World's Most Expensive Cities Named
Moscow is the world's most expensive city for expatriates for the second consecutive year, according to the latest Cost of Living Survey from Mercer Human Resource Consulting. London is in second position, climbing three places since last year. Seoul moves down one place in the ranking to take third place, followed by Tokyo in fourth. Asuncion in Paraguay is the least expensive city for the fifth year running.
Mercer's annual Cost of Living Survey covers 143 cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.* It is the world's most comprehensive cost of living survey and is used to help multinational companies and governments determine compensation allowances for their expatriate employees.
The top 10 most expensive cities include:
5. Hong Kong
Other interesting statistics:
- Europe dominated the top 50, placing 30 cities on the list and capturing six of spots in the top ten.
- Eight Asian cities were on the top 50 list, led by Seoul, Korea in third place. The biggest mover was Taipei, Taiwan which dropped from 28th to 48th.
- Only two US cities made the list (New York City at 15th and Los Angeles at 42nd).
- Four cities in the Middle East were in the top 50 for 2007, lead by Tel Aviv, Israel in 17th place. Istanbul, Turkey took the biggest drop in the top 50, from 15th to 38th.
Thanks to Ashwani Vasishth