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GLOBAL mobility company ECA International has released a list of the 10 most expensive cities in the world to live in. The research was conducted based on a number of factors such as the average price of household necessities such as milk and cooking oil, rent, utilities, public transport and the strength of the local currency.
This index specifically also focuses on foreign workers and expatriates in this study. Here is the list, as quoted from CNN: (1). Hong Kong, (2). New York, (3). Geneva, (4). London, (5). Tokyo, (6). Tel Aviv, (7). Zurich, (8). Shanghai, (9). Guangzhou, (10). Seoul.
From this release, it can be seen that the Asian continent dominates as the most expensive city to live in. There are five Asian cities included in the list, namely Hong Kong, Tokyo, Shanghai, Guangzhou, and Seoul
Continuing the tradition of recent years, Hong Kong has once again topped the list as the most expensive city in the world. Two Chinese cities, Shanghai and Guangzhou are also on the list, coming in at positions eight and nine.
“The majority of mainland Chinese cities in our ranking have higher inflation rates than we’re used to but still lower than elsewhere in Asia” said Lee Quane, ECA’s regional director for Asia.
According to Lee Quene, therefore, the main reason for his rating increase is the continued strength of the Chinese yuan against other major currencies.
Cities in Europe are no longer the most expensive in the world
A number of cities in Europe such as Paris, Madrid and Rome are usually considered the most expensive and subscribe to this list. But this time, the French capital didn’t even make the top 30 according to the ECA International index.
“Almost every major city in the euro zone has been downgraded this year because the euro has performed worse in the last 12 months than the US dollar and British pound,” Quane said.
External factors such as politics and international conflicts also play a role including Russia’s invasion of Ukraine, the COVID-19 pandemic and other crises. The city in Europe that is included in the list of the most expensive 2022 is in third place, namely Geneva, which is in Switzerland. But transactions in Switzerland use the franc currency, not the euro like many other European countries. [sources/photo special]
