Asia’s most expensive cities, ranked

To learn extra of The Economist’s information journalism go to our Graphic detail web page.

THE JAPANESE idea of kakeibo describes the artwork of saving cash. In Asia there are numerous good locations to practise it. 9 of the world’s 20 least expensive cities are there, in accordance with the most recent Worldwide Cost of Living survey, a twice-yearly tally by EIU, our sister firm. However Asia can also be dwelling to a few of the world’s most exorbitant metropolises. For the ninth time in 11 years, Singapore tops the checklist as the most expensive place to reside—though it shares that doubtful honour with Zurich, Switzerland’s largest metropolis. Hong Kong is Asia’s second-most costly metropolis by which to reside, and the fifth worldwide. See how different cities within the area examine in our map under.

Regardless of some excessive rankings, most Asian cities turned comparatively inexpensive this yr: 46 out of 58 slid down the rankings. Decrease inflation resulted in much less dramatic motion from central banks, and due to this fact a decrease stage of forex appreciation in opposition to the greenback throughout a lot of the area. China’s cities fell furthest—a mean of 19 locations—owing to a surprisingly limp financial restoration after the tip of zero-covid curbs on the finish of 2022.

The seven cities coated by EIU in Australia and New Zealand additionally fell, by a mean of 11 locations. Each currencies depreciated in opposition to the greenback, outweighing the affect of their sooner inflation. Tokyo and Osaka, two Japanese cities that had been among the many 20 most costly worldwide in 2021, continued to slip down the index, to sixtieth and seventieth respectively. The Japanese authorities has the other downside to most of its friends, in that it needs extra inflation, not much less.

Only some locations in Asia turned comparatively costlier this yr. Two South Korean cities, Seoul and Busan, moved up the rankings, as costs there rose sooner than in New York and the received appreciated in opposition to the greenback (the index is benchmarked in opposition to the Massive Apple). Two different cities noticed a fair better rise: Nouméa, in New Caledonia within the South Pacific, and Bangkok. Thailand’s capital bounced again from a giant fall final yr, thanks primarily to a stronger forex. Inhabitants there could also be tempted to practise a unique Japanese idea: ganbaru, which roughly interprets as slogging on by robust occasions.■