Press Release: October 29, 2016
British cities drop places in the 2016 expat cost of living ranking released by EuroCost International.
The study is based on prices collected in June 2016 and updated with August 2016 exchange rates; it compares expat living costs in major locations worldwide, including housing costs.
• Tokyo the most expensive city in the world again
• Top cities subject to exchange rate fluctuations
• London and the UK always more affordable for expats
London, that was 2nd most expensive location in the world a year ago, has fallen down by 11 places, reflecting the pound depreciation after the vote in favour of ‘Brexit’.
It is worth underlining that London remains among the most expensive cities in the world because of the incredibly high prices of its residential rents, particularly in the city centre.
All British cities drop places in the ranking as a consequence of the pound devaluation. Oxford ranks 126th, Birmingham 166th, Bristol 167th, Manchester 175th, Southampton 177th, Glasgow 196th, and Newcastle 199th.
During the last two years, exchange rates have regularly strongly fluctuated and no less than four cities have occupied the top spot in the world’s ranking of the most expensive location for expats: Moscow, Luanda, Hong Kong and now Tokyo, back to the spot it had occupied until 2012.
Hong Kong is now the world’s 2nd most expensive city after one year on the top spot, as a consequence of the yen revaluation in June 2016.
European cities hardly appear in the top 30. Apart from the Swiss cities (Geneva 4th, Zurich 10th, Lausanne 15th, Bern 22nd and Basel 27th), the only other European cities are London 12th and Copenhagen 26th. Euro zone locations rise in the ranking, but remain far from the top: Paris, most expensive euro zone city, only ranks 44th.
The most expensive cities worldwide - 2016
2. Hong Kong
11. New York, NY
13. San Francisco, CA
17. Honolulu, HI
19. Abu Dhabi
24. Tel Aviv
30. Washington, DC
All details about 2016 worldwide ranking and comments on regional rankings on http://www.eurocost.com/en/news/113-the-most-expensive-cities-worldwide-2016
About EuroCost International
EuroCost International specializes in expatriation and conducts expat cost of living surveys in more than 300 locations worldwide.
Those data are used by HR professionals to calculate their expat remuneration packages.
EuroCost International cost of living indices are updated 4 times a year (in March, June, September & December). They are based on a basket of 350 goods and services representative of the consumption habits of expatriates and can be customised to fit any company’s or organisation’s salary policy. Those indices are available on a city-to-city comparison basis.
EuroCost International also provides specific reports on rental costs, school costs, business trips or on quality of life for expats.
For more information, please contact:
Visit the newsroom of: ECI