Hong Kong, Geneva, New York and London are worth avoiding unless you have the cash to spare. Photo / Unsplash
As nations around the world continue to grapple with the financial consequences of Covid-19, few (if any) places are “cheap” to visit.
However, some cities are definitely worse than others according to a recent study by data and mobility firm Employment Conditions Abroad (ECA) International.
After studying the cost of food, transport, restaurants, alcohol, utilities, clothing and other goods, ECA International calculated the cost of living expats pay in 207 cities in 120 country.
1. Hong Kong
Hong Kong has won the title of the most expensive city in the world for the second consecutive year. Whether you’re buying coffee coffee, gasoline, cooking oil, or milk, your money has gone less far in the Asian city.
2. New York
New York, which had been ranked fourth in 2021, came in second. It is now the second most expensive city in the world, according to data. Those who have lived in or visited New York will not be surprised. However, notably, it is the only US city on the list.
In Switzerland, Geneva is the third most expensive city, although the study claimed that many European cities have dropped from the list due to the poor performance of the euro over the past 12 months against the US dollar and to the pound sterling.
Sneaking into the top five was the tourist hotspot, London, which has risen in price since 2021, when it was in fifth place. Similar to New York, its landmarks and cultural attractions are just as famous as their prices. It only got worse when UK inflation hit a 40-year high of 9% in April.
Tokyo may have fallen three places since 2021, but it is still considered the fifth most expensive city in the world according to data from ECA International.
ECA International’s Regional Director for Asia, Lee Quane, explained that although prices in Japan have increased, the weakening of the yen still makes it relatively cheaper for visitors with other currencies.
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Post expires at 3:32pm on Monday July 4th, 2022