New York, Singapore ranked most expensive city, Hong Kong, Sydney in top 10; See full list

New York and Singapore rank as the world’s most expensive cities as a result of strong currencies and higher inflation rates globally, an Economist Intelligence Unit survey said.

Team Newsable

First Published Dec 2, 2022, 3:32 PM IST | Last Updated Dec 2, 2022, 3:32 PM IST

New York will share the title of most expensive city with Singapore, which has topped the list eight times in the past ten years, according to an annual study. Sydney, an Australian city, has also made its maiden appearance in the top 10.

New York was the most expensive city in the world in 2022, according to the Economist Intelligence Unit's annual assessment, despite rising energy costs and inflation in other major cities.

In 2021, Singapore was the second-most expensive city, and in eight of the previous ten years, it had ranked first. The Big Apple was named No. 1 this year for the first time, according to a study, which was carried by The Guardian.

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Tel Aviv fell to third, while Sydney crept into the Top 10 and Russia's Moscow and St. Petersburg climbed as much as 88 spots in the rankings.

Singapore - 1
New York, US - 1
Tel Aviv, Israel - 3
Hong Kong, China - 4
Los Angeles, US - 4
Zurich, Switzerland - 6
Geneva, Switzerland - 7
San Francisco, US - 8
Paris, France - 9
Copenhagen, Denmark - 10
Sydney, Australia - 10

Despite being significantly below the 2019 hyperinflation rate of more than 25,000%, Caracas, the capital of Venezuela, nonetheless had a price rise of 132% in 2022, making it too high to be included in the poll.

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A stronger currency was one of the factors boosting cities up the rankings, in addition to petrol costs and inflation rates. After the two Russian cities, six more cities rose to the top eight, with Atlanta rising from 42nd to 46th among the 172 cities examined. As the US Federal Reserve raised interest rates and hinted at future increases, the US dollar rose strongly versus practically all other currencies.

Cities in countries where their currency slumped featured among those dropping down the list of most costly cities. Japan’s Tokyo and Osaka were among the 10 biggest drops, ending at 37th and 43rd, respectively, down from 13th and 10th in 2021.

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