Singapore and New York require a wallet full of money to live in 2022. We all could easily conclude this since it takes a lot of money to make ends meet in these cities. The two cities got the same points and thus “won” the first and second place in the list, respectively. The truth is that, in general, everyday life in many famous cities nowadays requires more money due to various factors. One of them is the war in Ukraine and its consequences in specific aspects of everyday life. Also, exchange rate fluctuations have led to a rise in the prices of products and services in large cities. The cost of living in big cities increased by 8% on average within a year. Although Tel Aviv was the first city on the list a year ago, it holds third place this year. The other two cities, Hong Kong and Los Angeles, also got the same points. Thus, they hold 4th and 5th place on the list, respectively.
Zurich and Geneva follow at the 6th and 7th places on the list, respectively, while San Francisco and Paris hold the 8th and 9th places on the list, respectively. In last place on the list is Copenhagen. It is worth mentioning that Sydney gathered the same points as Copenhagen, so it can be included in the top 10.
The Economist Intelligence Unit conducted the survey in August and September of 2022. The data were gathered by comparing the prices of more than 200 products and services in 172 cities.
In the list, we see three US cities where the high cost of living is visible. In fact, New York is among the cities that moved up in the ranking compared to last year’s list. That is why Tel Aviv has dropped to third place on the list, despite previously ranking first. According to the survey, the strong currency and a high inflation rate led these two cities mentioned above to the top of the list. Other US cities, like Atlanta and Boston, have also risen in the rankings. Mexico City also rose 33 positions in the rankings this year compared to last year. In this case, the reason was the strengthening of the national currency.
Moscow and St. Petersburg have made a spectacular rise in the rankings, up to 88 and 70 positions, respectively. According to the latest facts, the inflation rate is very high, creating a new economic environment.
Damascus in Syria and Tripoli in Libya are the cheapest places globally. These two cities are at the bottom of the list. Also, Tehran (Iran), Tunis (Tunisia), and Tashkent (Uzbekistan) are included among the cheapest cities in the world, following Damascus and Tripoli. The prices of products and services are very low in the above cities.

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