Tokyo regains rank as most expensive city
June 13, 2012, 12:40 pm TWN
PARIS -- Tokyo has regained the unenviable title of the world's most expensive city for expatriates, while the eurozone crisis has made many European cities cheaper according to a survey published Tuesday.
At the other end of the scale, the survey by the Mercer group named the Pakistani port Karachi as the least expensive city, with living costs around three times cheaper than in the Japanese capital.
The report, published annually to help companies assess compensation allowances for expatriate workers, compared the cost of over 200 items in 214 cities, using New York as a reference. The items on the list included housing, food and transport.
Tokyo pushed the oil-boom Angolan capital Luanda into second place to retake the top spot in the survey. Another Japanese city, Osaka, came third, the Russian capital Moscow in fourth, and Geneva fifth.
Cities in the eurozone slid in the rankings as the euro has slid against the U.S. dollar during the debt crisis. Paris dropped 10 spots to 37th, Rome fell eight to 42nd, and Athens tumbled 24 to 77th.
London slipped from 18th in the table last year down to 25th place.
In contrast, appreciation against the U.S. dollar helped push Australian and New Zealand cities up, with Adelaide jumping 19 spots to 27th.