Aerial view of Hong Kong. (Unsplash, Simon Zhu)
Top 5 most expensive cities to live in
Tala Michel Issa, Al Arabiya English
Inflation rates continue to rise globally, making the overall cost of living very expensive for many across the world. This, coupled with compounded crises since the onset of the COVID-19 pandemic, have left the world uncertain of what lies ahead.
Based on the findings from the Economist Intelligence Unit's (EIU) report, released last week, here are the world's top 5 most expensive cities to live in.
1. Singapore
A general view of Singapore. (Unsplash, Zhu Hongzhi)
Singapore, renowned for being one of the most expensive cities to live in year after year, has maintained its position, topping the list once again.
The city-state's housing prices are quite high due to its spatial constraints, as it does not have the land to build low density suburbia. However, it is still widely regarded as one of the safest cities in the world, with low crime rates, a reliable police force and proactive citizens. It also boasts one of the Asia Pacific region's best business ecosystems, attracting massive investments from all over the world.
2. New York
Timesquare, New York City, New York, US. (Unsplash, Luca Bravo)
New York, for the first time, tied with the frequent leader Singapore as one of the world's most expensive cities in this year's EIU report.
A strong currency and a higher inflation rate have enabled these two cities to push Tel Aviv, which was top in the rankings last year, into third place.
With a bustling social scene and one of the world's most prominent financial hubs, New York – also commonly referred to as the Big Apple – has the infrastructure and public resources to provide residents with a relatively high quality of life, compared to other cities around the world.
3. Tel Aviv
Skyscraper views of the sun setting on the District of Tel Aviv, Israel. (Unsplash, Daniel Lerman)
In third place this year is Tel Aviv, home to one of the world's leading start-up ecosystems.
Although expensive, according to various city rankings, Tel Aviv is widely considered as a good place to live in, ranking high in business freedom and safety.
4. Hong Kong
Cityscape of the Victoria Harbor region of Hong Kong during sunset. (Unsplash, Manson Yim)
Hong Kong ranked fourth in the EIU report this year. The city has one of the world's lowest crime rates, despite the territory having one of the most densely populated urban regions in the world.
Hong Kong is a very popular city for expats to live in as English is widely used and understood. It also has a vibrant social scene and is home to one of the world's most thriving economies.
5. Los Angeles
Road with palm trees with Los Angeles in the background. (Unsplash, Venti Views)
In fifth place is the US city of Los Angeles. One of the most known facts about Los Angeles is that it is an expensive place to live in, but only a few cities in the US offer the same quality of life.
With a burgeoning art scene, a vibrant culture, and ideal weather year-round, the city boasts picturesque views and an abundance of things to do.
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