Urban life is attractive because of the numerous amenities it offers. Places like Paris, Shanghai, and Boston are iconic for a reason – they are brimming with cultural attractions and culinary delights. Nevertheless, living in a city carries a hefty financial price tag.
To determine the world’s costliest cities to live in, Mercer examined the expenses related to housing, transportation, food, clothing, and other necessities for 2022. If you’re seeking ideas for your next getaway or just want to know, here’s a list of the world’s priciest cities. You will learn about the history, culture, and population that make these places so desirable.
1) Nagoya, Japan
The cost of living in Nagoya is considered to be expensive, and this does not even include the cost of rent. If a family of four were to calculate all their expenses, it would amount to $3,172. To rent an apartment in Nagoya, people would need to pay anything from $357 to $731 every month. The city is well-known for its amazing skyline and its automotive industry; with major companies such as Toyota and Mitsubishi having plants there, it’s no surprise that the cost of living is higher.
2) Luxembourg, Luxembourg
According to a compilation of the world’s best cities to live in, Luxembourg is among the top two percent and is the best in its own country. It is the world’s second most prosperous country (famous for its award-winning wines) with its capital city of Luxembourg being renowned for its underground passageways and financial and private banks. To rent a two-bedroom flat for a year is estimated to cost about $25,000 excluding any amenities, public transportation, etc. Due to the growing population, increasing housing costs, and restricted housing, living in this expensive city is becoming increasingly costly.
3) Kinshasa,The Democratic Republic Of The Congo
The cost of renting an apartment in Kinshasa, the Democratic Republic of Congo, starts at a staggering $20,000 per annum, a large sum of money in a country where the majority of the population (72 percent) lives on less than $1.90 daily. This metropolis has around 17 million inhabitants, and it is frequently congested with traffic, which adds to its expensive rent prices. Sadly, only the very affluent and foreigners are generally able to pay for a flat in the city.
4) NoumรฉA, New Caledonia
In Noumรฉa, the capital of New Caledonia, a Pacific-based island located off the east coast of Australia, the cost of living is one of the highest in the world, costing an average of $1,618 a month. This country is known for its wealth and its diverse population, and if you plan and budget correctly, it is possible to have a vacation there for $2,000 to $5,000 a day per person.
5) Lagos, Nigeria
Although Lagos has decreased in cost on the global scale, falling from the 19th most expensive city to the 55th, it has not made more affordable housing available. This is due to the fact that the 5th largest city in the world is a hub for Nigerian imports and a major centre for the countryโs film and music industry, which has created a high demand for land but a very limited supply. As a result, it is extremely difficult for people to purchase a home or plot of land in Lagos due to the expensive prices.
6) Hong Kong, China
The main factor driving up the cost of living in Hong Kong is the huge population. Apart from the high rent, the intense struggle to find housing and the abundance of activities like shopping areas and nightlife contribute to the high cost of living in the city.
7) Zรผrich, Switzerland
Taking a peek at Zurich quickly reveals why it is one of the world’s most costly places to live. Located on the northern side of Lake Zurich, the financial center offers charming promenades along the water’s edge, premium shopping experiences, and of course, exquisite chocolate. For a single individual, the average rental price in this highly sought-after Swiss city is approximately two thousand dollars.
8) Geneva, Switzerland
Geneva is known for its well-known Jet d’Eau, the highest fountain on the planet. Besides, the city has countless upscale bistros and shopping, though all of these cost quite a lot. Authorities claim that an individual’s monthly outgoings typically amount to $3,500 for housing, sustenance, and transport.
9) Basel, Switzerland
Basel, a city world-famous for its university, is located near Switzerland’s boundaries with France and Germany, on the banks of the Rhine River. Every June, it is the site of the most significant art fair of the year. Living in the city can cost approximately $3,000 per month, with access to its historic buildings, modern designs, dynamic artistic environment, and much more.
10) Bern, Switzerland
Bern, the capital of Switzerland, has gained a reputation for its traditional buildings, fountains, and ancient heritage. Being a part of UNESCO’s World Heritage Site, Bern has been recognized as one of the costliest cities in the world. A family of four would need to spend nearly $6,000 for a week-long holiday in Bern, and the regular expenditure for rent and other daily needs would approximately be around $2,500 a month.
11) Dubai, United Arab Emirates
The United Arab Emirates is a nation composed of seven principalities, one of which is Dubai, a metropolitan area with a thriving business environment and an exciting nightlife. This city is quite expensive as it has a bustling port and commerce. A family of four will require an estimated $3,000 a month in expenses such as healthcare, schooling, commuting, and travelling on top of rent.
12) Miami, Florida
Tax rates in Miami have remained at an all-time high as property taxes are among the highest in the country and general housing expenses are 40% higher than the national average. Because itโs very difficult to acquire property in this coastal city if you donโt have a high income, general housing expenses are 40% higher than the national average.
13) Munich, Germany
Munich is one of the priciest areas in Europe due to a demanding rental market. Residents suggest that a single individual would likely expend nearly $1,000 every month on rent, apart from utilities, public transport, and medical coverage.
14) Busan, South Korea
Busan, the second most populous city in the nation located on the Yellow Sea, is an ideal spot for vacationers to visit due to its gorgeous beaches, mountains, and religious sites, as well as its low crime rate and pleasant atmosphere.
15) Paris, France
The city of Paris is renowned for its distinctive architecture, cuisine, and style of dress, which means that living there tends to be costly. With the growing need for housing and shops, the cost of real estate is becoming increasingly difficult to manage.
16) Chicago, IIlinois
A GOBankingRates study indicated that the cost of living in Chicago exceeds the national average. The city is renowned for its numerous attractions, including the Chicago Riverwalk, Navy Pier, Wrigley Field and the famous deep-dish pizza. The typical rent for an apartment in Chicago begins at $1,826 per month, however, the River North and Streeterville neighborhoods have a starting price of $2,500.
17) Osaka, Japan
Even though residing in Osaka is pricey, the significant minimum wage in Japan helps people adjust to the increasing cost of living. Merging the bright lights, eateries, and stores of Times Square in New York City with a trip on a boat in Dลtonbori Canal, Osaka is an unmissable place for vacationers.
18) Victoria, Seychelles
Victoria, the primary city of the islands, is a great place for those desiring to go to a distant area. Mahรฉ has a lot of diverse plants and animals, such as gigantic turtles, vibrant orchids, and much more. Visiting Seychelles may prove to be pricey if you are not conscious of the renting costs, utility charges, and service fees. The 115 islands that create up Seychelles are located off the East African shoreline. Even though the service charges and utility expenses are high, the gorgeous scenery, comfortable temperatures, and a great deal of activities may help to make up for it.
19) Brussels, Belgium
Brussels has the honour of being both a long-standing centre of activity and the official headquarter of the EU. In addition, it has the highest population density in the Brussels-Capital area. A family of four’s regular outgoings are estimated to be $3,055, not including housing costs.
20) Shenyang, China
Shenyang, the capital of Liaoning, is home to almost 9 million people and is a pricey city to inhabit. As a major industrial, commercial, and trading hub, those who live there must expect to spend a lot of money monthly on rent, food, utilities, and other necessities.
21) Nassau, Bahamas
Nassau, the capital of the Bahamas, offers many tourist attractions, such as the Nassau Straw Market, the National Art Gallery of the Bahamas, Atlantis Paradise Island, Blue Lagoon Island, and the Ardastra Garden & Wildlife Conservation Centre. On a holiday, the expense for a single individual can be as much as $1,055, except for accommodation. For a family of four residing in Nassau, rent (not including utilities) can be up to $4,625 every month.
22) Los Angeles, California
People living in Hollywood have to expend a great deal of money to live a luxurious lifestyle. In addition to Los Angeles’ situation being a major factor in the real estate market, with an estimated 10 million people, the city’s high taxes for inhabitants and the sales tax of 9.5% make it an expensive place to stay. In January 2020, sales tax for renting apartments was nearly twice the national average.
23) Guangzhou, China
Sixty percent of the worldโs 500 most significant corporations have put money into the sprawling metropolitan area of Guangzhou, which is the third most populous city in China after Beijing and Shanghai. It is also home to the Canton Fair, the biggest and oldest trade expo in China.
24) San Francisco, California
It is not unexpected that nine individuals lived in the Tanner family home in Full House, located in San Francisco in the 90s. The cost of renting has always been high in the states on the West Coast, but since the start of 2021, the price of homes in San Francisco has gone up 10%, bringing the average cost to around $1.5 million. To have a decent life as a renter in the “Golden City,” one needs to make roughly $100,000 a year.
25) Honolulu, Hawaii
It is astonishing to find out that the cost of living in Honolulu, Hawaii is nearly double the national average, with a family of four shelling out $5,017 monthly for expenses (not including rent). Furthermore, utility costs are 64% higher, public transportation fees are 33% more, and groceries are 53% pricier than the normal rate.
26) Vienna, Austria
In 2018, the Economist Intelligence Unit issued a report which stated that Vienna was declared the worldโs best city to live in. The Austrian capital, known for its vibrant fine art, architecture, and music scenes, earned the top slot in the survey of over 140 cities on the basis of parameters such as academic excellence and overall quality of life. Vienna has economical living expenses of around $866.85 (in 2018), making it a great place to live. Nonetheless, a rising population is pushing the housing market to become increasingly competitive.
27) Qingdao, China
People from all over the world are attracted to Qingdao due to its stunning landscapes, including its gorgeous beaches, towering skyscrapers, and lush parks, and its 177 ports which have contributed to its flourishing economic status. Furthermore, it is a more affordable destination than most, with a daily cost of living of just $49 per day for someone who lives in the city all year round. This makes it a great place to visit, as evidenced by the Qingdao International Beer Festival.
28) Bangui, Central African Republic
Bangui, a city located in the middle of Africa, has grown into a flourishing trading hub due to its harbour situated on the river and its links with other nations. Even though housing is not particularly cheap, items such as Internet access, phones, furnishings, and kitchen appliances tend to be more expensive on average.
29) Libreville, Gabon
Libreville is thought of as a major center of learning in Gabon, mainly because of the libraries and research facilities located there and also due to the presence of a distinguished university. Because of the great demand and limited resources, everyday costs such as rent and food are extremely high.
30) Amsterdam, Netherlands
Amsterdam stands apart from other cities due to its distinguished atmosphere, past, and the attractions it offers such as its picturesque canals, interesting buildings, vibrant nightlife, and galleries. Across Europe, it is one of the priciest places to reside, and a household of four requires a typical income of $4,800 per month to live comfortably.
31) Djibouti, Djibouti
Amsterdam stands apart from other cities due to its distinguished atmosphere, past, and the attractions it offers such as its picturesque canals, interesting buildings, vibrant nightlife, and galleries. Across Europe, it is one of the priciest places to reside, and a household of four requires a typical income of $4,800 per month to live comfortably.
32) Atlanta, Georgia
GoBankingRates has determined that inhabitants of Atlanta must make an annual salary of at least $121,170 in order to live comfortably, due to the fact that expenses for housing and transportation are on the rise. This amount is 5% higher than the national average for cost of living.
33) Helsinki, Finland
The yearly expenditure for a family of four is quite high at an estimated $67,886. Essential expenses such as rent, car payments, utilities, groceries and entertainment as well as a two-week vacation are usually included in the cost of living in Finland. This expensive cost is largely due to the high demand in the food and restaurant sectors, as well as a low level of competition in closed-sector industries, as the study suggests.
34) Chengdu, China
Staying on top of the latest trends is essential if you desire to do well in Chengdu. Along with being one of the only upscale shopping centres in western China, the metropolis has a great admiration for luxury items. Furthermore, Chengdu has held the title of China’s most content city for the past 12 years.
35) Seattle, Washington
A research conducted in 2016 revealed that it requires an annual salary of $72,092 to have a comfortable life in Seattle, a waterfront city well-known for its iconic Space Needle. Seattle is one of the most expensive places to live in the US due to its steep sales tax rate and the many corporate headquarters that are based there.
36) Berlin, Germany
Despite Germany’s expensive cost of living, Berlin, the nation’s capital, is the most economical city of western Europe to reside in, boasting a population of 3.7 million. Keeping the living costs low in the recent years is mainly because of the decreasing housing prices and growing everyday costs. Both expats and Germans are still fond of the city for its entertaining nightlife and delicious restaurants, even though the average rent amounts to $1,393 a month.
37) The Hague, Netherlands
Tourists may have to spend $149 daily when visiting The Hague, not including the costs for accommodation and transportation, but the residents would say that it is worth it. This destination is a nice place to visit or live in, due to its many Dutch attractions, galleries, factories, and more.
38) Milan, Italy
Milan is one of the major fashion capitals of the world and an important business centre, so it makes sense financially. Additionally, due to its excellent security, medical care, and transport systems, it is not unexpected that it is the tenth most expensive city to reside in in Europe.
39) Dublin, Ireland
According to The Economistโs 2020 survey, Dublin is one of Europe’s most pricey cities. This city is full of historical and leisurely attractions such as pubs, Jameson Distillery, St. Patrickโs Cathedral, and the Spire of Dublin. Dublin also offers castles, woodlands, and alpine landscapes on its outskirts. This is why it is one of the more expensive cities, with rental apartments going for about $2,000 per month.
40) Yokohama, Japan
Yokohama is renowned as an expensive city, with the average cost of living being around $1,486 a month. It is also a tourist hotspot that boasts attractions like Sankeien Gardens, Yokohama Landmark Tower Sky Garden, and a variety of gastronomic and bar experiences; the daily expenses of travelers are estimated at approximately $112.
41) Tel-Aviv, Israel
Tel-Aviv is widely known for its vibrancy, diversity, and hospitality, in addition to its stunning beaches and bustling nightlife. Unfortunately, the city comes with a hefty price tag. A one-bedroom apartment in Tel-Aviv averages $1,725 per month in rent, making it one of the costlier destinations in terms of real estate.
42) New York City, New York
The cost of renting a place to live in the Big Apple has gone up drastically, with one-year leases increasing by 3.25% and two-year contracts rising by at least 5%. This is the most significant surge in nearly 10 years. In May 2022, the rent reached a record high of $4,000 and in June 2022, it hit its highest ever level of $5,000.
43) Singapore, Singapore
The Economist Intelligence Unit’s Global Cost of Living survey made it known that Singapore was the priciest city on the planet between 2014 and 2020. This is because it is a small country and there is a dearth of space. This has made the property market significantly competitive. With rising demand, the supply of land is limited, and the metropolis has a lack of natural resources. To make up for this, the city depends on seaports to bring in freshwater and energy produced from natural gas.
44) Tokyo, Japan
Tokyo is an active, bustling metropolis that is often found among the most expensive cities across the planet. Rent is not the only expense in the Japanese capital – car ownership and traveling are also pricey. Cost of living in Japan is typically high.
45) Beijing, China
Although Beijing is much more affordable than many western cities, it is still among the priciest cities in China. This is mainly because of the rapid increase in the population, which has caused the cost of leasing a one-bedroom residence to climb from $360 to $700 in the last decade. As the cultural and political hub of the nation, Beijing is highly sought-after and this demand drives the cost of living.
46) Copenhagen, Denmark
The beautiful harbor-side buildings and design of Copenhagen appear as if they belong in a dream, yet steep taxes and the cost of living make it almost impossible for the majority to experience. Citizens typically pay out over $1,000 each month on rent and other expenses, and travelers usually spend anywhere between $108 and $205 daily.
47) Shanghai, China
According to Forbes, in 2021 Shanghai was the most costly city on the planet. It is a bustling city with a vigorous economy and numerous very rich people. It is China’s biggest city and a worldwide monetary centre, and due to its amazing skyline, old-style cultural legacy and more, numerous people wish to live and remain there. Despite the fact that there are numerous individuals living and working in the area, it has a portion of the most noteworthy costs, with the normal cost for basic items coming in at around $1,453 every month.
48) Shenzhen, China
The Chinese city of Shenzhen has a youthful population, its average age is 32.1 years, making it one of the nation’s youngest cities. Despite the high cost of rent and food, utilities and the internet are reasonably priced.
49) Seoul, South Korea
Seoul, located in South Korea, is a metropolitan area that is teeming with culture and art. There are tall buildings, sophisticate subway systems, holy places, royal residences, and street vendors. Unfortunately, the cost of living for each individual is quite expensive, at around $1,400, and they do not have many options for low-cost living.
50) London, England
The cost of residing in this major metropolis of England and the UK is not feasible; the same applies to running a business there. Due to the limited availability of goods and the high charges for warehouse leases, people usually have to pay extra to get their hands on basic necessities.
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