Overview
2022 hasn't been kind to anyone's bank balances, with inflation having a hefty impact on the cost of living all around the world, including in Australia. We know you know this, and so does your wallet. In Sydney in fact, the year's financial struggles have seen the Harbour City reclaim global recognition for being a mighty expensive place to call home, taking tenth place on The Economist Intelligence Unit's annual Worldwide Cost of Living survey.
While Melbourne was dubbed Australia's most liveable city in the EIU's Global 2022 Liveability Index earlier in 2022, Sydney has nabbed a less sought-after mantle, after sitting in the same spot back in 2018. Again, it's an exxy time all-round in general, with the survey noting that prices worldwide, in the 172 major cities surveyed, have shot up 8.1 percent year on year on average (in local currencies). That's the biggest jump in the 20 years that the EIU has digital data for.
The place on the planet that'll trouble your pennies the most? This year, there's two: New York and Singapore. The pair of cities tied for the top spot, with New York earning the unwanted honours for the first time ever, but Singapore taking the crown for the eighth time in a decade.
The two places bump down 2021 leader Tel Aviv to third, with Hong Kong and Los Angeles then sharing fourth spot. The Swiss cities of Zurich and Geneva came in at six and seven respectively, while San Francisco sits at eighth, Paris at ninth and Copenhagen shares tenth place with Sydney.
Yes, this means that Sydney is more expensive to live in at the moment than London and Tokyo — two cities that aren't considered cheap at all. In fact, Tokyo dropped down 24 spots to sit in 37th place.
As per The Guardian, Sydney's rise from 14th in 2021 to tenth this year isn't the only upward movement among Australia's cities. Melbourne leapt from 16th to 15th, and Brisbane from 36th to 32nd.
For further details about the 2022 Worldwide Cost of Living survey, head to The Economist Intelligence Unit's website.