ECA International, a global mobility company, It published its annual list of the world’s most expensive cities to live in: Hong Kong and New York appear in the first two places. This list is obtained after analyzing several factors in each city, such as the average cost of a basket of basic products, the price of public transportation, and the financial stability of the local currency. There were also some cities that fell off the most expensive list.
The most expensive cities in the world according to the Egyptian International Chefs Organization
Here is the complete list of the most expensive cities in the world.
1. Hong Kong
2. New York
6. Tel Aviv
Cities that come out of the ranking of the most expensive
There are some cities that in the past years were stars of the most expensive list to live in the world, but Over time, some positions have receded; Such is the case in Paris, Madrid, Rome and Brussels, with the latter falling off the top 30 this year.
“Almost every major city in the eurozone has seen a drop in the rankings this year, with the euro underperforming the US dollar and the pound sterling over the past 12 months,” Cowen explained.
also, Experts considered that there are other factors influencing: such as politics and international conflicts, The most recent and clearest example of this is the Russian invasion of Ukraine, which led the country under the leadership of Vladimir Putin to drop some positions, due to the sanctions imposed by many countries: Moscow is ranked 62nd and St. 147th.
Asia, the most expensive continent
Asia ranked five of the top ten, with Hong Kong, Tokyo, Shanghai, Guangzhou and Seoul, so it is safe to call it the most expensive continent in the world, at least in 2022. There are some companies whose indexes include the Middle East in Asia. In this case, Tel Aviv will also be included in the percentage that the mainland takes.
Lee Kwan, ECA International Regional Director for Asia, Briefly explain why China increased its presence in the index: “Most of the mainland Chinese cities in our ranking have higher inflation rates than we are used to seeing, but it is still lower than other parts of Asia. Therefore, the main reason for its rise in the ranking is the continued strength of the Chinese yuan against other major currencies.
ECA International is only one of many companies dedicated to classifying cities on the basis of economy. Another one that exists is the Economic Information Unit (EIU)which is based in London, which also shares its annual list of the cost of living in certain entities, every December.
Despite the arrangement that the eastern cities may have, The obvious thing is that Asia, Europe and North America are the most expensive places to liveas shown in these lists, compared to Africa and South America.