Moscow steps down as world’s most expensive city, Tokyo takes lead
Tokyo City View / Photo: www.flickr.com

Moscow steps down as world’s most expensive city, Tokyo takes lead

7 Jul, 11:14 PM

Tokyo has replaced Moscow as the most expensive city for foreigners, and Osaka moved to number two, after the yen strengthened against the US dollar, according to Mercer LLC’s Cost of Living Survey, quoted by Bloomberg.

The Russian capital, which had held the top spot since 2006, slipped to third.

“Many currencies, including the euro and British pound, have weakened considerably against a strong US dollar, causing a number of European cities to plummet in the rankings,” Nathalie Constantin-Metral, a senior researcher at Mercer, said in an e-mailed statement.

London fell to one place below Caracas, Venezuela, which jumped up from 89th. New York rose to eighth from 22nd, making it the only city in the Americas in the top 10. The pound has fallen 18 percent against the dollar in the past year, while the yen has strengthened 12 percent.

The stronger dollar means it is now more expensive for companies based in Europe to send expatriates to cities in the US, according to the statement from Mercer, the human resources consulting unit of Marsh & McLennan Cos. Oslo slipped to 14th place from fourth, while Glasgow and Birmingham fell 60 and 59 places respectively, to 129th and 125th in the rankings.

Five of the top ten cities are in Asia, with Beijing climbing 11 places to the ninth spot, one above Singapore, which rose from 13th. Hong Kong rose one place to fifth.

Weaker currencies also affected cities in Australia and India. Sydney dropped 51 places to 66th, equal with Mumbai, which slipped from 48th, the release said.

Most Middle Eastern cities climbed in the rankings, as the United Arab Emirates dirham is fixed to the US dollar, Mercer said. Dubai rose to 20th place from 52nd, and Abu Dhabi advanced to 26th position from 65th. Tel Aviv, the most expensive city in the Middle East, fell to 17th from 14th.

Rounding out the top 10 are Geneva in fourth, Zurich in sixth and Copenhagen in seventh.

The annual survey covers 143 cities and uses New York City as a benchmark for comparing the prices of more than 200 items, including housing, food, transportation and entertainment. The analysis is conducted by Mercer to help multinational companies gauge pay rates for international employees.

Tags: Moscow, foreigners

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Moscow steps down as world’s most expensive city, Tokyo takes lead