Two European cities have been estimated as the most expensive places to live in, according to the global mobility company ECA International. Most Expensive European Cities

More specifically, Geneva and Zurich have been listed as third and seventh-most expensive cities in the world, respectively, in the annual report published by the company, which puts up the list based on average prices of households’ essentials such as milk and cooking oil, rent, utilities, public transportation and the sustainability of the local currency.

London is ranked as the fourth most expensive city, falling right behind Geneva. However, the most expensive city, as the report shows, is Hong Kong, being announced as such for three constructive years.

In conclusion, the world’s most expensive cities for 2022 are Hong Kong, New York, Geneva, London, Tokyo, Tel Aviv, Zurich, Shanghai, Guangzhou, and Seoul.

While the most expensive continent is Asia, with five cities – Hong Kong, Tokyo, Shanghai, Guangzhou, and Seoul being found in the top ten list, some cities in Europe have experienced the opposite, ranking lower than they did a year ago. Most Expensive European Cities

In other words, Paris was among the most expensive cities in the world in the previous year, while this year it fell to the top 30. In addition, Madrid, Brussels, and Rome also dropped in this list, with the main reason for these decreases being attributed to the euro’s low performance over the recent 12 months, especially compared to the dollar and pound, as Quane explained.

On the other hand, the cities that were the most expensive, which also indicates high living standards, were Swiss cities, with the country using the Swiss franc as currency – which was stronger than the euro for the time being.

In addition, the Russian invasion of Ukraine was a key factor in the matter, as sanctions imposed in Russia pushed for Moscow and Saint Petersburg to drop to 62 and 147 spots, respectively.

European top 20 most expensive locations for expatriates

While Tel Aviv in 2021 was the most expensive place to live, as data from the Economist Intelligence Unit (EIU) reveals, Paris and Singapore were on the second. Hong Kong, which this year topped the list, was fifth in 2021. In 2020, Hong Kong, Zurich, and Paris were all ranked as the number one costliest places to live.

Top 15 most expensive cities globally includes four Chinese cities, with Shanghai now 3rd in Asia Most Expensive European Cities

Many locations in Asia have witnessed above-trend inflation rates in the past twelve months. Colombo, Sri Lanka has seen the biggest price increase, rising 23 places in ECA’s rankings to 149th globally. Many mainland Chinese cities have also continued to rise in the rankings, with four cities now included in the 15 most expensive cities globally. Shanghai is now the 3rd most expensive city in Asia, after Hong Kong and Tokyo. Singapore’s ranking remained unchanged in 2022, despite significant price rises, with housing rental costs, utilities and petrol prices seeing particular growth.

“The majority of the mainland Chinese cities in our rankings have higher rates of inflation than we are used to seeing, but they are still typically lower than elsewhere in Asia. Therefore, the main reason for their rise in the rankings has been the continued strength of the Chinese yuan against other major currencies,” Lee Quane, ECA’s regional director for Asia, said.

Like this? "Sharing is caring!"