Top 10 most expensive cities in the world for migrants in 2022

Blog highlights

• Many major cities of the world also rank among the most expensive ones.
• The recent world events and other factors have played a role in raising costs.
• Hong Kong and New York tops the list of the most expensive cities in the world.

It’s worthwhile to explore the costliest cities in the world for expats in case you are interested in visiting/studying/working overseas. If you have plans to migrate abroad, it helps you to understand why a certain city is expensive for an immigrant and what factors affect the cost of living.

We too have been keen to bring you the list of the most expensive cities in the world for expats. We also wanted to share why the cost of living has varied in these cities through the times.

So, here we introduce you to the costliest cities in the world in 2022. There are interesting observations related to this list that can give you a heads up when you visit or migrate abroad.

https://www.youtube.com/watch?v=ukEqkmnnZCE

How are the costliest cities in the world for expats determined?

Before we start listing the world’s costliest cities for migrants, you have to understand how this aspect is calculated and the ranks are given. There are some general factors that come into play when it comes to the creation of the most expensive (or the cheapest) cities. Here they are:

• Currency value and its fluctuations
• Political instability and external imbalances
• Inflation rate
• Availability of local produce
• Income inequality

The most expensive cities in the world for expats

City	Country	Ranking 2022	Ranking 2021
Hong Kong	Hong Kong	1	1
New York	The USA	2	4
Geneva	Switzerland	3	3
London	The UK	4	5
Tokyo	Japan	5	2
Tel Aviv	Israel	6	7
Zurich	Switzerland	7	6
Shanghai	China	8	9
Guangzhou	China	9	10
Seoul	South Korea	10	8

*Know your eligibility to immigrate to the UK through Y-Axis UK Immigration Points Calculator.

Important facts

• The most prominent factors that kept Hong Kong on top were the stronger currency of the country and higher prices.
• The cost of consumer goods and services in over 490 cities on the globe are analyzed to reach the list. For this, accommodation data is also considered. The rental expenses in areas where expatriates inhabit typically were evaluated, which came to 410 locations. This analysis is done by ECA International.
• The ranking of 207 cities in 120 countries was done in the process of making this list.
• Rising rental costs were a major factor for London and New York coming to their respective positions on the list. These costs rose by 20% and 12% respectively.
• In Singapore, the major factors that played a role in its cost of living were the rise in prices of rent, utilities, and petrol prices.
• As opposed to the weakening of the currency in Singapore, Japanese cities came down the ranks as their currency, the Yen weakened.
• In China, the Yuan rose in the period of evaluation for ranking leading to the currency’s strengthening and hence placing Shanghai and Guangzhou above Singapore and most Japanese cities on the list.
• While petrol prices rose 37% on average compared to the previous year, Beirut recorded an increase of 1,128%.
• Ankara (Turkey) is the cheapest city on the list standing at the 207^th
• Ukraine was affected by a rise in cooking oil prices owing to the war in the country. The price rose 25%.
• The cheapest fuel prices were in Tehran. A liter of petrol was priced $0.09.
• Some of the top prices in Hong Kong were:
  • A liter of petrol - $3.04
  • A cup of coffee - $5.21
  • A kilo of tomatoes - $11.51

Willing to migrate abroad? Talk to Y-Axis, the leading immigration and career consultant in the UAE.

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