NextSharkNextShark.com
Latest Newsletter🍵 $1M raised for Monterey Park victimsRead

Article

Report: Singapore, NYC ranked most expensive cities to live in

  • The “Worldwide Cost of Living (WCOL) 2022” report, which was released on Wednesday by the Economist Intelligence Unit (EIU), ranked Singapore and New York City as the most expensive cities in the world to live in.

  • These two cities tied for first place, followed by Tel Aviv in third place, Hong Kong in fourth place and Los Angeles in fifth place.

  • Zurich, Geneva, San Francisco and Paris took the respective sixth to ninth spots. Meanwhile, Copenhagen and Sydney tied for 10th place.

  • The WCOL survey was conducted between Aug. 16 and Sept. 16 and “tracks the prices of over 200 goods and services in 172 cities worldwide.”

  • The EIU stated in its report that Singapore and New York City reached first place because of “high incomes and a stronger exchange rate.”

Asian America Daily - in under 5 minutes

Get our collection of Asian America's most essential stories, to your inbox daily, for free!

Unsure? Check out our Newsletter Archive

Singapore and New York City are now the most expensive cities to live in, according to a new report. 

The “Worldwide Cost of Living (WCOL) 2022” report, which was released on Wednesday by the Economist Intelligence Unit (EIU), saw Singapore and New York City tie for first place.

Tel Aviv, which was ranked first last year, dropped to third place, while Hong Kong reached fourth place and Los Angeles reached fifth place. Zurich, Geneva, San Francisco and Paris took the respective sixth to ninth spots. Meanwhile, Copenhagen and Sydney tied for 10th place.

The WCOL survey was conducted between Aug. 16 and Sept. 16 and “tracks the prices of over 200 goods and services in 172 cities worldwide.”

The EIU stated in its report that Singapore and New York City reached first place because of “high incomes and a stronger exchange rate.” In last year’s report, Singapore was in second place and New York City was in sixth place.

According to the EIU, cities worldwide experienced rapid price rises for food, household items and utilities such as electricity. EIU Worldwide Cost of Living Head Upasana Dutt commented on the world’s current cost-of-living crisis, saying, “The war in Ukraine, Western sanctions on Russia and China’s zero-covid policies have caused supply-chain problems that, combined with rising interest rates and exchange-rate shifts, have resulted in a cost-of-living crisis across the world.”

“We can clearly see the impact in this year’s index, with the average price rise across the 172 cities in our survey being the strongest we’ve seen in the 20 years for which we have digital data,” she continued. “We expect prices to start easing over the coming year as supply bottle-necks start to ease and slowing economies weigh on consumer demand.”

Featured Image via Kin Pastor

Support our Journalism with a Contribution

Many people might not know this, but despite our large and loyal following which we are immensely grateful for, NextShark is still a small bootstrapped startup that runs on no outside funding or loans.

Everything you see today is built on the backs of warriors who have sacrificed opportunities to help give Asians all over the world a bigger voice.

However, we still face many trials and tribulations in our industry, from figuring out the most sustainable business model for independent media companies to facing the current COVID-19 pandemic decimating advertising revenues across the board.

We hope you consider making a contribution so we can continue to provide you with quality content that informs, educates and inspires the Asian community. Even a $1 contribution goes a long way.  Thank you for everyone's support. We love you all and can't appreciate you guys enough.

Support NextShark

Mastercard, Visa, Amex, Discover, Paypal