Global mobility company ECA International has released its annual list of the world's most expensive cities to live in and coming in at number one for the second year in a row is Hong Kong.
Over the last 50 years ECA International has been conducting research into cost of living where they carry out two main surveys per year. They conduct the surveys by comparing a basket of 'like-for-like consumer goods and services' often bought by assignees in over 490 locations worldwide. ECA’s accommodation data is also factored in, comparing rental costs in areas typically inhabited by expatriate staff in over 410 locations worldwide.
One of these products commonly bought by assignees is milk. A litre of milk in Hong Kong would set you back €4.12 ($4.39)
“Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world” said Lee Quane, Regional Director – Asia at ECA International.
Due to an unsteady period for the euro, most locations within the EU have seen drops in the rankings. Paris fell out of the global top 30. Cities such as Madrid, Brussels and Rome fell out too.
Quane said, “Nearly every major Eurozone city saw a drop in the rankings this year as the euro performed worse in the last 12 months than the US dollar and British pound. The euro’s weakness was mainly caused by market expectations of the ECB raising interest rates more slowly than its peers.”
London jumps up one place in the ranking of the most expensive cities in the world, overtaking Tokyo to become 4th.
London has seen one of the most significant price increases within the top ten most expensive cities, primarily due to soaring accommodation rental costs – up by an alarming 20%.
Here is the top 10 list:
1. Hong Kong
2. New York
6. Tel Aviv