Most Expensive Cities in the World

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Most Expensive Cities in the World

Postby fw12 » Sun Jun 27, 2010 4:05 pm

If you think $43 is too much to pay for

lunch, you shouldn't live in Oslo. According to "ECA

International", a global human resources company, that's how

much an average lunch costs in Norway's capital. But Oslo is only the

second-most expensive city on ECA's ranking of 399 global locations.

And while the price of an average lunch in Tokyo is a comparatively

modest $17.86, other costs, such as a $22 movie ticket and an $8.47

kilo of rice, earn it the dubious honor as the world's most expensive

city.








ECA's ranking is based on a basket of

128 goods that includes food, daily goods, clothing, electronics, and

entertainment, but not rent, utilities, and school fees, which are

not typically included in a cost-of-living adjustment. ECA

researchers and local partners gathered prices in September 2009 and

March 2010 for domestic and imported brands that are internationally

recognized—such as Kellogg's cereal or Sapporo beer. While

lower-priced goods and services are available in these markets, the

study estimated the cost of supporting the standard of living

expected by expatriate employees, says Lee Quane, ECA's regional

director for Asia. Some of the cities, such as Seoul and Stockholm,

jumped up in the ranking as the local currency strengthened against

the U.S. dollar. Quane says that while a slowdown in business may

tempt employers to scale back compensation, "recessions only

last so long" and retaining top talent in these places is

critical to companies' success when the global economy recovers.








Source: "ECA International"








1. Tokyo, Japan















Rank in 2009: 2

Food: Lunch at a restaurant:

$18
Can of beer from grocer: $3.37
One kg of rice:

$8.47
One dozen eggs: $3.78

Entertainment: Movie

ticket:
$22

Appliances: Washing machine: $879

The

strength of the yen has brought Tokyo back to the No. 1 spot on ECA

International's ranking for the first time since 2005. In addition to

the costs above, rent for a two-bedroom apartment for expats is

typically more than $5,000 per month in Tokyo, according to data from

EuroCost International. While visitors need more pocket money here

than in any other city, the monthly consumer price index in Tokyo's

wards has actually dropped year-on-year for 14 straight months as of

May 2010, based on figures from Japan's statistics bureau.



2. Oslo, Norway















Rank in 2009: 8

Food: Lunch at a restaurant:

$43
Can of beer from grocer: $4.71
One kg of rice:

$5.66
One dozen eggs: $6.72

Entertainment: Movie

ticket:
$16

Appliances: Washing machine: $880

Oslo

rose above Copenhagen as the most expensive city in Europe when the

kroner strengthened against other currencies. ECA International says

an upward trend in oil prices, a short recession, and Norway's

reputation as a safe haven for investors contributed to the kroner's

rise.



3. Luanda, Angola















Rank in 2009: 1

Food: Lunch at a restaurant:

$47
Can of beer from grocer: $1.62
One kg of rice:

$4.73
One dozen eggs: $4.75

Entertainment: Movie

ticket:
$13

Appliances: Washing machine:

$912

Angola's capital slipped to third place this year as the

kwanza depreciated. Prices in Luanda have actually increased in the

past year, but currency changes offset any inflation, according to

ECA International. In addition to everyday goods, EuroCost

International estimates that the average expat pays more than $3,500

per month for a two-bedroom flat in Luanda.



4. Nagoya, Japan















Rank in 2009: 3

Food: Lunch at a restaurant:

$19
Can of beer from grocer: $3.08
One kg of rice:

$9.14
One dozen eggs: $3.33

Entertainment: Movie

ticket:
$20

Appliances: Washing machine:

$621

Japan's fourth most populous city, Nagoya is also among

the country's most expensive. The city ranks No. 1 for the cost of

rice: $9.14 per kilogram, according to ECA International data. As

Japan's auto hub, the Nagoya area is an important center of business:

about 44 percent of automobiles produced in Japan are made here,

according to the Greater Nagoya Initiative Center. Such companies as

Toyota, Honda, Suzuki, Mitsubishi, Volkswagen, and General Motors

have headquarters, manufacturing operations, or distribution points

in the Nagoya region.



5. Yokohama, Japan















Rank in 2009: 4

Food: Lunch at a restaurant:

$17.39
Can of beer from grocer: $3.26
One kg of rice:

$6.54
One dozen eggs: $3.72

Entertainment: Movie

ticket:
$19.50

Appliances: Washing machine:

$630

About half an hour by commuter train from Tokyo, this

port city has active shipping, biotechnology, and semiconductor

industries. Yokohama is one of the world's most expensive cities, but

companies here enjoy lower operating costs compared with the nearby

capital. Nissan opened a new headquarters in Yokohama this year and

reportedly will sell its office in Tokyo to cut costs.



6. Stavanger, Norway















Rank in 2009: 14

Food: Lunch at a

restaurant:
$33
Can of beer from grocer: $4.76
One

kg of rice:
$5.71
One dozen eggs: $6.34

Entertainment:

Movie ticket:
$15.50

Appliances: Washing machine:

$749

This small seaside city earned its riches from oil in the

North Sea and has become known as Norway's petroleum capital.

Stavangerexpats.com says food expenses in Norway are about 50 percent

higher than the EU average: A can of soda is about $2.80, and a beer

at a bar can be $12.



7. Kobe, Japan















Rank in 2009: 6

Food: Lunch at a restaurant:

$16
Can of beer from grocer: $3.09
One kg of rice:

$8.57
One dozen eggs: $2.81

Entertainment: Movie

ticket:
$20

Appliances: Washing machine: $470

The

city has one of Japan's largest ports and has become home to many

heavy machinery, iron and steel, and food product companies.

According to the Japan External Trade Organization, 117 foreign and

foreign-affiliated companies have offices in Kobe. As the price of

Kobe beef, the style of high-grade meat named after the city,

suggests, food is costly here, as are other living expenses.



8. Copenhagen, Denmark
















Rank in 2009: 7

Food: Lunch at a

restaurant:
$36
Can of beer from grocer: $2.10
One

kg of rice:
$4.85
One dozen eggs: $6.99

Entertainment:

Movie ticket:
$15

Appliances: Washing machine:

$1,196

A 2009 "survey" of 73 international cities by

UBS found that employees in Copenhagen have the highest income.

Places with higher salaries often have higher prices, but residents

here enjoy good living standards overall. Some examples of the cost

of living: Renting a DVD costs about $8 per night, a pair of women's

jeans is more than $150, and a one-way ticket on public transport

costs about $3.70.



9. Geneva, Switzerland















Rank in 2009: 9

Food: Lunch at a restaurant:

$30
Can of beer from grocer: $2.02
One kg of rice:

$3.81
One dozen eggs: $7.64

Entertainment: Movie

ticket:
$16

Appliances: Washing machine:

$1,304

Geneva, home to many companies and U.N. organizations,

is one of the most expensive cities for food and household

appliances. Food prices in Switzerland are 45 percent more expensive

than in the rest of Western Europe, and the cost of electronics and

appliances in Geneva is among the highest worldwide, according to a

2009 UBS report.



10. Zurich, Switzerland















Rank in 2009: 10

Food: Lunch at a

restaurant:
$25
Can of beer from grocer: $2.01
One

kg of rice:
$3.36
One dozen eggs: $5.81

Entertainment:

Movie ticket:
$16

Appliances: Washing machine:

$974

Zurich, Switzerland's largest city, is the country's main

business center and the headquarters city for many financial

companies, including UBS and Credit Suisse. Although Zurich had the

greatest number of company bankruptcies in Switzerland last year,

according to Dun & Bradstreet, the inflation rate started to

increase again this year after falling in 2009.






fw12
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