Seoul ranks ninth on the list of the world’s most expensive cities.

Global analyst firm ECA International annually compiles the ECA Index메이저놀이터, which measures the cost of living in terms of currency, rent, and other factors, to determine the most expensive cities for expats.

This year, New York topped the list. This is due to inflation and rising accommodation costs. Hong Kong dropped one spot to second place from last year’s top spot.

Geneva, Switzerland, took third place and London, England, fourth. It was followed by Singapore at No. 5, Geneva, Switzerland at No. 6, San Francisco, USA at No. 7, and Tel Aviv, Israel at No. 8.

Seoul rose to ninth place from 10th last year. Tokyo fell from fifth to 10th place last year.

ECA International cited rising rents as the reason for four of Asia’s top 10 spots.