A new study by Mercer has found that four of the five most expensive cities in the world to live in are in Switzerland. Zurich, Geneva, Basel and Bern are all in the top five this year, only losing out to Hong Kong.
Mercer’s 2022 Cost of Living Ranking analysed 227 cities around the world and ranked them by how much it costs to live there. The report is designed to help international companies decide what salary they should pay their workers based on where they live.
To determine each city’s score, the asset management company evaluated the cost of 200 types of goods and services - from public transport tickets to housing and medicine - and compared how the price changes depending on where you live. Currency fluctuations, inflation, and price instability are also taken into account to create the final score.
The report found that Hong Kong has the highest cost of living in the world in 2022, noting that despite higher inflation in other cities, the cost of food, fuel and other necessities is still highest in the "Pearl of the Orient." The cheapest city to live in was found to be Ankara in Turkey.
Zurich, Geneva, Basel and Bern rounded out the top five this year. This is perhaps unsurprising, as Zurich and Geneva, as well as other Swiss cities, are regularly found to be some of the most expensive places in the world to live.
However, Mercer was quick to mention that jobs in Switzerland typically accommodate the higher costs through rewarding work contracts. The study also noted that, when compared with its quality of life study, only Copenhagen, Vienna, Amsterdam and Vancouver will give you the same quality of life as Zurich at a cheaper price.
According to Mercer’s Cost of Living Ranking, these are the 10 cities with the highest cost of living in 2022:
For more information about the ranking, check out Mercer’s website.