The tech company "ACG International" has published its annual list of the most expensive cities in the world for expatriates, with Hong Kong topping the list while Ankara came in last. The company's ranking is based on several factors, including the average price of essential food items such as milk and cooking oil, rent, utilities, public transportation, and the strength of the local currency.
The company states that food prices worldwide have risen partly due to the war in Ukraine, noting that the shortage of sunflower oil and palm oil has led to an average increase in cooking oil costs of around 25% globally. Meanwhile, gasoline prices have increased by an average of 37% year-over-year in all cities.
New York has risen in the ranking, surpassing Geneva (third) to take second place after Hong Kong, due to a 12% increase in rents. London ranks fourth, also driven by a 20% increase in rents. Despite the war and sanctions, Russian cities remained stable, with Moscow dropping one position (62nd) due to the weakness of the ruble, despite a 17% increase in prices; Saint Petersburg stayed at 147th.
The company indicated that sanctions and currency weakness resulted in increased inflation in Moscow, offsetting currency losses, thereby keeping Russia stable in the overall ranking. Ankara ranked (207th), dropping five places to be the "cheapest" city in the world for both expats and tourists alike.
The company points out that the interest rate cuts policy adopted by Turkish President Recep Tayyip Erdogan did not achieve the desired effect in lowering inflation; instead, prices rose to over 60%, leading to a significant depreciation of the lira.
One Middle Eastern city made it to the list of the 10 most expensive cities in the world: Tel Aviv, which ranked sixth, rising one position from last year. The company mentions that increased exports and improved relations with neighbors contributed to the rise in the value of the Israeli shekel against the dollar, making it one of the strongest currencies globally in the past decade, thus increasingly making Israel one of the most expensive countries for expats.
The ranking of the top 20 most expensive cities is as follows:
1. Hong Kong
2. New York
3. Geneva
4. London
5. Tokyo
6. Tel Aviv
7. Zurich
8. Shanghai (China)
9. Guangzhou (China)
10. Seoul (South Korea)
11. San Francisco
12. Shenzhen (China)
13. Singapore
14. Beijing
15. Jerusalem
16. Bern
17. Yokohama (Japan)
18. Copenhagen (Denmark)
19. Oslo (Norway)
20. Taipei (Taiwan)
