Picturing the Most (and Least) Expensive Cities to Live In #Infographic

Published by Sana Fatima Thursday, March 9, 2023

 

There could be many perks of living in an iconic city like New York or Singapore, but the facilities and exclusivity come at a great cost.

 

Cities become “expensive” due to a number of factors such as high demand for housing, a concentration of high-paying businesses and industries, and a high standard of living. Furthermore, factors such as taxes, transportation costs, and availability of goods and services can also contribute to the overall cost of living in global cities.

 

The infographic uses data from EIU to rank the world’s most and least expensive cities to live in.

 

Inflation & Strong Currency make Expensive Cities

If you live in a city where many people find it a challenge to put a roof over their heads, food on their plates, and make ends meet, you live in an expensive city.

 

But if this inflation is paired with a strong national currency, you may live in one of the world’s most expensive cities.

 

The list below shows the list of world’s top 10 most expensive cities

 

Rank	City	Country	Index Score
#1	Singapore	🇸🇬 Singapore	100
#1	New York	🇺🇸 U.S.	100
#3	Tel Aviv	🇮🇱 Israel	99
#4	Hong Kong	🇭🇰 Hong Kong	98
#4	Los Angeles	🇺🇸 U.S.	98
#6	Zurich	🇨🇭 Switzerland	94
#7	Geneva	🇨🇭 Switzerland	91
#8	San Francisco	🇺🇸 U.S.	85
#9	Paris	🇫🇷 France	84
#10	Copenhagen	🇩🇰 Denmark	83

 

Singapore and New York City both secured first rank amongst the world’s most expensive cities in 2022, pushing Israel’s Tel Aviv from the first place in 2021 to the third place in 2022. Both these cities had high inflation and a strong currency.

 

Hong Kong ranked fourth in this list, which is the city with one of the most expensive real estate markets worldwide, followed by Los Angeles, which moved up from its ninth rank in 2021.

 

Poor Economies make Cheaper Cities

Asia continues to lead the list of the world’s least expensive cities, followed by some parts of North Africa and the Middle East. Though affordability sounds good at face value, sitting at the bottom of the ranking is not certainly a desired position.

 

Even though the cost of living in some of the cities in these nations is low, it comes at the expense of having a weak currency, poor economy, and, in many cases, political and economic turmoil.

 

Rank	City	Country	Index Score
#161	Colombo	🇱🇰 Sri Lanka	38
#161	Bangalore	🇮🇳 India	38
#161	Algiers	🇩🇿 Algeria	38
#164	Chennai	🇮🇳 India	37
#165	Ahmedabad	🇮🇳 India	35
#166	Almaty	🇰🇿 Kazakhstan	34
#167	Karachi	🇵🇰 Pakistan	32
#168	Tashkent	🇺🇿 Uzbekistan	31
#169	Tunis	🇹🇳 Tunisia	30
#170	Tehran	🇮🇷 Iran	23

The everlasting conflicts in Syria declined the Syrian pound, leading to a rise in inflation and fuel shortages, and further collapsing its economy. It is no surprise that the capital city of Damascus has sustained its position as the world’s cheapest city.

 

Tripoli and Tehran, the capitals of Libya and Iran, respectively, follow next on this list, reflecting their weakened economies.

 

Meanwhile, seven cities in Asia with the common denominator of high-income inequality and low wages rule the list of the world’s cheapest cities. These include three Indian cities, Tashkent in Uzbekistan, Almaty in Kazakhstan, Pakistan’s most populous city of Karachi, and capital city of Sri Lanka, Colombo.

Infographic by: visualcapitalist

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