Tokyo used to top the list of the most expensive cities in the world. But a new survey shows that Moscow has bumped Tokyo out of the number one spot.
According to the recently released survey, Moscow moved up three spots since last year because of a huge property boom. Tokyo slipped to the number three spot because of a weaker yen. Seoul shot up from the fifth spot to take second place on the survey.
Mercer Human Resource Consulting conducted the survey that ranked 144 worldwide cities. They measured the costs of such things as housing, food, and transportation in order to help multinational companies decide how much they should pay their expatriate workers.
Rebecca Powers, a senior consultant at the company, said that cities around the world are getting more and more expensive for expatriates, so employers might need to recheck just how they provide benefits and compensation for their employees.
Other European cities to make the list were London at number 5 and Geneva at number 7. As for North America, its no surprise that New York made the list in the number 10 spot, which is up three from last year. LA ranked at 29 and San Francisco at 34.
The Most Expensive Cities In The World
August 29, 2006