The Worldwide Cost of Living Index 2022 has named Singapore the most expensive city to live on the planet, alongside New York.
The report crafted by London-based Economist Intelligence Unit (EIU) compares the prices of goods and services in 172 cities worldwide. Interestingly, Tel Aviv – which was number one in 2021 – fell to third place below Singapore and New York. While some of the least expensive cities to live include Damascus in Syria and Tehran in Iran.
The EIU attributed a number of factors to the cost of living crisis in these cities, including a global inflation of 8% in 2022, sparked by the war in Ukraine, as well as the pandemic and a zero-covid policy in China.
Here are the top 10 most expensive cities globally for 2022:
1. New York
3. Tel Aviv
4. Los Angeles
4. Hong Kong
8. San Francisco