The cost of living has been on the rise for quite some time now as a result of inflation and a potential recession. According to the Worldwide Cost of Living Index, the average cost of living is up by 8.1 per cent this year – but some places have been hit worse than others.
Time Out has unveiled the most expensive cities in the world, keeping in mind “changes in the price of everyday goods in 172 cities.”
Where is the most expensive city in the world?
While it may feel like Canada has been hit hard by the wavering economy, with inflation nearly hitting a 40-year high at one point, no Canadian cities actually landed on the list of the top 10 most expensive cities in 2022.
While Canada didn’t make the list, our neighbour, New York, tied with Singapore for the top spot – making it the first time New York has topped the poll.
Tel Aviv clocked in at third, falling down a few spots after landing the title of the most expensive city in the world in 2021.
Check out the top 10 most expensive cities in the world in 2022 (according to the Economist Intelligent Unit’s (EIU) Worldwide Cost of Living Index) below.
- New York, USA
- = Singapore, Singapore
- Tel Aviv, Israel
- Hong Kong, China
- = Los Angeles, USA
- Zurich, Switzerland
- Geneva, Switzerland
- San Francisco, USA
- Paris, France
- Copenhagen, Denmark
Where is the least expensive city in the world?
On the tail end of the list, the least expensive cities in the world in 2022 are Demascus, Syria; Tripoli, Libya and Tehran, Iran. Both Demascus and Tripoli had been named the least expensive cities in 2021 as well.
You may also like: Want to save money on travel in 2023? Here are a few tips.