The most expensive cities worldwide - 2022
Expat cost of living ranking
Ranking
EuroCost International's annual cost of living ranking compares expat living costs in major locations worldwide, including housing costs but excluding health and education costs.
The 2022 ranking is based on prices recorded in June 2022 and updated on the basis of September 2022 exchange rates. 277 locations have been considered for this ranking.
Key points
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The city of Hong Kong is still the most expensive city in the world for expatriates this year. It retains top position in 2022, ahead of two American cities, New York and San Francisco, which complete the podium. These two cities benefit from the strengthening of the US dollar, New York moving from 7th to 2nd position, while San Francisco was only 13th in 2021.
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In 4th position, Singapore is two positions higher compared to last year ranking. This city is regularly ranked among the most expensive cities in the world.
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The 5th place is owned by the Swiss city of Geneva, coming in third place last year. It remains the most expensive city in Europe.
The city of Hong Kong is still the most expensive city in the world for expatriates this year. It retains top position in 2022, ahead of two American cities, New York and San Francisco, which complete the podium. These two cities benefit from the strengthening of the US dollar, New York moving from 7th to 2nd position, while San Francisco was only 13th in 2021.
In 4th position, Singapore is two positions higher compared to last year ranking. This city is regularly ranked among the most expensive cities in the world.
The 5th place is owned by the Swiss city of Geneva, coming in third place last year. It remains the most expensive city in Europe.
The US dollar gained 17.6% against the euro since the release of our ranking in 2021. This explains the presence of nine American cities in the world top 30 positions.
Among the strongest rises, it may be noted thant Luanda, the capital of Angola, moves up to 6th position. Just behind in the ranking, Moscow is now 14 positions higher than last year, as a result of the significant strengthening of the Russian rouble.
In contrast, many major Asian cities have fallen back in the ranking. This is the case for Beijing, Seoul and especially Tokyo, ranked 2nd last year, which falls 19 places.
Regarding Europe, cities from the euro zone are falling strongly in the ranking, because of the decline of the euro against many currencies. London also moves back from 4th to 12th place. The capital of Danemark, Copenhagen, remains the most expensive city in the European Union, but loses 17 positions and leaves our top 30 worldwide ranking.
Regional rankings
Africa
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Luanda, the capital of Angola, is the most expensive city in Africa this year. It is also one of the most expensive city in the world for expatriates. Supported by the rise of petrol prices and resources obtained from the IMF, the local currency, the kwanza, progressed strongly, involving an important increase of the cost of living. The city of Kinshasa, in the Democratic Republic of Congo, remains in second position of this regional ranking. Inflation is moderate in comparison with previous years. Congolese franc is still strong and maintains its level against the American dollar. In the Central African Republic, the city of Bangui declines in the ranking. It was the most expensive city in this area in 2021, but the CFA franc, linked to euro, largely depreciated against most currencies of the continent. The city of Lilongwe in Malawi is the less expensive city in Africa in our ranking this year. This is explained by the recent devaluation of the local currency. |
Americas
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Cities in the United States occupy the top nine places of the ranking of the American area. New York is still the most expensive city. Just behind, we find San Francisco and the capital of Hawaii, Honolulu. All cities in this country are facing a strong increase in the cost of living compared to European cities, due to the strengthening of the US dollar against the euro. The city of Toronto remains the most expensive city in Canada. Canadian cities also climb the worldwide rankings as the Canadian dollar rises. In Argentina, the Argentinian peso is still devaluating. However, the strong inflation observed in the capital Buenos Aires leads to a higher cost of living for expatriates. Asunción, the capital of Paraguay, is still the least expensive city on the continent.
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Asia-Oceania
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The city of Hong Kong is the most expensive city of the Asia-Oceania area, but also the most expensive city in the world for expatriates. The Hong Kong dollar remained relatively stable against the US dollar and even reinforced against the Chinese yuan. The regional top 3 is completed by the cities of Singapore and Beijing. The city of Tokyo moves back strongly in the ranking, dropping from 2nd to 21st worldwide position. This is explained by currency fluctuations, as the Japanese yen lost more than 20% of its value against the American dollar. The city of Vientiane in Laos is now the less expensive city in Asia, due to the strong devaluation of its local currency over last months. In Oceania, Port Moresby, the capital of Papua New Guinea, is just ahead of the Australian city of Sydney. |
Europe
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We can find five Swiss cities in the top 10 of European cities. Geneva is the most expensive city in Europe, just ahead of Moscow and another Swiss city, Zurich. The Russian capital climbs in the European ranking in 2nd position, both because of price increases in Russia and significant strengthening of the rouble. These factors have been highly influenced by the invasion in Ukraine at the end of February. The city of London is slightly decreasing. The British pound remained stable against the euro, but strongly devaluated against other major currencies. Copenhagen is still the most expensive city in the European Union. Concerning the euro zone, Amsterdam is leading, just ahead of Vienna and Paris. The city of Krakow in Poland is the cheapest city in Europe for expatriates among the cities listed in our ranking.
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Middle East
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The cities of Tel Aviv and Jerusalem in Israel are the most expensive in the Middle East area. They also are among the most expensive cities in the world. They are now ahead of Beirut, capital of Lebanon, which faces a major economic and social crisis. Amman, the capital of Jordan and Doha in Qatar are also among the cities where the cost of living is higher. |
Our methodology
EuroCost International 's cost of living surveys aim at comparing the cost of living for expatriates worldwide. They cover the whole basket of goods and services consumed by expatriates, excepted health and school costs (specific reports are provided for the latter).
The ranking is based on surveys conducted in June 2022 and includes rental costs. It should be noted that the rent prices used in this study are those paid by expatriates and that they are not representative for average rents paid by local inhabitants of the surveyed locations.
Rent prices used for this ranking are average rents for different types of housing favoured by expatriates and collected in the specific areas where they live. In some cities, prices for a specific type of housing can significantly differ from one area to another. This is for example the case for London, Mumbai and New York. Detailed information per city can be obtained in EuroCost International's rent surveys.