WORLD / Europe
Moscow ranks as world's priciest city
(AP)
Updated: 2007-06-19 10:47
NEW YORK - Moscow is the world's most expensive city for the second year
in a row, thanks to an appreciating ruble and rising housing costs, a new
survey reports.
Construction workers seen at work near St Basil's Cathedral in Moscow's
Red Square in this May 28, 2007 file photo. [Reuters]
The cost of living for expatriates in the Russian capital is nearly 35
percent higher than in New York, which served as the base city for the
survey released Monday.
London, estimated at 26 percent more expensive than New York, climbed
three spots to second place on a strengthening British pound and steep
rental prices.
South Korea's Seoul ranked third, followed closely by Tokyo at No. 4.
The survey by Mercer Human Resource Consulting ranked 143 cities around
the world, measuring the comparative cost of more than 200 areas such as
housing, transportation and food. The findings are designed to help
multinational employers determine compensation for their expatriate
workers.
In Moscow, a luxury two-bedroom apartment will cost an expat $4,000 a
month; a CD rings up at $24.83; one copy of an international daily
newspaper is $6.30; and a fast-food hamburger meal totals $4.80.
A strengthening euro boosted 30 European cities to top spots on the 2007
list - Copenhagen, Geneva, Zurich and Oslo, respectively, placed among
the top 10.
Eight Asian cities made the top 50, though Taipei, plunged 20 places to
No. 48.
New York and Los Angeles were the only two North American cities to rank
among the highest 50, though both fell in the rankings due to a
depreciating US dollar, Mercer reported.
The Big Apple dropped five places to No. 15, while Los Angeles fell to
No. 42 from No. 29 in 2006.
Ranking as the least expensive city for the fifth year in a row was
Paraguay's capital of Asuncion, where the cost of living is half that of
New York, Mercer estimated.
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