Moscow tops annual cost of living list for expatriates
The rising Canadian dollar has pushed the cost of living up in all Canadian cities, with Toronto being the costliest for expatriates, according to Mercer's 2008 Cost of Living Survey.
Toronto ranked 54 out of 143 cities this year, jumping 28 places from last year. Vancouver moved from 89 to 64, Calgary from 92 to 66 and Montréal from 98 to 72.
This is the opposite of last year’s trend that saw Canadian cities decline, and places them back where they have traditionally been rated. The main reason for this changes is that the Canadian dollar has appreciated nearly 15 per cent against the U.S. dollar in the past year.
Overall, Moscow is the world’s most expensive city for expatriates for the third consecutive year. Tokyo is in second position climbing two places since last year, whereas London drops one place to rank third. Oslo climbs six places to fourth place and is followed by Seoul in fifth. Asunción in Paraguay is the least expensive city in the ranking for the sixth year running.
Moscow is close to three times costlier than Asunción. Contrary to the trend observed last year, the gap between the world’s most and least expensive cities now seems to be widening.
“Current market conditions have led to the further weakening of the U.S. dollar which, coupled with the strengthening of the Euro and many other currencies, has caused significant changes in this year’s rankings," said Yvonne Traber, a principal and research manager at Mercer.
“Although the traditionally expensive cities of Western Europe and Asia still feature in the top 20, cities in Eastern Europe, Brazil and India are creeping up the list. Conversely, some locations such as Stockholm and New York now appear less costly by comparison."
Mercer's research confirms the global trend of price increases for certain foodstuffs and gasoline. This increase is partly balanced by decreasing prices for some commodities such as electronic and electrical goods due to cheaper imports from developing countries and advances in technology, she said.
Mercer’s survey measures the comparative cost of over 200 items in each city, including housing, transport, food, clothing, household goods and entertainment.
Mercer's Cost of Living Survey 2008
Toronto ranked 54 out of 143 cities this year, jumping 28 places from last year. Vancouver moved from 89 to 64, Calgary from 92 to 66 and Montréal from 98 to 72.
This is the opposite of last year’s trend that saw Canadian cities decline, and places them back where they have traditionally been rated. The main reason for this changes is that the Canadian dollar has appreciated nearly 15 per cent against the U.S. dollar in the past year.
Overall, Moscow is the world’s most expensive city for expatriates for the third consecutive year. Tokyo is in second position climbing two places since last year, whereas London drops one place to rank third. Oslo climbs six places to fourth place and is followed by Seoul in fifth. Asunción in Paraguay is the least expensive city in the ranking for the sixth year running.
Moscow is close to three times costlier than Asunción. Contrary to the trend observed last year, the gap between the world’s most and least expensive cities now seems to be widening.
“Current market conditions have led to the further weakening of the U.S. dollar which, coupled with the strengthening of the Euro and many other currencies, has caused significant changes in this year’s rankings," said Yvonne Traber, a principal and research manager at Mercer.
“Although the traditionally expensive cities of Western Europe and Asia still feature in the top 20, cities in Eastern Europe, Brazil and India are creeping up the list. Conversely, some locations such as Stockholm and New York now appear less costly by comparison."
Mercer's research confirms the global trend of price increases for certain foodstuffs and gasoline. This increase is partly balanced by decreasing prices for some commodities such as electronic and electrical goods due to cheaper imports from developing countries and advances in technology, she said.
Mercer’s survey measures the comparative cost of over 200 items in each city, including housing, transport, food, clothing, household goods and entertainment.
Mercer's Cost of Living Survey 2008
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