles. While Hong Kong — officially, the Hong Kong Special Administrative Region of the People’s Republic of China, is a city and special administrative region of China — Los Angeles is a city in California, US, famous for its iconic Hollywood sign and for being the official residence of many famous actors. It is also the nucleus of the film and television industry in the country.

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Zurich in Switzerland stands sixth. Another global centre for banking and finance, the beautiful city is famous for its museums and art galleries. Interestingly, Zurich was founded by the Romans, who called it ‘Turicum’. Another Swiss city Geneva finds itself right below Zurich. While Zurich is the German-speaking part of Switzerland, Geneva — the second-most populous city after Zurich — is the French-speaking part.

San Francisco, California is on rank eight. It is home to the famous Golden Gate Bridge, which is one of the most famous tourist destinations and also one of the most-photographed bridges in the world. The city has been featured in many Bollywood films, and is known for its architecture and steep, elevated roads.

Next on the list is Paris, France, followed by Copenhagen, Denmark, both of which are capital cities and visited by tourists all throughout the year.

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