THE WORLD’S MOST EXPENSIVE CITIES
A recent survey by Mercer Human Resource Consulting has revealed which cities are now the most expensive to live in. There are quite a few which may surprise you.
It is probably no shock to see that Japan’s capital Tokyo is officially the world’s most expensive city. However, Luanda in Angola, which is in second place, might not have been one you would have guessed. Many might be surprised to see an African city so high in the table. In Luanda a standard hotel room costs $400, a non-alcoholic drink in the lobby $10 (though a mere $2 in a supermarket), and a pizza on the street $25!
Other things which seem incredibly high priced are, for example, that in Moscow you can expect to pay about $9.60 for an international newspaper and in Tokyo, a cup of coffee including service averages $8.15.
Recent world events, including economic and political upheavals, have affected the rankings for many regions through currency fluctuations, inflation, and volatility in accommodation prices. The most notable factor influencing the league table is the effect the global economic downturn has had on European currencies. This has meant that London which was the 18th most expensive city in the world last year is now the 25th and that Paris has dropped from 27th to 37th.
For any student considering where to study abroad the latest league table of expensive cities makes for interesting reading. The ranking system by Mercer is by far the most comprehensive and is based on the living expenses for expats (a person temporarily or permanently residing in a country and culture other than that of the person’s upbringing). The survey measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment. New York is used as the base city for the index and all cities are compared against it. Currency movements are measured against the US dollar. The cost of housing which is often the biggest expense for expats plays an important part in determining where cities are ranked.
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