This particular article lists the top 10 Most Expensive Cities in the World to Live in based on Mercer’s cost of living research for 2022. Enjoy the blog with the most amazing pictures of each city from the list and plan your vacation thereafter.
City living is an experience unlike any other. Typically, you can easily access historical monuments, stunning architecture, museums, a vast variety of cuisine and drink, and much more. Paris, France; Shanghai, China; and even Boston, Massachusetts, are among the most desirable cities in the world for a reason. However, there is a tangible cost to city living. Knowing the exact cost of items is crucial now more than ever because of the skyrocketing cost of living. In order to give you an idea of how much you can anticipate paying for housing in the most costly cities in the world, Open Access Government examines the pricing of fundamental products and requirements, such as rent, bills, and food items.
How are the World’s Most Expensive Cities Measured?
The World’s Most Expensive Cities, compiled by global mobility corporation ECA International, examines the wealth-hungry centres that drive the world economy. Each city was rated according to a variety of important criteria, such as the average cost of basic goods like milk and cooking oil, rent, utilities, public transportation, and the value of the local currency. The ECA International is not the only organization that lists the most expensive cities in the world; the index places a particular emphasis on ex-pats and foreign employees. Every December, the Economist Intelligence Unit (EIU) also publishes a Worldwide Cost of Living index that, like Time Out’s ranking of the world’s top cities, takes a variety of criteria into account.
In general, whichever list you consult, Asia, along with Europe and North America, is the most costly region to live in. However, Europe’s influence has decreased dramatically in recent years owing to external causes such as politics and international crises, which can be attributed to Russia’s invasion of Ukraine.
Top 10 Most Expensive Cities to Live in the World
Check out the Top 10 Most Expensive Cities in the world to live in that made the list whether you’re searching for a new place to call home, need some travel inspiration, or are just plain curious. You’ll discover everything about the rich histories, cultures, and inhabitants who give these sites their allure.
1. Hong Kong
The fact that Hong Kong is the most populous city on this list is the main reason for it. With over 7 million residents, the city’s high cost of living is more likely a result of the competitive housing market and all the city has to offer, including its countless markets, nightlife, and tourist attractions. Food prices vary based on whether you buy fresh, imported stuff or local market produce. Alcohol is also famously expensive. Transportation, on the other hand, is inexpensive.
- Tomatoes cost £2.44 per kilo.
- £1.88 for a loaf of fresh white bread
- A standard cappuccino costs £3.13.
- Levi’s jeans cost £66.39 a pair.
- In the city centre, a one-bedroom apartment costs £1,835.69.
- Electricity, heating, cooling, water, and trash cost £157.79 per month for an 85 m2 flat.
- The monthly average net pay (after tax) is £2,538.80.
2. Geneva, Switzerland
Geneva, the city with the biggest water fountain in the world known as the Jet d’Eau, is famous for its upscale cafés and endless shopping opportunities. But the cost of all that luxury is expensive. The average monthly cost for one person, including housing, food, and transportation, is roughly $3,500. It is thought to be exceptionally attractive and to have one of the best qualities of life in the world. This wonderful lifestyle comes at a price, so expect to pay a premium for housing, food, and transportation.
- Tomatoes cost £2.71 per kilo.
- £2.25 for a loaf of fresh white bread
- A normal cappuccino will set you back £3.70.
- Levi’s jeans cost £87.01 a pair.
- In the city centre, a one-bedroom apartment costs £1,754.12.
- The basic utility bills (electricity, heating, cooling, water, and rubbish) for an 85m2 flat are £148.89.
- The monthly average net pay (after tax) is £5,331
3. New York, USA
New York in the United States is a large city, with bright lights, and high rent. With one-year lease rates rising by 3.25% and two-year lease rates seeing a 5% or more increase or more, the Big Apple’s average rent prices have skyrocketed. In May 2022, the average cost of rent reached a new high of $4,000, and in June 2022, it reached a new high of $5,000. Perhaps it comes as no surprise that New York is among the most expensive cities in the world to live in. In actuality, the cost of lodging has increased by 12% in the last year.
The majority of New Yorkers—about two-thirds—rent, and renters in each of the five boroughs spend over 30% of their income on housing. Additionally, compared to residents of any other US metropolis, New Yorkers spend more money on food shopping.
- Tomatoes cost £5.02 for 1 kg.
- Fresh white bread is £3.31 for a loaf.
- The price of a standard cappuccino is £4.24.
- Levi’s jeans cost £51.52 for a single pair.
- In the heart of the city, a one-bedroom flat goes for £2,877.46.
- The cost of the apartment’s essential expenses (electricity, heating, cooling, water, and rubbish) is £134.07.
- The average monthly net salary (after tax) is £5,257.98.
4. London, United Kingdom
With a population of slightly over 9 million, this city serves as both the capital of England and the United Kingdom. If you thought it was expensive to live there, imagine owning and running a business. People frequently have to pay more money to buy daily necessities since there is a limited supply of goods and high rental costs for storage space. Rent and transportation costs in London are among the most exorbitant in the world. London residents frequently spend more than half of their income on housing.
- Tomatoes cost £2.40 for 1 kg.
- Fresh white bread is £1.21 for a loaf.
- Costing £3.23 is a standard cappuccino.
- Levi’s jeans cost £77.17 for a single pair.
- In the heart of the city, a one-bedroom apartment goes for £1,787.69.
- For an 85m2 flat, the basic expenses (electricity, heating, cooling, water, and waste) are £241.19.
- The typical net monthly wage (after taxes) is £2,538.80.
5. Tokyo, Japan
Japan is renowned for having expensive living expenditures, particularly in Tokyo. The majority of residents in this prosperous metropolis, which is consistently ranked among the top 10 most expensive cities in the world, spend a lot of money on high rent, followed by automobile ownership and transportation. Given that Japan is notorious for having high living costs, it is not surprising that Tokyo, the country’s bustling metropolis, has a high cost of living. Particularly pricey are rent, automobile ownership, and transportation.
- Tomatoes cost £4.36 for 1 kg.
- Fresh white bread is £1.37 for a loaf.
- The price of a standard cappuccino is £2.90.
- Levi’s jeans cost £66.39 for one pair.
- In the heart of the city, a one-bedroom apartment goes for £943.73.
- An 85m2 apartment’s basic expenses (electricity, heating, cooling, water, and waste) total £144.19.
- After taxes, the typical monthly net wage is £2,268.11.
6. Tel Aviv, Israel
Tel Aviv offers it all, from breathtaking beaches to thriving nightlife and renowned dining establishments. But all that enjoyment comes with a high price. The largest city in Israel, Tel Aviv, is known for being not only entertaining but also highly varied and welcoming to tourists. The average monthly rent for a one-bedroom is $1,725 despite the fact that real estate is quite pricey.
7. Singapore, Singapore
According to the Worldwide Cost of the Living report from the Economist Intelligence Unit, Singapore was ranked the most expensive city in the world six times between 2014 and 2020. For starters, there is a severe lack of land due to the area’s small size. Additionally, the supply of properties has been constrained due to the rise in demand, which has exacerbated competition in the real estate market. The city also has a dearth of natural resources, so it must import needs like water, natural gas, and electricity from ports.
8. Beijing, China
Beijing’s cost of living is actually relatively reasonable when compared to western cities. However, it has one of the highest expenses of living in the nation due to a rapidly expanding population that is looking for housing near China’s cultural and political hub. The high cost of living and the fact that the rent for a one-bedroom apartment has increased from about $360 to $700 in just ten years can be largely attributed to the population.
9. Seoul, South Korea
Seoul, South Korea, is a hub for culture and the arts with contemporary skyscrapers, cutting-edge subways, temples, palaces, and street markets. Unfortunately, since the average cost of living in the city is about $1,400 per person, they lack affordable living expenses.
10. Dubai, United Arab Emirates
One of the wealthiest of the seven emirates that make up the United Arab Emirates, Dubai is renowned for its upscale shopping, breathtaking architecture, and vibrant nightlife. Dubai, which has a thriving corporate culture and active ports, is a pricey place to live. A family of four may anticipate spending around $3,000 per month on expenses like school, healthcare, travel, and transportation, not including rent.
The most expensive cities in the world to live in were identified by Mercer’s cost of living research for 2022, which included costs for housing, transportation, food, clothes, and other items. Check out the best romantic places in Kathmandu if you are in search of places to spend some quality time with your loved ones while in Kathmandu.