Zurich has overtaken Tokyo to rank as the world’s most expensive city for the first time in 20 years, according to the Economist Intelligence Unit's latest Worldwide Cost of Living Survey. The Swiss city was joined in the top five by Geneva, which rose to third place to tie with Osaka. Whilst Switzerland has long been home to some of the priciest places to live, its upswing in the rankings can be attributed to the heavy investment in the Swiss franc, which is seen as a relatively safe currency outside of the embattled Eurozone, according to the report. Local price inflation in Switzerland has been low, but the report explained that "local inflation in mature markets always has far less influence on the relative cost of living than the currency movements of the countries in question." Cities in the Asia-Pacific make up half of the top ten—in addition to Tokyo and Osaka, Sydney and Melbourne placed seventh and eighth, respectively, followed by Singapore. Seoul climbed 13 places over the last year to 27th place, and Chinese cities are also increasingly expensive, with Shanghai surpassing New York by two places to rank 42nd. At the same time, deals can still be found in Asia, as other Asian cities rank as the cheapest places to live. Mumbai and New Delhi in India, and Karachi, Pakistan rank in the bottom five, due to cheap labor and land costs. The report said these factors are “why India has been such a target of labor outsourcing, relocation, and foreign direct investment over the last decade,” although it notes that these advantages are accompanied by certain security risks. The survey, which is conducted twice a year, compares hundreds of prices across 160 products and services, including food, household supplies, transport, utilities, and schooling. Top 10 Rank City Country WCOL index (New York= 100) 1 Zurich Switzerland 170 2 Tokyo Japan 166 3 Geneva Switzerland 157 3 Osaka Japan 157 5 Oslo Norway 156 6 Paris France 150 7 Sydney Australia 147 8 Melbourne Australia 145 9 Singapore Singapore 142 10 Frankfurt Germany 137 Bottom 10 Rank City Country WCOL index (New York= 100) 120 Muscat Oman 63 123 Dhaka Bangladesh 61 124 Algiers Algeria 59 125 Kathmandu Nepal 58 125 Panama City Panama 58 127 Jeddah Saudi Arabia 57 128 New Delhi India 56 129 Tehran Iran 54 130 Mumbai India 52 131 Karachi Pakistan 46 |
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The picture on the story is of Luzern, not Zurich. I guess this happens when news media starts to rely on "iReporters" for contents.
I live in Zurich, and the photo is definitely Zurich, not Luzern. It was taken between Bellvue and Helmhaus, and you can see the Fraumunster and St. Peter's cathedrals.
Well spotted, Ali. Image now changed -Eds
Ali,
Umm that's simple wrong, been to Zurich plenty of times and I recognize those clock towers right way, that's Zurich alright...
European Countries have topped the list, with Zurich being on top of the charts.
Mumbai...Cheap!!! you guys have lost it completely – try and buy a decent 3BR house in Mumbai for less than a million USD...try and go out for drinks and dinner at a half decent place for less than $100
Ali and Scott,
You are both wrong. The picture is clearly Antarctica, even Americans would notice that. You should both be ashamed of your blatant ignorance.
Tehran is bloody expensive!
The survey is not a general cost of living measure but is aimed "towards executives relocating... used to calculate fair compensation." The surging Swiss and Australian currencies and the nations' prosperity has been the greatest influence according to the survey editor Jon Copestake. "Factors such as stability and good infrastructure will promote investment, which contributes to driving up the cost of living."
Surprisingly, the most expensive North American city was Vancouver at no 37 followed by Los Angeles at no 42 and New York even more surprisingly at 47 (must not include a Manhatten apartment).
Having been in Auckland for a few days, I am surprised that Auckland is ranked 15 but I was spending Australian dollars (humour :) ) and enjoying legendary New Zealand hospitality.
Australia's unemployment is about 5% and the economy is believed to be the fastest growing OECD economy in 2o12. OECD forecasts predict Australia will have the fastest growth in the developed world in 2012: a rate of 4 per cent equaled only by Chile and approached only by Korea at 3.8 per cent. The OECD says the resources boom and strong terms of trade should offset the negative effects of the high Australian dollar.
The Australian population is undoubtedly better off as Australian income growth has exceeded price increases. Tourism numbers with 1 million Aussies to visit the USA this year give a strong indication of confidence and increased disposable income.
Top 10 aand bottom 10, Where are the test of the rankings?
This list / surgery is INVALID simply for listing Mumbai & Delhi as one of the world's CHEAPEST!! Which is a joke beyond being funny at all. Mumbai is infact one of the most expensive places to live in the world, inflation is skyrocketing past couple of years, even as a tourist with US Dollars its not cheap. Obviously this survey hasn't taken into account many many things.
Might wanna take the Outlook Web Access part outta the link ... just saying :)
http://www.eiu.com/public/topical_report.aspx?campaignid=wcol2012&reason=philippians%203:8&fsdf=sdf32=sdf45gw=et44gsd
The picture on the Europe page is of Luzern, its the Kapellbrücke. I'm Swiss and know what I'm talking about.
lol mumbai being cheapest...they are couple of acre of land in mumbai for over 200million USD. what a joke. the whole survey is a joke.
In Moscow a cup of coffee at Starbuks costs 7 $. Does it cheap ?
so being ranked as the most expensive is primarily an issue about foreign-exchange concern..hahaha..the article is funny.
Mumbai is NOT inexpensive!!!
when they put Mumbai at the bottom- they probably meant among the cheapest-LOOKING city, not the cheaper to live.
Jeddah is one of the most expensive cities in Saudi. I doubt the accuracy of this list!!
I know what they mean. Buy any vegetable or fruits in first world you will get surprised that you are in debts.
Reporter is living in a "fairy tale" LAND COST CHEAP IN NEW DELHI AND MUMBAI???????????????? WAKE UP TO THE REAL WORLD.
WHERE IS ABU DHABI??
Of course it is Zurich. If never been there.. Google will help you dude!
From Gartner Quadrants to Forrester Research to Moody's, there are hundreds of groups that produce economic analysis that are being paid for it. These folks don't do this for free! And the people who pay more get their city, or product, or country listed more favorably than others (who don't pay). WCOL index is no more reliable than any other marketing scheme. They get paid to list a certain city higher than another. Zurich is no more expensive than Paris and London is far more expensive than either (but Zurich paid WCOL more than London did). It's a sham and people eat it up.
Give Ali a break guys! The original photo WAS Lucerne – and the thumbnail associated with this story if you post on facebook (which I did b/c I live in Zurich!) is STILL Lucerne. The eds. made a comment that they changed it.
Mumbai generally are very cheap! That is an affirmative observation. The only expensive places are those 5 stars hotels, indulgence restaurants mainly visit by the super riches or foolish foreigners like me.
mumbai is cheap!!!R u kiddin me....it has some highest real estate prices in the world.Nowf u want to live in a slum it's upto u..By the way it's freakin cheap out there..
Wow, as if I needed another reason to move to Karachi!
Who performs this research? Everyone on the staff should get out more. This would be a great idea for a reality show. Give the contestants $500 US and see how many days they could survive in Mumbai. By the way, the photo was taken in Zurich.
well in the top 10, USA doesn't appear. I am really surprised.It is an expensive country, isn't it?
TOTALLY AGREE!! I just returned from a Europe trip with three teenagers and lunch (4 sandwhiches and 3 beverages of Coke) were $75.00 US dollars!!!!!
Mitt Romney and friends are too busy ripping off the poor to find time to read your article! Furthermore, the rich already know where the expensive cities are! After all, these places are the playground of the rich and famous!
Doha, Qatar should definitely be in the top ten most expensive places to live.
Well Well, This article could be true in 1912, Guys its 2012, I can sell 3 BR Apartment in Mumbai,Colaba for 12 Million USD and Purchase a huge Villa is Zurich and still purchase BMW in Zurich, Wake Up Guys
Now you know why Jesus loathed moneychangers and middlemen, who basically make fortunes by diddling with other peoples money while producing basically NOTHING tangible for society. Goes to show you that what is a good economy for some, is a scourge for many.
Victor Perton's comments are correct; this study looks at costs in US dollar terms, without taking into account the wages earned by the locals. Studies that are more informative are those that link average house prices or cost of a set series of common-use items to the average salary in that same area. A recent such study showed that house prices in Vancouver and Sydney were the second and third highest in the world relative to salary – 10.5 times and 9.5 times respectively.
I live in Europe and in Mumbai. For me, mumbai is as costly as city like Amsterdam in Europe in terms Purchasing Power. You cannot get a decent 2BHK apartment in Mumbai for less than 2 Million Dollars or more and in fact you can get less than that in Amsterdam. !!! And 2 BHK in Mumbai is not big it would be 80 meter sqaure or bit more than that....
In QUITO – ECUADOR, one very big department 2 years old 140m2 costs around 100000 US dollars, here in Zurich one department 60 years old 50m2 costs around 200000.
a lunch in ECUADOR = 2 dollars
a lunch in ZURICH = 30 francs
a soda in ECUADOR = 0.35 cents
a soda in ZURICH = 3 francs.
ECUADOR, life at its purest...
This is a poor fluff piece that appears on some form or another every 6 months. The State Department issues a more comprehensive list on their website, which is likely the original source of these reports. So the figures are relative to the trading value of the US dollar, and not really accurate for someone with an income in local currency. The important thing seems to be a picture which either is or is not Zurich, as argued by people who live there or have been there.
That`s true. CNN should have mentioned this. The Dollar has fallen a lot more vs the Swiss Franc over the past decade then the Euro has. You would get only 0.6 Dollar for 1 Swiss Franc in the year 2000. Now in 2012 you can already get 1.1 Dollar for Each Swiss Franc. In 2000 you would get 0.6 Euro`s for each Swiss Franc, now you get 0.82 Euro`s. The Dollar has dropped far more in value then the Euro has. This is also seen in the Euro vs Dollar value`s over the past decade.
I bet thar aint many Walmarts, shootin ranges n rodeos in them top 10 citys.
The fact that Amsterdam is not on the top 10 list completely invalidates the survey. We've lived in Switzerland and The Netherlands. The Dutch cost of housing is double the Swiss and the other items are no less.
Remember, the rankings use NYC as a baseline with a score of 100. So it is all relative as to how things are going in the Big Apple.
That is where wealthy Americans stash the cash.
you guys are talking about different pics. The city under heading on previous page, "the most expensive city", is definitely Luzern, with the old bridge in the foreground. Zurich may be in the picture on this page.
What!!! Izhevsk in the Udmurt Republic didn't make the top spot?
Did the survey consider the cost of buying/renting real estate? That is the biggest expense for most people. Why is New York not in the top 10? The cost to rent/buy an apartment in NYC is astronomical.
Mumbai and New Delhi have cheap land? Someone is on drugs
Another reason that Karachi, Pakistan is a cheap place to live is that you stand a good chance of being blown up on a daily basis. That tends to lower prices.
Ali, that image is definitely Zurich and not Luzern since I lived there.
How come Camden, NJ didn't make the Bottom 10 list?
OUCH!!!! Sydney #7! Heading there for Mardi Gras 2/26/12..Hope to find some decent places to grab a bite or have a beer!!!!
real estate to many is investment, does not make Mumbai an expensive city.
Was this ranking done before or after they lowered the CHF through a peg to the EUR?
The picture is of Zurich now but it sounds like the editors changed it after Ali's comment.
stop feeding the beast, people! flush the parasites down the toilet! yes, you can live OUTSIDE the parasitic system!
karachi here we come lalalalalalalalalalalalalalalalalalalla
delhi mumbai... cheap land costs...!! are u crazy...?!! land costs in most areas of delhi and mumbai is much more expensive compared to any city in usa..
I was charged US $32 for a single Jack & Coke in Zurich last summer... my most expensive drink to date.
This doesnt make sense... Mumbai and Delhi are the Cheapest Cities to live? Really? Seems like who ever made this list has never been to either of these 2 cities... Dumb report I guess
Woo hoo Karachi Pakistan... I'm off to live in the cheapest place in the world!
Dump this survey – Garbage – No Substance – These media guys are not worth a Penny.
Mumbai....Just visit this place and have a stay for a month ..you will go crazy ...housing is expensive that any city in US even if you spend in $$$
Any place where millionaires can hide their money and evade taxes will be the most expensive city to live in. They don’t want any outsiders.
What about Pyongyan (sp?) in North Korea? C'mon that place is a bargain hunters paradise!
Funny. I know why some are completed dumbfounded with this list. I've been to India 3 times. Mumbai is VERY expensive! My in laws live there and have a 3bd place. If they every decided to sell their property they could very easily buy a house in Los Altos, CA or New York, NY. I really question this article's' data...
I live on Martha's Vineyard. Chilmark, one of the island's towns, is consistently rated the most expensive town in America. Last time I checked, there was only one house on the market for less than $1 million (US) and it was a shed on a tiny piece of land. However since MV doesn't have any "cities" it won't be on a survey like this. Most year-rounders live like peasants, but it's a free country, so we can move if we want. No one is holding a gun against anyone's head forcing them to live in any of these over-rated, extremely expensive places.
OMG: Ali, are you blind, that picture is soooo Zurich and not Luzern ... LOL .... (it's obvious that Ali was correct, then the web site corrected their mistake and then everyone else saw Ali's comment after the incorrect photo was fixed ... )
PS. Can anyone recommend a good buyer's agent in Karachi, Pakistan?
The picture on the story is of Luzern, not Zurich
someone does not know, what he is talking about, putting new delhi and mumbai in bottom....u got to be kidding ...if not write this article again with proper research.
How is Ecuador not in the bottom list? Big seafood lunch with drinks was under $2 and New York City is much more expensive than Paris. I found good meals in Paris for under $5, try that in New York.
These lists are kink of misleading. Sort of like the list of the most populous cities.
I believe technically, Nuuk Greenland is the most expensive city. That's assuming you need to buy the same things one buys in Copenhagen. The locals eat and use things that can be produced locally which are cheaper. They eat fish nostrils and are quite content.
Also, the criteria probably doesn't include the cost of security, which would make Karachi prohibitively expensive. Or medical care, public transport, etc...
@Victor Perton, New Zealand is expected to have a GDP growth equal to, if not slightly higher than, Australia in 2012 and in the years to come. Please do not play the game played by US media of ALWAYS mentioning/talking about Australia and not giving a bird's crap about New Zealand. And yes, I'm from New Zealand and yes, Auckland is A LOT cheaper than basically all the major cities in the developed world.
Abolutely right "Fas4u"
Indian cities are definitely not the cheapest to live in.. If we do a like for like comparison beyond labor and basic items, Indian cities are more expensive than most of the developed cities. Take for e.g. cost of buying a flat in Mumbai, accommodation in a five star hotel, shopping in malls, etc
good thing Ali wasn't the reporter given that she doesn't know her cities ....duh
Mumbai is cheap? Wow. The folks conducting the survey definitely haven't bothered cross-checking their facts.
Actually no. 1 spot should go to.......................... Luanda, the capital of Angola. Due to an economy ruined by decades of civil war and a corrupt system a small (and not particularly nice) house will cost you $10,000 a month to rent and a kilo of tomatoes a whopping $16! Almost everything is imported and corrupt customs officials take their cut of the action – increasing prices further. A far cry from the glitz and glamour fo Zurich and Tokyo...
How about London. I though until last year was the second ot third most expensive
karachi is one of the cheapest cities? the cost of living has shot through the roof here. And it is expected to worsen thanks the energy crisis. would like to know the criteria and assumptions of the survey...
In Australia the few that can afford to splash the high Aussie dollar mask the many who are on struggle street and the divide is increasing.People are finding it difficult to pay utilities such as gas and electricity.
Also in Australia a forum for comment such as this is controlled and censored. I would not see my comment immediately if at all.
Can someone tell me why exchange rate fluctuations are a large component in the cost of living analysis? Live in Zurich, earn in Zurich, spend in Zurich. No exchange rate. Cost of visiting, sure, get ready to spend lots of dollars.
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See the elephant is dying and die a very sad situation
http://upload40.com/12317.html
What an anamoly.. the cheapest city houses the most expensive house in the world ( Ambani's Atilla) :)
Toronto is very expensive as well. Imagine working for $10-12/hour and having to pay $1200 rent every month without utilities, food and transportation (public transit is $3.00 one way). Of course I would imagine Athens to be the most expensive, where the majority of wages range between 400-600 euros each month. Food, utility and transportation prices are at least equal to other European nations. Gasoline is nearly 2 euros a litre... I think the list above is wrong.
This rediculous everyone can't be rich who lives in those countries,why a million for a 3 bedroom with little space , these are nuts.
The rich get richer scheme. Its Kool living in other countries, exploreing and tasteing different foods, however nothin beats living in America. It's expensive,but its better bein over here
Do not been Seoul in Korea. Korea is very expensive country. When I visit several neighborhood country, Tokyo, Osaka, Shanhai, Beijin, Taibei etc.... I think that Korea is high more than them cunsumers price. This report have not been a standard . This research is the outline.
The listed bottom ten have non-consecutive ranking numbers. Have you omitted countries and if so, what's the criteria?
Ali is correct-the link photo is definately of Luzern. Not only is the iconic wooden footbridge (which recently burned down) visible, but also the Hotel Alpes on the left side of the waterway.
I don't want to argue with anyone who is denying Mumbai and New Delhi are cheaps. Well, let's me ask you....ARE THERE ANY SLUM IN MUMBAI or NEW DELHI? Is anyone living under $1.00 a day? Therefore, they are CHEAP and POOR and STOP PRETENDING YOU ARE RICH!
Thank you CNY it is possible to live in the bottom 10 with less than a dollar US a day it is not though in Switzerland Paris or London
Wow, how did Europe get to be so expensive? Oh yeah, socialism.
Where does London come it seems pretty expensive here to me, compared to Hong Kong where I lived for a year.
Poorly written article.
Here is how the WCOL is calculated http://help.worldwidecostofliving.com/AbouttheEIUWorldwideCostofLivingsurvey/Howisthecostoflivingindexcalculated.aspx
I could not find any mention of real estate costs contributing to WCOL, however the article claims Mumbai and Delhi have low real estate costs.
WRONG – on two counts – including the cost of real estate in the analysis and
assuming real estate is cheap in Mumbai and Delhi
Irresponsible reporting. Alexis Lai should be sent to Mumbai and Delhi on his/her own money.
people must be careful not to misinterpret results: Goods and services may be the most expensive in the top ten cities, but wages are also much higher. A more telling study would be adjusted for average income, and would rank cities with highest cost of living relative to average income...a list like that would more clearly illustrate the most economically demanding environments in which to live, and I think cities like New Delhi and Beijing would rank much higher since wages there are so low.
Something is very wrong with the research, if it is putting Mumbai and Delhi near the bottom of the list. Or else, the cost of housing (renting and purchasing) is not a factor in the study. Mumbai is easily one of the very most expensive cities in the world to buy apartments, and you can forget about buying land – cheaper to buy land under the White House. The research needs to be reconsidered.
I've lived in Panama City, Panama, which is ranked number 125. It is a beautiful city, and tropical to boot. I'd live there in a heartbeat. Cheap rent. Cheap eats. Free beach. What more can you ask for????
I'm retiring in Kathmandu with $10K and going to live like a king!
Ok! For all you people who keep stating that Mumbai doesn't have cheap land, you did not read the article. The article is about expenses to live there. First of all Mumbai is also not on the bottom of the list, some place in Pakistan is(also not a shocker). This means that the cost of living there is the cheapest and obviously not if you live in one of a few billion rupee buildings. However food, cost of schools, utilities and all those things are included in the survey. If you have ever been to India in new Delhi or Mumbai you would know that you can buy a great deal of things for very very little. That is the point. So don't take offence if you live in Mumbai, but yes things are cheaper there then say Tokyo where everything costs a lot of real world money.
I have lived in Dubai, Munich, Hamburg....& Mumbai. and still Mumbai was much more expensive to live in. I would never think twice when I want to go out in Munich, but would think thrice before spending out money in Mumbai. This offcourse is true if you are not living in slums, which perhaps the CNN reporters did! You Americans..."Good Job" !!!
European cities rank so high because of the whole set of "wealth creation"parameters that work well together despite all the derogative suggestions in anglo-media,Is it envy? Call it socialism (which? ) if you want....it's the continent that unites most desirable features for a large cross-section of its citizens, and that comes at a price!
This is not the cost of living for the population, but for tourist and for executives of foreign companies staying there, your outrageous CNN reporter.
If Shanghai , which also has an ordinal above 100, has a cost of living above the NY's, how the Chinese laborers earning between, $ 100-150 a month, have still not starved?? As Mr. LAI by his name is of Chinese ethnicity, I would suggest CNN fires or pay him a Chinese Salary. You agree, .不，先生，赖吗？
The rankings are foolish if they don't take into account the purchasing power of the local currencies. Mumbai, Delhi, Tehran, are very expensive places to live, if you are earning and paying in local currency. Mumbai is expensive even you earn in dollars, actually. European cities are higher only because of the favorable dollar-euro conversion rate.
Caspiar, everyone whining is not stupid. They've read the article. As have I. I understand what they took into consideration to conduct the survey, but clearly those factors are not conducive to producing accurate results. As Jason stated before me, purchasing power is quite clearly a huge factor in calculating what is considered "expensive", and that has not even been taken into account. It's kind of a worthless survey.
Come on people...quit assuming you know stuff that you don't. That picture is clearly from Zurich. Don't believe those that truly know, then go to the following site which shows the church: fraumuenster.ch Look up the address in google maps: Münsterhof
8001 Zurich, Switzerland. Move around the city, you can see the exact same picture (minus the Ferris wheel) With that said, can all of you saying it wasn't Zurich please admit you were wrong and move on now? I hate how defiant people are when they are wrong!
To this web site,
This is a very good web site but there no more things than other site. From, Ashutosh Roy. Date.5.3.2012(when i read in class nine)
Mitesh They do have WiFi service at Terminal 1 and Terminal 2 but it is not free. You have to brbscuise to T-Mobile and they charge it on your credit card.On the other hand, Singapore Airport has FREE WiFi service and comfy seating arrangement for their transit or waiting passenger.Pravin and Jay Thank you very much.
If we are talking abour expencive places to leave. How abour Russioa Moskow ?
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2 weeks ago my cousin reernutd a phone she found on the street outside her apartment complex and received a bottle of bubbly for her trouble'. (I'm so out of sync with all blogs!!! Catching up this Sunday night. Though I'd all but given up on this one!)
Most expensive city to live in is Zurich, Switzerland. We had moved many people to there and I can tell you it is expensive.
http://www.optima-moving.com
Oh yeah, Europe is expensive place to live. My next stop Paris :)
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hpixel
Well Kathmandu* city is rising enormously upward in housing and luxurious wqy of living in recent years it will be the expensive city and will be like Hongkong.
Putting Mumbai and New Delhi at the bottom of the list is a big mistake of this flawed survey. Surely these are just absolute dollar figures in isolation without taking into account the income of the resident population.
In Mumbai the cost of living is very high compared to salaries and taxes are no less at 30% for a hardly decent income. Buying a matchbox sized apartment is an expense a middle-class citizen ends up repaying over their lifetime. Add to it ever-increasing household expenses, education fees and medical costs. And then you pay through your nose for recreational activities, eating out etc. Not much value for money really ..
Compare it with Australia where taxes and absolute costs may be high, but salaries are sufficient to sustain a comfortable lifestyle.
I'm not sure what this article is trying to convey. Very misleading ...
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