Two weeks in one of these cities could actually financially ruin you if you are a low budget traveler. Note that moving to one of the world's biggest metropolises in Asia and Europe could also be quite challenging as the costs of living in the largest cities of Japan, China or Switzerland go, most probably, far beyond what you imagine you could live on.
According to the Mercer's 2009 Cost of Living survey, the metropolises of Asia and Europe are the world's most expensive cities for expatriates, though New York can also be found on the top ten list. Mercer, a financial services consulting firm, has surveyed 143 cities worldwide and measured costs of around 200 items such as housing, food, entertainment or transport.
The global crisis and currency fluctuations have dramatically influenced the cost of living in the world's largest cities. Still, the expats and travelers are lured to these cities by the prospects of good jobs, fascinating nightlife and great cultural life.
See where life costs truly a lot, accommodation is unbelievably expensive and beer is so over-priced in bars that you may think twice before you get one.
10th Singapore.
What else to expect from the world's fifth healthiest nation? Singapore, a cosmopolitan and diverse Asian city-state, is inhabited by around 5 million people. It has been ranked the tenth most expensive city in the world not only by Mercer but also by the Economist Intelligence Unit, another research and advisory company. It climbed three places from the 13th position on the Mercer's list in 2008.
9th Beijing. China.
Beijing, the capital of the People's Republic of China and one of the country's largest metropolises, moved up from 20th position in 2008 to 9th in 2009. It is one of the fastest developing cities in the entire country. The city's most important industry is finance - in 2007 the revenue generated by this sector accounted for 11.6% of the total financial industry revenue in China.
8th New York. The USA.
New York, used by Mercer as the base city for the survey (all cities are compared against it), joined the top 10 list climbing up from the 22nd place in 2008 due to the strengthening of the US dollar. The high cost of living in the city is mainly caused by the extremely high prices of housing. New York's rents are almost double that of Los Angeles, which is the second most expensive city in the USA and 23rd in the worldwide ranking.
7th Copenhagen. Denmark.
Copenhagen.
It seems almost immoral that Copenhagen, such a tiny and calm city (in comparison to world's other most over-priced cities), is so expensive. The capital of Denmark is home to around 1.2 million people that consider themselves, despite the prices, the happiest people in the world. The city, although small when compared with Tokyo or New York, is the country's financial center and the main economic hub in the whole Scandinavian-Baltic region.
6th Zurich and 4th Geneva. Switzerland.
Zurich.
Something would be wrong with the Mercer's research if Swiss cities weren't on the top ten list of the world's most costly metropolises. But of course they are. Zurich is sixth and Geneva fourth on the list, and they have moved up from eight and ninth positions in 2008 respectively. Switzerland, with a nominal per capita GDP of $67,384 that exceeds the GDP of Japan, is one of the richest countries in the world. Still, in contrast to Denmark, where taxes eat half of Danes' salaries, Switzerland has one of the smallest taxation systems among the developed countries and quite a flexible job market.
5. Hong Kong
Hong Kong.
Hong Kong is the most booming city in Asia. It is a leading financial center and one of the Four Asian Tigers. Its territory is very small - 1,054 km2 (407 sq mi) - but inhabited by around 7 million people. Therefore, the cost of housing has a potential to consume a major part of your salary. The prices of food and drinks are also quite high in comparison to mainland China so visiting the city may seriously strain your travel budget.
3. Moscow. Russia.
Moscow, the city of contrast and the hub of New Russia, is the world's third most expensive metropolis to move to. Tokyo has knocked Moscow off the top place, though in 2007 and 2008 the Russian capital was the most costly city according to Mercer. Again, the culprit of high cost is accommodation, which is most expensive among all European cities.
In 2008, Moscow had 74 billionaires while New York had 71. However, in 2009, there are only 27 billionaires in the city due to the global crisis and weakening of the rouble.
In 2008, Moscow had 74 billionaires while New York had 71. However, in 2009, there are only 27 billionaires in the city due to the global crisis and weakening of the rouble.
1th Tokyo and 2th Osaka. Japan.
Two Japanese cities - Osaka and Tokyo - occupy the second and the first places respectively on the world's most expensive cities list. The Japanese capital has the highest cost of living due to the strengthening of the Japanese yen. While locals have got used to paying astronomical prices for everything from fruit ($25 for a mango) to rents that may exceed several thousand US dollars for a two bedroom apartment in Tokyo, the expats and visitors might be quite shocked paying $11 for a pint. Tokyo is nearly three times as expensive as Johannesburg, the world's cheapest city (143rd) on the Mercer's list.
