To help multinational companies calculate assignment salaries, twice a year ECA International carries out a cost of living survey, comparing the cost of a basket of consumer goods and services commonly purchased in over 400 locations worldwide.
This week ECA unveiled its most recent list, showing that Tokyo remains the most expensive location in the world for the second year running. For the third year running, Oslo is the most expensive location in Europe, followed mostly by Japanese and Swiss cities.
In the Americas, Caracas (13) continues to be the most expensive location, followed by Rio de Janeiro (22), and Sao Paolo (29). Vancouver, placed 43rd globally, is the most costly location in North America. New York’s Manhattan is in 46th position, down from last year’s 28th place.
Living costs are affected by inflation, availability of goods, and exchange rates; the survey covers food, general services, clothing, and eating out, but not utilities (electricity, gas, water), car purchase, and school fees, which are usually compensated for separately in expatriate packages.
Top 20 most expensive cities
1. Tokyo, Japan
2. Oslo, Norway
3. Geneva, Switzerland
4. Nagoya, Japan
5. Zurich, Switzerland
6. Yokohama, Japan
7. Bern, Switzerland
8. Stavanger, Norway
9. Basel, Switzerland
10. Kobe, Japan
11. Luanda, Angola
12. Copenhagen, Denmark
13. Caracas, Venezuela
14. Helsinki, Finland
15. Sydney, Australia
16. Moscow, Russia
17. Canberra, Australia
18. Libreville, Gabon
19. Stockholm, Sweden
20. Paris, France