Tokyo is the most expensive location in the world according to the latest Cost of Living data from ECA international, an international HR consultancy. Joining Tokyo and Singapore in Asia’s top ten are the Korean cities of Seoul and Busan as well as Hong Kong, Beijing and Shanghai. In Europe Oslo is the most expensive location.
The survey for 400 locations worldwide found that global currency movements are having a significant impact on living costs for many expatriates and the continued strength of the Japanese yen, which has gained in value by approximately 30 per cent against the US dollar in the past three years, has contributed to renew the Tokyo's position at the top of the ranking. The same goes for Oslo: the strengthening of the Krone against major currencies has pushed the Norwegian capital above Copenhagen - the region's most costly city a year ago. At the other hand of the spectrum the weakness of the Pound sterling means that many of the Western European capitals remain more expensive than London, including Brussels, Berlin and Amsterdam. UK locations remain among the cheapest within the region alongside Prague, Warsaw and Budapest. Within North America, Manhattan is the most costly location followed by Honolulu. In general, US locations have fallen down the rankings slightly, reflecting the weakened dollar.
Source: eca-international
