The war in Ukraine, rising inflation and the impact of the pandemic have led to reshuffles in the list of the world’s richest countries, according to research by the Economist Intelligence Unit (EIU).
New York and Singapore share the top spot on the list of the world’s most expensive cities for 2022 according to the Economist Intelligence Unit’s (EIU) annual survey, dethroning Tel Aviv which held the top spot in 2021.
This is the first time New York has topped the rankings, with high inflation seen as one of the reasons it shot up the list.
Overall, the average cost of living in the world’s biggest cities rose by 8.1% this year, the EIU survey says, due to the war in Ukraine and the pandemic.
Inflation is also particularly high in Istanbul – with prices rising by 86% – Buenos Aires (64%) and Tehran (57%).
Los Angeles and San Francisco also made the top ten.
Moscow and St. Petersburg rose 88 and 70 places, to 37th and 73rd respectively, partly as a result of Western sanctions following Russia’s invasion of Ukraine.
Detailed list of the most expensive cities for 2022
1 = New York
1 = Singapore
3 = Tel Aviv
4 = Hong Kong
4 = Los Angeles
6 = Zurich
7 = Geneva
8 = San Francisco
9 = Paris
10 = Sydney
10 = Copenhagen
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