Aldous Vince CabildoAs economic instability continues to disrupt the world, the cost of living in any city is increasing at a brisk pace. From food and gas, to rent and even soap, prices are becoming unmanageable for the average worker. So, while an opportunity to work or live overseas may arise, a look at the most expensive cities for expats to live in may do good for future plans.
ECA International, a global mobility company, has released its annual list of the most expensive cities to live in. For the third year in a row, Hong Kong finds itself at the top of the list. Expats based in the city may still have to shell out the same costly bills, maybe even more as days go by.
Also read: These Are the Best & Worst Cities for Work-Life Balance in 2022
Determining the most expensive cities for expats
To create the list, ECA International accounted for different variables such as: currency value; the average prices of basic needs like food and gas; and the strength of the country’s currency from samples consisting exclusively of expats. With reports of something like a carton of milk costing at least US$3.00 and a kilo of tomatoes at US$1.47, Hong Kong beats other cities when it comes to being the most expensive to live in.
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Meanwhile, New York takes a higher ranking this year along with London. While the cost of living is still expensive for expats in Tokyo, it has dropped a few places compared to last year’s list, due to a weak performance from the Japanese yen. Below are the top 10 most expensive cities for expats to live in:
- Hong Kong
- New York City
- Geneva
- London
- Tokyo
- Tel Aviv
- Zurich
- Shanghai
- Guangzhou
- Seoul
Asia is named the most expensive continent for expats
Along with Hong Kong, cities like Seoul, Guangzhou, Shanghai, and Tokyo prove that the cost of living for expats is at a premium in Asia. Tel Aviv can also be considered another country in Asia with costly living conditions for expats. According to ECA Asia regional director Lee Quane, the exponential growth from Chinese cities can be attributed to the rising performance of the Chinese yuan, which has been able to keep ahead of inflation.
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Cities with lower costs of living for expats in 2022
While costs have definitely risen, some cities went down a notch or two from ECA International’s list. Cities such as Paris, Madrid, and Brussels are now below the top 30, a significant drop from their places the year before. According to Quane, currencies from most European cities have underperformed for the past 12 months. Of course, the war between Russia and Ukraine doesn’t help in relieving these costs.
See the entire list from ECA International here.
Also read: These Are the Best Cities to Relocate in 2022, According to UK Study
Would you want to live in these cities? Would it be more practical to leave? We’d love to hear your thoughts on our Facebook page!
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