The list of the most expensive cities in the world has just been announced, in which Hong Kong (China) takes the lead.
ECA International has compiled a list of the world’s most expensive cities for 2022 based on a number of factors, including the average price of goods and household expenditure on essentials such as milk and oil. food, rent, utilities, public transportation and the strength of the local currency.
Hong Kong is rated the most expensive city in the world for the third time in a row. Photo: Reuters
CNN reported that this is the third year in a row that Hong Kong has held the throne according to the ECA index. This index focuses specifically on the assessment of foreign workers and expats about cities.
This year, Asia can be considered the most expensive continent in the world when 5 cities including Hong Kong, Shanghai, Guangzhou (both in China), Tokyo (Japan) and Seoul (South Korea) are among the top 10 cities in the world. list.
Asia is also home to the fastest growing cities. It is the Sri Lankan capital Colombo, promoted from 162nd to 149th.
As for the reason for the growing presence of Chinese cities on the list, Lee Quane, ECA’s regional director for Asia, explains: “Most of the Chinese cities in our ranking have higher inflation than we are used to, but generally still getting lower. than other Asian cities, so the main reason they rank higher is that the Chinese renminbi continues to appreciate compared to other major currencies”.
In contrast, European cities such as Paris (France), Madrid (Spain), Rome (Italy) and Brussels (Belgium) fell in the ranking. In particular, the French capital, which once held the most expensive position in the world, fell out of the top 30 cities.
“Almost every major city in the eurozone has fallen in the rankings this year because the euro has underperformed against the US dollar and the British pound over the past 12 months,” said Mr. Quane.
External factors such as politics and hostilities can also play a role. The launch of a military offensive by Russia against Ukraine and subsequent sanctions by the US and its allies against Russia put Moscow in 62nd place and Saint Petersburg in 147th place.
The most expensive city in Europe is Geneva, Switzerland, in third place after Hong Kong and New York (US). Switzerland uses the Swiss Franc instead of the Euro.
Of course, the Covid-19 pandemic has played a role in global supply chains and other economic factors have disrupted the ECA rankings.
List of 10 most expensive cities in the world 2022
1. Hong Kong (China)
2. New York (US)
3. Geneva (Switzerland)
4. London (England)
5. Tokyo (Japan)
6. Tel Aviv (Israel)
7. Zurich (Switzerland)
8. Shanghai (China)
9. Canton (China)
10. Seoul (South Korea)
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