Most expensive to live in the world

The world's most expensive cities are jointly New York and Singapore, according to the annual Economist Intelligence Unit (EIU) survey.

It is the first time New York has topped the rankings. Last year's number one, Tel Aviv, is now placed third.

Overall, the average cost of living in the world's biggest cities is up 8.1% this year, the EIU survey reports.

The war in Ukraine and Covid's impact on supply chains were identified as factors behind the increase.

Inflation was particularly high in Istanbul - with prices up by 86% - Buenos Aires (64%) and Tehran (57%).

High inflation in the US was one of the reasons for New York topping the list.

Los Angeles and San Francisco also made the top 10 - earlier this year, US inflation was the highest in more than 40 years.

The strengthening dollar was also a factor in the US cities' prominence.

• Why are prices rising and what is the inflation rate in the US?
• Ukraine war to cause 'worst price shock in 50 years'

Moscow and St Petersburg rose through the rankings by 88 and 70 places, to 37th and 73rd place respectively, partly as a result of Western sanctions following Russia's invasion of Ukraine.

The survey compares costs in US dollars for goods and services in 173 cities. Kyiv was not included in this year's review.

The EIU compared more than 400 individual prices across over 200 products and services from 172 cities around the globe.

Upasana Dutt, responsible for leading the research, said the war in Ukraine, Western sanctions on Russiam 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," Ms Dutt added.

She said the average price rise across the 172 cities in the EIU's survey has been "the strongest we've seen in the 20 years for which we have digital data".

Ever wondered where the most expensive cities to live in the world are? Open Access Government looks into price comparisons of basic goods and utilities in 5 of the priciest cities around the globe

Statistics vary but generally, Hong Kong, New York, Geneva, London and Tokyo are considered some of the most expensive cities to live in the world.

With the cost of living rocketing, it is more important than ever to know exactly how much things cost. Open Access Government compares the prices of basic goods and necessities – such as rent, bills and food items – in five of the most expensive cities in the world to give you an idea of how much you can expect to pay to live there. We also factor in the average wage of a person living there for better means of comparison.

1. Hong Kong is the most expensive city to live in the world

Owing to its mammoth population size of 7 million people and finite spice, rent and hotels are extremely expensive. The price of food varies – depending on whether you buy fresh, imported produce versus local, market produce. Alcohol is also notoriously high priced. Transport, on the other hand, is cheap.

• 1 kilo of tomatoes costs £2.44.
• A loaf of fresh white bread costs £1.88.
• A regular cappuccino costs £4.13.
• One pair of Levi’s jeans costs £66.39.
• A one-bedroom apartment in the city centre costs £1,835.69.
• Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £157.79.
• The average monthly net salary (after tax) is £2,538.80.

2. New York is the priciest city in America

It is perhaps no surprise that New York is one of the most expensive places to live in the world. In fact, the price of accommodation has risen by 12% in the past year. About two-thirds of New Yorkers rent, and renters in all five boroughs spend more than 30% of their income on housing costs. New York residents also spend more on grocery shopping than residents in any other US city.

• 1 kilo of tomatoes costs £5.02.
• A loaf of fresh white bread costs £3.31.
• A regular cappuccino costs £4.24.
• One pair of Levi’s jeans costs £51.52.
• A one-bedroom apartment in the city centre costs £2,877.46.
• Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £134.07.
• The average monthly net salary (after tax) is £5,257.98.

3. Geneva is the most expensive city in Europe

Geneva is considered to be extremely beautiful and has one of the highest life qualities of anywhere in the world. This idyllic living comes at a cost so be prepared for high prices when it comes to rent, food, and transportation.

• 1 kilo of tomatoes costs £2.71.
• A loaf of fresh white bread costs £2.25.
• A regular cappuccino costs £3.70.
• One pair of Levi’s jeans costs £87.01.
• A one-bedroom apartment in the city centre costs £1,754.12.
• Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £148.89.
• The average monthly net salary (after tax) is £5,331.49.

4. London has the highest cost of living of any UK city

London prices for rent and public transport are some of the most astronomical in the world. It is not uncommon for Londoners to spend more than half of their salary on accommodation.

• 1 kilo of tomatoes costs £2.40.
• A loaf of fresh white bread costs £1.21.
• A regular cappuccino costs £3.23.
• One pair of Levi’s jeans costs £77.17.
• A one-bedroom apartment in the city centre costs £1,787.69.
• Basic bills (electricity, heating, cooling, water, garbage) for 85m2 apartment costs £241.19.
• The average monthly net salary (after tax) is £2,538.80.

5. Tokyo is another expensive Asian city

Japan is well-known for being an expensive price to live in, and so with Tokyo as its capital city is it not surprising that the bustling city has a very high cost of living. Rent, car ownership and transport are especially expensive.

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