The city this year rose to 53 positions – now it is on the 65th place
Moscow for the first time since 2014 returned to the top hundred ranking of the most expensive cities in the world for foreigners. This is said in a global study on the cost of living (Cost of Living Index), published by the consulting agency ECA International, released on Tuesday.
Because of the recent strengthening of the ruble’s exchange rate, the Russian capital has risen in the ranking by 53 positions at once – from 118th to 65th.
“Russian cities have made a big leap in the rating, while the ruble is strengthening its positions,” said the head of the production department of the agency Stephen Kilfedder, noting that in 2015 Moscow and St. Petersburg left the top 100 cities against the backdrop of a fall in oil prices and the Western sanctions that followed the reunification of the Crimea with Russia. “This year the economy has strengthened and Russian cities have risen in the rating,” he added. St. Petersburg has added 36 positions and is now on the 150th line.
The most expensive city for foreigners was the capital of Angola Luanda, followed by the capital of Sudan Khartoum. Next come just four Swiss cities – Zurich (3), Geneva (4), Basel (5), Bern (6). The top ten also included the capitals of Norway (Oslo) and Japan (Tokyo), Hong Kong (Hong Kong) and Stavanger (Norway).
Meanwhile, British cities have become more attractive to foreigners against the background of the depreciation of the pound following the June 2016 referendum on the country’s membership in the EU. So, for a year London has fallen to 36 positions – to 139th place. This was the lowest among the G-7 countries, and the United Kingdom itself is the cheapest country for expats in Western Europe. For example, if a hamburger with French fries and a drink costs $ 7.2 in London, $ 5.6 in New York, or $ 15 in Zurich. For a cup of coffee in the British capital will have to pay $ 3.5, and in Zurich – $ 6.4.
At the same time, the study notes that Chinese cities are becoming increasingly expensive for foreigners amid good economic performance and a strong currency. Thus, 14 Chinese cities in the last three years entered the Top 100, while in 2012 only Beijing and Shanghai were among the fifty most expensive cities in the world for expats.
In the US, the opposite trend is observed – the cities are moving to the bottom of the list. So, in the current ranking, Dallas and Philadelphia lost 36 positions, while Los Angeles – 61, and San Francisco – 63.
When making a rating, ECA International evaluates the consumer basket of goods and services that are available to an ordinary foreigner. Experts compare prices for food, such as meat, fish, groceries, fruits and vegetables. Also considered is the financial availability of leisure, everyday services, clothing, household goods, alcohol and tobacco.
This does not take into account a number of important indicators, when included in the calculation of the situation in the list would be completely different. So, from the analysis, such parameters as some expenses for living, such as renting a house, payment for utilities (electricity, gas and water), buying a car and tuition at school are excluded.
