The Top 20 Most Expensive Cities In The World

The Top 20 Most Expensive Cities In The World

For the second year in a row Moscow has been designated as the most expensive city in the world. The Mercer Human Resource Consulting Firm used the cost of living in New York City to determine that Moscow rates 34.4 percent higher in housing, transportation, grocery goods, clothing expenses, and arts and entertainment. London placed second, as opposed to number 5 last year, while New York dropped to number 15.

Mercer uses the rising value of the ruble against the US dollar and combines this with the increase in housing expenses. In Moscow it will cost $4,000 a month to rent a high quality two bedroom apartment. The cost of a CD is $24.83 and purchasing an international newspaper will cost an average of $6.30. There is, however, one bargain to be found; a burger meal at a fast food restaurant will cost you about $4.80.

Coming in at a close second is London which shows an increase over Gotham at 26%. The British pound has made a stronger showing than the US dollar and rents have continued to rise.

Seoul and Tokyo came in at numbers 3 and 4 with both cities being rated as 22 percent more expensive when compared to New York. The fifth position goes to Hong Kong which shows a 19% increase in costs.

Looking at the opposite end of the survey, Asuncion, which is located in Paraguay, has proven to be the world’s least expensive city for the fifth year in a row. It is estimated that it takes about half the money to live in Asuncion as it does to live in New York.

In North America New York and Los Angeles are the most expensive cities but they are the only two which rank in the top 50 of the world. New York dropped from 10th place all the way down to number 15. Last year Los Angeles was rated as number 29 but fell to number 42 this year. San Francisco dropped 20 places this year, down to number 54.

Toronto is rated as Canada’s most expensive city but fell 35 places to number 82 on the world survey.

Sao Paulo and Rio de Janeiro are the most expensive cities in Latin America but they come in at 62 and 64 worldwide. Sydney, Australia is the most expensive in Australia but rates at number 21 worldwide. Tel Aviv, which is in the Middle East, checks in at number 17 and Ghana, Africa is the most expensive in Africa but rates as number 76 worldwide.

The listing of the world’s most expensive rate as follows:

1. Moscow
2. London
3. Seoul
4. Tokyo
5. Hong Kong
6. Copenhagen
7. Geneva
8. Osaka
9. Zurich
10. Oslo
11. Milan
12. St Petersburg, Russia
13. Paris
14. Singapore
15. New York City
16. Dublin
17. Tel Aviv
18. Rome
19. Vienna
20. Beijing

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• US Amends Passport Rules To Accommodate Summer Travel  Thursday, June 21, 2007
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• The Top 20 Most Expensive Cities In The World  Wednesday, June 20, 2007
  For the second year in a row Moscow has been designated as the most expensive city in the world. The Mercer Human Resource Consulting Firm used the cost of living in New York City to determine that Moscow rates 34.4 percent higher in housing, transportation, grocery goods, clothing expenses, and arts and entertainment. London placed second, as opposed to number 5 last year, while New York dropped to number 15.
  
  
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