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It seems that the most expensive cities in the world are now Singapore and New York City (so it may be a little difficult to visit those cities on a backpacking budget). The most expensive city tends to change year by year as rankings are influenced by factors like currency exchange rates (Tel Aviv was considered the most expensive city in the world around a year ago).

New York City is an infamously expensive city and is always near the top of the list of the most expensive cities in the world. Travelers should also take into account budgeting visiting the most expensive landmarks in the world.

The Economist Intelligence Unit's New Estimate For The Cost Of Living

The new list has been released by the Economist Intelligence Unit (EIU) and their report can be downloaded on their website - the Worldwide Cost of Living Index. The report also shows what everyone already knows - the costs are growing rapidly around the world with the cost of living up around the world at around 8.1% in 2022.

Notably, the EIU is based in London, and London's position fell significantly to 27th place (perhaps due to the weakening of the British pound).

The costs of living have partly been driven up by wars and supply-chain problems from the Covid-19 pandemic (it's the biggest rise in the 20 years for which they have digital data for).

The research tracks the everyday expenses in 172 cities around the world.

Related: 5 Expensive Destinations Done On A Budget (And 5 Destinations That Are Outright Steals)

New York City & Singapore Are Now The Most Expensive Cities In The World

New York City is the largest city in the United States and a key global financial center. It was a significant rise from last year when NYC was reckoned as the 6th most expensive in the world. New York City is still a place everyone should visit. Visitors should see Wall Street, a show on Broadway, the Statue of Liberty, Times Square, Central Park, and so many other famous NYC icons.

New York City Rental Prices:

  • 1 Bedroom Apartment: $3,832 (City Center)
  • 1 Bedroom Apartment: $2,374 (Outside of Center)
  • 3 Bedroom Apartment: $6,932 (City Center)
  • 3 Bedroom Apartment: $4,292 (Outside of Center)

Singapore is famously expensive and is frequently listed as the most expensive city in the world. Singapore is basically a city-state (or city nation) and is a major hub for the Southeast Asian region. The best way to visit Singapore is by having a few-day layover there while exploring the broader region.

Fun fact, the longest nonstop flight in the world is from Singapore to New York City and is operated by Singapore Airlines (duration around 18 hours and 50 minutes).

Estimates for the breakdowns of the cost of living in New York City and Singapore can be found on Numbeo. Overall, Numbeo's list of expenses would suggest NYC might be more expensive than Singapore.

Singapore Rental Prices:

  • 1 Bedroom Apartment: $2,887 (City Center)
  • 1 Bedroom Apartment: $2,217 (Outside of Center)
  • 3 Bedroom Apartment: $6,252 (City Center)
  • 3 Bedroom Apartment: $3,861 (Outside of Center)

While the cost of renting accommodation may be more expensive in NYC, the cost of buying a place in Singapore is more expensive. An apartment costs around $20,900 per square meter in Singapore and $14,784 in NYC.

Perhaps ironically, the most expensive resort in the world is actually located in one of the cheapest countries in the world to visit. It's the Banwa Private Island in the Philippines.

Related: These Are Officially The World’s Most Expensive Countries To Live

The Other Most Expensive Cities In The World

Four of the top ten most expensive cities were European cities - two from Switzerland (Zurich and Geneva) as well as Paris and Copenhagen. The United States accounts for three of the top ten - New York City (obviously), Los Angeles, and San Francisco.

Other significantly expensive cities in the United States are Portland, Boston, Chicago, and Charlotte (the most affordable state to live in the United States is Mississippi).

Top Ten Most Expensive Cities In 2022:

  • New York and Singapore (tie)
  • Tel Aviv, Israel
  • Hong Kong and Los Angeles (tie)
  • Zurich, Switzerland
  • Geneva, Switzerland
  • San Francisco, California
  • Paris, France
  • Copenhagen, Denmark

The Asian cities of Singapore and Hong Kong also made the list, while Tel Aviv (the most expensive city last year), fell to the third place.