The list of the most expensive cities in the world has just been announced, in which Hong Kong (China) occupies the top position.
ECA International has compiled a list of the world’s most expensive cities for 2022 based on a number of factors, including the average price of goods and household spending on essentials such as milk and oil. food, rent, utilities, public transport and the strength of the local currency.
CNN reported that this is the third year in a row that Hong Kong has held the “throne” according to the ECA index. This index specifically focuses on the assessment of foreign workers and expatriates about cities.
This year, Asia can be considered the most expensive continent in the world, when there are 5 cities including Hong Kong, Shanghai, Guangzhou (both in China), Tokyo (Japan) and Seoul (South Korea). among the top 10 cities on the list.
Asia is also home to the fastest-growing cities. It is the Sri Lankan capital Colombo, promoted from 162nd to 149th.
As for the reason for the growing presence of Chinese cities on the list, Lee Quane, ECA’s regional director for Asia explains: “The majority of Chinese cities in our ranking have higher inflation rates than we’re used to seeing, but still lower overall than other Asian cities, so the main reason they’re up in the rankings is because China’s renminbi continues to strengthen compared to other major currencies.
In contrast, European cities such as Paris (France), Madrid (Spain), Rome (Italy) and Brussels (Belgium) fell in rankings. In particular, the French capital, which once held the most expensive position in the world, fell out of the top 30 cities.
“Nearly every major eurozone city has dropped its rankings this year as the euro has underperformed in the past 12 months against the US dollar and the British pound,” Mr Quane said.
External factors such as politics and hostilities may also play a role. The opening of Russia military offensive campaign Ukraine and subsequent sanctions by the US and its anti-Russian allies meant Moscow in 62nd place and St Petersburg at 147th.
The most expensive city in Europe is Geneva, Switzerland, in third place after Hong Kong and New York (USA). Switzerland uses the Swiss Franc, instead of the Euro.
Of course, the Covid-19 pandemic has played a role in global supply chains, and other economic factors have rattled the ECA rankings.
1. Hong Kong (China)
2. New York (USA)
3. Geneva (Switzerland)
4. London (England)
5. Tokyo (Japan)
6. Tel Aviv (Israel)
7. Zurich (Switzerland)
8. Shanghai (China)
9. Guangzhou (China)
10. Seoul (South Korea)
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