Top 10 most expensive cities for migrants

Top 10 most expensive cities for migrants

Key Aspects:

  • Powerful currency and higher prices keep the Asian city on the top according to the Educational Credential Assessment (ECA) international, which brought forth its research in March 2022.
  • Hong Kong stands as the most expensive city in the world
  • Tokyo and London stand in the top five places
  • The rental costs were soaring and have made New York and London take positions in the top five, with rent rising 20% and 12%, respectively
  • Details on some more findings from the survey
  • Singapore stands in the 13th place according to the Cost of Living report
  • The world’s top 20 most expensive places for ex-pats

Overview:

Over the past few years, powerful currency and higher prices have kept the Asian city on the top according to the Educational Credential Assessment (ECA) international, which brought forth its research in March 2022. Tokyo and London stand in the top five places. The rental costs were soaring and have made New York and London take positions in the top five, with rent rising 20% and 12%, respectively.

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Main Features:

According to the new study, Hong Kong stands as the most expensive city in the world for an ex-pat, second year in a row, whereas Geneva and New York took the second and third place in the rankings.

According to the ECA international, powerful currency and higher prices keep the Asian city on the top, bringing forth its research in March 2022. Tokyo and London stand in the top five places.

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The rental costs were soaring and have made New York and London take positions in the top five, with rent rising 20% and 12%, respectively.

Despite the significant rises in rent, utilities, and petrol prices, Singapore stands in 13th place according to the Cost of Living report. In the latter part, the Singapore dollar neutralized those that fell against other regional currencies during the survey, stating the ECA. The Japanese cities faced a downfall in the ranks as the yen diminished. In contrast, the cities in China flourished – with Shanghai and Guangzhou taking 8th and 9th positions, respectively — on a stronger yuan.

Below are a few more findings from the survey:

  • Turkey’s Ankara is the cheapest city for ex-pats worldwide, in 207th place after falling five times.
  • The Ukraine war faced an increase in cooking oil prices at an average of 255 in 2021 across the ranking cities.
  • The fuel prices in Tehran were the cheapest, with a liter of petrol costing just $0.09
  • A few prices, like a cup of coffee for $5.21, a liter of petrol for $3.04, and a kilo of tomatoes at $11.51, took Hong Kong to the top of the list.
  • Petrol prices increased on an average of 37% compared to 2021 across all the cities, while Beirut recorded an increase of 1,128%

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“Hong Kong has been significantly impacted by the increasing global inflation comparatively less than the other regional and global locations in 2021. However, it remains the most expensive location in the world,” a press release quoted ECA International’s regional director for Asia, Lee Quane.

The ECA International analyses the cost of consumer goods and services in more than 490 locations globally. The latest report ranks 270 cities in 120 countries. The accommodation data is also included compared to the rental costs in the areas typically inhabited by migrant staff in over 410 locations worldwide.

Here are the world’s top 20 most expensive places for expats:

Cities

Rankings (2021)
Hong Kong

1

New York

4
Geneva

3

London

5
Tokyo, Japan

2

Tel Aviv, Israel

7
Zurich, Switzerland

6

Shanghai, China

9
 Guangzhou, China

10

 Seoul, South Korea

8
 San Francisco, US

15

 Shenzhen, China

12
 Singapore

13

 Beijing, China

16
Jerusalem, Israel

18

Bern, Switzerland

17
Yokohama, Japan

11

Copenhagen, Denmark

14
  Oslo, Norway

19

 Taipei, Taiwan

21

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