New York becomes the most expensive city in the world

In one more year, The Economist publishes its study on the cost of living in cities around the world. Inflation and the rising cost of living have led to changes in every list, especially in the top 3. In 2022, we find New York, Singapore, and Tel Aviv. The Israeli city is the only one to repeat in the top three, having topped the ranking last year, followed by Paris and Zurich.

The change is primarily due to rent increases in New York. According to a report prepared by Real State firm Douglas Elliman, the median rent in Manhattan in June 2022 was $5,058, up from $3,922 in the same month last year. This represents an increase of 24.7%.

Inflation

It's not just New York's rent that has gone up; overall, the cost of living worldwide has risen by 8.1%. This is the largest increase since the survey has been conducted. This increase is due to the generalized increase in prices that we have experienced this year due to the lack of supply in the production chains, the increase in raw materials, and the war in Russia and Ukraine.

Two other U.S. cities also made the Top 10. These are Los Angeles, which was already there last year, and San Francisco, both in California.

The study also shows the cities with the highest and lowest scores this year. The first ones include Moscow, St. Petersburg, and Atlanta. The cities that have dropped the most are Stockholm, Luxembourg, and Lyon.