The Economist Intelligence Unit has released the annual report on the Worldwide Cost of Living for 2022 (EIU). As per survey, Karachi is the world’s sixth most affordable city to live in.
Yearly, the Economist Group’s forecasting, consulting, research, and analysis division, EIU, publishes a “Worldwide Cost of Living” report.
The report further said that Syria’s capital, Damascus, is the most affordable city, followed by Libya’s capital, Tripoli, which takes the second spot. The economies of both cities remained in turmoil this year due to the ongoing armed conflicts in Syria and Libya. Tunisia, Tunis, is ranked fourth on the list.
Surprisingly, eight Asian cities have been named among the most affordable in the world. In the most recent edition of the survey, Karachi was ranked sixth, retaining its position from 2021, while Tehran (Iran), Almaty (Kazakhstan), and Tashkent (Uzbekistan) were ranked third, fifth, and seventh, respectively.
In addition, Ahmedabad and Chennai in India are ranked eighth and ninth, respectively. At the same time, another Indian city, Bangalore, and Colombo in Sri Lanka, are tied for tenth place with Algiers in Algeria.
Criteria for Cities Ranking
EIU publishes a list of the world’s most affordable and expensive cities every year. It compares more than 400 individual prices of over 200 essential commodities to compile the ranking.
Food, beverages, clothing, personal care items, household supplies, and home rent are necessities, as are transportation, utility bills, education, and recreational costs.
The survey’s base city, New York, has a score of 100, and the other cities are ranked in order of their relative cost of living for the Worldwide Cost of Living report.
Furthermore, the research assists human resource and finance managers determine cost-of-living allowances and developing compensation packages for expatriates and business travellers. It is done in mid-range retailers, supermarkets, and speciality stores.
172 cities have been included in the 2022 edition of Worldwide Cost of Living. The following is the list of the top ten most affordable cities in the world: