This report on the Worldwide Cost of Living for 2022 was released by the Economist Intelligence Unit (EIU) in its annual report on the cost of living worldwide. As per the survey, Karachi is ranked sixth in the world for its affordability as a place to live according to the survey.
It has been a tradition for the UK-based Economist Group’s forecasting, consulting, research, and analysis division, EIU, to release an annual report called “Worldwide Cost of Living” every year.
In the report, Damascus, the capital city of Syria, comes out on top of the list of the most affordable cities, followed by the capital of Libya, Tripoli, which takes second place on the list of the most affordable cities. Both the economies of both Syria and Libya were affected by the ongoing armed conflicts in both countries this year as a result of the ongoing conflict. Amongst the cities on the list, Tunisia’s capital, Tunis, ranked fourth.
Surprisingly, eight Asian cities were listed among the most affordable cities in the world in a recent study. Karachi has been ranked sixth in the most recent edition of the survey, retaining its position from the previous edition, while Tehran (Iran), Tashkent (Uzbekistan), and Almaty (Kazakhstan) have respectively been placed 3rd, 5th, and 7th in the most recent edition of the survey.
Furthermore, the Indian cities of Ahmedabad and Chennai are ranked eighth and ninth, respectively, while another Indian city, Bangalore, along with Sri Lanka’s Colombo, are tied for tenth along with Algiers, Algeria’s capital city.
Criteria for Cities’ Ranking
There is an annual report prepared by the EIU that picks out the best and worst places to live in the world to live. During the compilation of the ranking, more than 400 individual prices for more than 200 essential commodities were compared.
It is crucial that all the basic necessities are met in order to sustain a family, including food, drinks, clothing, household items, personal care items, and the rent for the home, as well as transportation, utility bills, education, and recreational activities.
With a base index of 100, New York is used as the base city for the survey, as it is the most expensive city in the United States. The other cities are ranked comparatively based on their costs as well.
Furthermore, the study enables HR and finance managers to assess the costs of living allowances for expatriates and business travelers and to develop compensation packages for these individuals. As a matter of fact, it is commonly practiced in supermarkets, midrange retailers, and specialized retail establishments.
A total of 172 cities are included in the 2022 edition of the Worldwide Cost of Living report. Here is a list of the top 10 most affordable cities in the world, in order of affordability:
Here is the list of the top 10 most expensive cities in the world:
|4.||Hong Kong||Hong Kong|