Revealed: 10 most expensive cities for expats in 2022

London, New York see most significant price increases

AFP file photo

Waheed Abbas

Published: Wed 8 Jun 2022, 5:10 PM

Hong Kong, New York and Geneva are the three most expensive cities for expats around the world in 2022.

According to the latest cost of living research published by ECA International, the other cities that were rated costliest this year for expats are London, Tokyo, Tel Aviv, Zurich, Shanghai, Guangzhou and Seoul

“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world,” said Lee Quane, Regional Director – Asia at ECA International.

“Year on year price rises of 3 per cent, as measured by our basket of goods and services, are higher than we typically see in Hong Kong, but are lower than rates in similar cities both within the region and globally. Rather, it has been the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year which has enabled it to maintain its position as the most expensive location worldwide as other currencies have weakened.”

London jumped up one place in the ranking of the most expensive cities in the world, overtaking Tokyo to become 4th.

The study found that London and New York have seen the most significant price increases within the top ten most expensive cities, primarily due to soaring accommodation rental costs – up by an alarming 20 per cent in London and 12 per cent in New York.

According to ECA’s data, a cup of coffee at a café costs $5.21 in Hong Kong, $5.08 in New York, $4.16 in London and $3.3 in Sydney. Similarly per litre petrol cost amounts to $3.04 in Hong Kong, $1.24 in New York, $2.27 in London and $1.66 in Sydney.

While top 10 most expensive cities in Asia for overseas workers are Hong Kong, Tokyo, Shanghai, Guangzhou, Seoul, Shenzhen, Singapore, Beijing, Yokohama and Taipei.