topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2270.63 -0.42
DAX 6788.8 0.59
IBEX 30 8902.1 0.60
CAC 40 3424.71 0.43
FTSE 100 5895.47 0.33
AEX 325.12 -0.06
DJIA 12890.46 0.05
Nasdaq 2927.23 0.39
FTSE MIB 16653.83 -0.09
TSX Composite 12497.94 -0.18
ASX 4357.1 -0.15
Hang seng 21010.01 -0.04
Straits Times 2981.17 -0.03
ISEQ 20 503.71 0.33
You are here: Home News European News London cheaper than New York

European News

archive
Enlarge font Decrease font Text size


09/03/2009London cheaper than New York

Recent exchange-rate movements have prompted relative cost of living in London to fall below that of New York for the first time since 2002.

LONDON – For the first time since 2002, the cost of living in London is cheaper than New York, according to the Economist Intelligence Unit’s cost of living survey.

In the past few months, the relative cost of living around the world has changed as European currencies such as the sterling, euro and the Norwegian krone declined drastically.

In the UK, the weakening pound sees London–originally-ranked in eighth position–slide to 27th place – below New York’s ranking of 23rd. New York used to be the 38th most expensive city to live in.

Norway’s Oslo – the former most expensive city dropped to fifth position, trailing behind Paris (third) and Copenhagen (fourth).

“Two factors drive the relative cost of living: local prices and exchange rates. Normally our ranking of cities by cost of living is relatively stable, but in the current global climate changes in exchange rates have significantly altered our assessment of the most and least expensive cities,” said the editor of the report, Job Copestake.  

The survey, across 140 countries, is based on a comparison of the September 2008 cost of living survey to the February 2009 exchange rates and assumes that local prices have not changed.

The stronger yen means Tokyo is now the world’s most expensive city to live in and Osaka the second. The strong US dollar also sees a number of cities such as New York, Los Angeles and Chicago jump in rank.

Despite the decline in European currencies, Western Europe remains the most expensive region to live in with seven cities dominating the top 10 list. Zurich ranks sixth, Frankfurt seventh, Helsinki eighth and Geneva ninth.

The cities which are cheapest to live in remain predominantly Asian, and include Kathmandu, New Delhi, Mumbai and Karachi.

Rank    City
1           Tokyo
2           Osaka
3           Paris
4           Copenhagen
5           Oslo
6           Zurich
7           Frankfurt
8           Helsinki
9           Geneva
10         Singapore

Expatica


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating


0 reactions to this article

Be the first person to add a comment
Discussion Forums

English in Spain

Public (free) primary schools in Barcelona + surrounding areas.

Jobs in Spain

IFAs / FSIs / Country Managers / Confidential Introducers

Community Noticeboard Spain

Barcelona-stay updated!

Housing in Spain

Sitges, Barcelona - 5 Bedroom Villa € 1,150,000 For Sale

Jobs in Spain

“Silicon Valley Comes to Barcelona”, 24th Feb 2012

participate in the forums

Inside Expatica
Editor's Guide: Getting Started in Spain

Editor's Guide: Getting Started in Spain

Expatica's Getting Started section will provide practical information on how you can open a bank account, exchange your driving licence, improve your Spanish, and more.

Groups and Clubs in Madrid

Groups and Clubs in Madrid

Here's a guide to an extensive list of groups and clubs in Madrid for expats, from sports groups to social and family gatherings.

Groups and Clubs around Spain

Groups and Clubs around Spain

A brief introduction to our Tax section for Spain, from help with inheritance tax to accounting advice.

Groups and Clubs in Barcelona

Groups and Clubs in Barcelona

Here's a short introduction to our Banking section for those living in Spain, from what to ask the experts to opening a Spanish bank account.