New York City has been ranked as the most expensive city in the world for expatriates by the ECA International’s latest cost of living research. This marks the end of Hong Kong’s four-year reign at the top.

Singapore is now placed fifth, having moved up eight positions. Lee Quane, the regional director of Asia for ECA International, attributed the rise to increased demand of rental accommodation due to relaxed Covid-19 restrictions in comparison with other prominent locations in the region.

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Cost of goods and services in Hong Kong has surged over the past year but this failed to push it to the top as the city dropped to the second position. Quane says that although there was an upsurge in prices of day-to-day items, it was offset by a decrease in accommodation costs.

Cities in the Asia Pacific region have lost their rankings in the global cost of living survey, but South Korean capital Seoul and Myanmar’s Yangon were exceptions. Seoul climbed to the ninth spot, with an increase in costs of accommodation, whereas Yangon rose four places to 167 due to the political and socio-economic issues leading to significant prices rise of everyday goods and services.