Guess Which City Just Topped the Most Expensive List for 3rd Year? It’s NOT New York

Hong Kong has been named the most expensive city in the world for the third consecutive year.

Time Out reported on the annual report from the global data analysis firm ECA International. ECA International calculates an annual index based on the cost of living, including the currency value, rent, and public transportation costs. The firm then releases its list of the world’s most expensive cities.

This year, Hong Kong secured the top spot on the ECA index. As a result, Hong Kong has been named the most expensive city for the third consecutive year. Hong Kong ranked first in almost every evaluated category. From groceries like tomatoes and cooking oil to gasoline, Hong Kong recorded higher prices than major cities like Sydney, London, and New York. Although Hong Kong’s inflation rate of 3% was lower than the global inflation rate, the continual strength of the Hong Kong dollar played a significant role. Currently, the exchange rate of the Hong Kong dollar is $0.13 per 1HKD (Hong Kong Dollar), showing a steady rise since 2021. Following Hong Kong, New York ranked second, followed by Geneva and London. Tokyo, affected by the weak yen, fell to fifth place from its previous second-place ranking last year. Seoul fell two spots from eighth last year to tenth this year. Five of the top ten cities, including Hong Kong, Tokyo, Shanghai, Guangzhou, and Seoul, are Asian cities.

The ranking of the most expensive cities in 2022, as announced by ECA, is as follows:

1. Hong Kong, Hong Kong

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, Korea