Wednesday, August 03, 2011
World's Most Expensive Cities
Luanda, Angola, now holds the dubious title of the most expensive city for expatriates to live in according to Mercer Consulting’s annual cost-of-living survey released last month.
Mercer surveyed 214 cities across five continents, measuring the comparative cost of more than 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 this location. Currency movements are measured against the U.S. dollar.London ranked 18th, while Paris dropped 10 places to No. 27 from 17th last year. New York was the priciest U.S. city, with a rank of 32, falling from 27 last year.
The cost of housing — often the biggest expense for expats — figures prominently in determining where cities are ranked, Mercer said. Karachi, Pakistan, retained its place as the world’s least expensive city. The Mercer survey found that it was more than three times as costly for an expatriate to live in Luanda as in Karachi.