Ranking
Luxembourg’s capital tumbled to 104th within the 2022 rating by The Economist, the sharpest fall of any metropolis, down from 66th the earlier 12 months
Luxembourg’s capital tumbled to 104th within the 2022 rating by The Economist, the sharpest fall of any metropolis, down from 66th the earlier 12 months
Photo credit score: Anouk Antony
Luxembourg City has dropped out of an annual listing rating the world’s 100 most expensive cities, registering the most important fall of any metropolis up to now 12 months, because the euro has misplaced in worth in comparison with the US greenback.
The Grand Duchy’s capital, identified for internet hosting a number of EU establishments – which have warned concerning the capacity to rent workers as a result of nation’s excessive cost-of-living – and having some of the quickest rising home costs within the bloc,(*100*) (*100*)was listed 104th out of 172 cities within the 2022 rating printed on Thursday by the Economist’s Intelligence Unit, a sister firm of the British newspaper.
Luxembourg’s drop of 38 locations, down from 66th final 12 months, was matched solely by the Swedish capital Stockholm.
The drop is as a result of nation’s foreign money dropping in worth in comparison with the US greenback – it fell under parity with the greenback in August – which the EIU used as reference foreign money. Out of the ten greatest fallers within the rating, 5 had been European cities.
Singapore and New York each share the highest spot, adopted by Tel Aviv, which topped the rating final 12 months. Four European cities are within the prime 10, with Zurich, Geneva, Paris and Copenhagen ending sixth, seventh, ninth and tenth respectively.
The greatest upward movers had been Moscow and St Petersburg, capturing up the rankings by 88 and 70 locations respectively. Western sanctions have pushed up inflation within the Russian cities, which reached 17.1% year-on-year in local-currency phrases within the capital, and 19.4% in St Petersburg, in response to the EIU.
The survey was performed between 16 August and 16 September and tracked the costs of over 200 items and providers in 172 cities worldwide. The least expensive metropolis globally in 2022 was Damascus, adopted by Tripoli and Tehran.
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Luxembourg drops out of world’s 100 most expensive cities
Luxembourg drops out of world’s 100 most expensive cities
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Luxembourg drops out of world’s 100 most expensive cities