Feeling rich? If you live in Sydney or Melbourne, I hope so!
Source: Economist
“No other region in the world is as diverse as Asia. Its regimes range from autocratic to democratic. Some Asian countries have populations that are among the world’s oldest, but in others, they are relatively young. To such contrasts, add differences in affordability. Asia is home to some of the world’s most expensive cities and also some of cheapest”, according to the latest Worldwide Cost of Living Survey.
At the top end of the index is Singapore, which was the world’s joint most expensive city in 2022, along with New York (both ranked 100). On the other end, 5 of the 12 least expensive cities in the world are in South Asia. The chart above shows price differences across the region.
Of course, the survey’s methodology is critical for the results. It compares the prices of more than 200 products and services in 172 cities – all converted into US dollars. So when the greenback surges, as it did last year, cities outside America get cheaper in dollar terms. Affected by the fall in the Yen, Tokyo, and Osaka were among the 20 most expensive cities worldwide in 2021, but they slid down the rankings in 2022, to 37th and 43rd respectively.
As expected, Sydney and Melbourne rank up close to the top of the list, as most of us would be well aware. Perhaps the next overseas holiday will be in India, where the AUD goes a lot further than in South Yarra or Double Bay!
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