ECA International has been conducting research into the cost of living for 50 years. It carries out two main surveys per year to help companies calculate the cost of living allowances so that their employees’ spending power is protected while on an international assignment.
The surveys compare a basket of like-for-like consumer goods and services commonly purchased by assignees in over 490 locations worldwide.
ECA’s accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 410 locations worldwide.
As per the list, here are the top 10 most expensive cities to live in in 2022.
1. Hong Kong
For the third consecutive year, Hong Kong has been named the most expensive city to live in. This was one of the findings of the latest cost of living research published by ECA International, the world’s leading provider of knowledge, information, and software for the management and assignment of employees around the world.
2. New York
Ney York jumped two spots from the previous year to become the second most expensive city to live in the world.
Maintaining its position from the previous year, Geneva has taken the third spot as per ECA international.
London has been named the fourth most expensive city in the world according to the list.
Tokyo dropped from the second most expensive city to live in in 2021 to the fifth most expensive city in 2022.
6. Tel Aviv
Tel Aviv is the most populous city in the Gush Dan metropolitan area of Israel and has been named the sixth most expensive city to live in as per the report.
Zurich dropped from the sixth spot last year to the seventh spot in 2022.
Shanghai is the most populous urban area in China and the most populous city proper in the world. It jumped a spot to become the ninth most expensive city to live in the world.
Guangzhou is China’s most important port city.
Seoul is the capital and largest metropolis of South Korea and has made its place in the top 10 most expensive cities to live in the world.