These are the Most Expensive Cities in the World to Live In

Three cities in the United States rank in the Top 10 most expensive places to live–and one topped the charts at No. 1. This is the first time.

With 2022 coming to a close, the Economist Intelligence Unit (EIU) finally released its annual list of the world’s most expensive cities to live in, and two major metropolises tied for first place–one of which saw record rises in the cost of living And even topped it for the first time. 

The city-state Singapore New York City both ranked first in the 2022 list of the Top 10 most expensive places to live in, per EIU data that analyzed a total of 172 cosmopolitan areas.

Tel Aviv IsraelThe third place was taken by, Chinese The west coast of Hong Kong is home to the city of Hong Kong. Los Angeles Placed fourth. 

Two Swiss cities The list also included the northern city of Zurich, which came in sixth place, and the southwestern metropolitan area of Geneva in seventh. 

San Francisco, CaliforniaIt is slightly more expensive (8th) than the previous. ParisFrance, France, securing the ninth spot on the list. 

Sydney was the city with the lowest cost of all the most expensive. Australia.

On the other end of the spectrum, Damascus, Syria, and Tripoli, Libya, were measured as the cheapest cities to live in.

These findings are based on data that was collected as part of the Worldwide Cost of Living (WCOL) Survey that also highlighted some other interesting stats. 

Despite widespread inflation, the cities seeing the highest rates include Caracas, Venezuela–where WCOL prices have risen by 132 percent since last year–Istanbul, Turkey; Buenos Aires, Argentina; and Iran’s capital city, Tehran.

The survey also found that prices in the world’s biggest cities have risen faster in the past year than in the last two decades–by an average of 8.1 percent in local currency. 

The index saw the fastest increase was at the price of petrolThe average increase in despite higher oil prices around the world and a stronger U.S. Dollar has been 22 percent. 

Western European cities reported soaring prices for gas and electricity, which have risen by 29 percent (the global average increased by 11 percent, comparatively)  as the region weans itself off Russian energy. 

WCOL also found that high inflation and trade restrictions have influenced consumer behavior, resulting in a preference for essentials and lower prices for services and goods.

Here’s to hoping 2023 is a better year for all of us–especially those not living in one of the happiest countries in the world.