Last week ECA International released their 2013 report highlighting the most expensive cities for expatriates around the world.
Due to a weakened Yen Tokyo, Japan dropped from being the most expensive city in the world to 10th place with Caracas in Venezuela replacing it, other Japanese cities also dropped down the list.
The top ten global cities this year are as follows (last years ranking in brackets):
- Caracas, Venezuela (7)
- Luanda, Angola (4)
- Oslo, Norway (3)
- Juba, South Sudan (14)
- Stavanger, Norway (8)
- Zurich, Switzerland (9)
- Geneva, Switzerland (10)
- Bern, Switzerland (11)
- Basel, Switzerland (12)
- Tokyo, Japan (1)
It is thought that Caracas will only be briefly at the top of the list as it is expected the Venezuelan government may need to devalue its currency soon. In the last year the prices for the shopping basket ECA use have risen by over 60% in Caracas.
In Asia the top ten cities this year are as follows (current global ranking in brackets):
- Tokyo, Japan (10)
- Beijing, China (15)
- Nagoya, Japan (16)
- Shanghai, China (18)
- Yokohama, Japan (20)
- Seoul, South Korea (21)
- Osaka, Japan (23)
- Hong Kong, China (28)
- Singapore (30)
- Guangzhou (38)
The ECA International cost of living indices are based on surveys carried out in March and September of each year with this years figures comparing September 2012 and September 2013 survey results. The baskets covers the following items:
- Food Groceries; dairy products; meat and fish; fresh fruit and vegetables.
- Basic Drink and tobacco; miscellaneous goods: services
- General Clothing; electrical goods; motoring; meals out
Accommodation costs, car rental and school fees are not covered by the survey as they are normally covered separately in expatriate packages.