Every year various institutions come up with lists of the more expensive towns in the world. Some of these firms are CNBC, UBS Bank, Mercer, ECL International, Economist, Forbes etc. These firms employ different yardsticks to evaluate the cost of life in different cities. One of the methods these surveys employ is to convert local prices into US dollars. So, the cost of life in cities outside the US dollar zone becomes more expensive if the dollar depreciates against local currencies. The surveys often have different cities at different ranks in their lists, primarily because of the method of comparison used. Some surveys take the cost of real-estate as a reference point, while some may compare the prices of gas, rice, hamburger etc. Some of the latest surveys employ a method known as Apple iPod index to calculate the cost of life in a city. Apple iPod index calculates the number of hours an individual needs to operate in order to buy an iPod. All these modes of comparison yield different results, so what we have attempted to so is to make a generalized list of the more expensive towns in the world.
Although 57% of Angolans live in poverty, Luanda the capital of Angola is one of the more expensive towns in the world. Angola which is rich in oil resources is recovering from a 27 year old civil war which destroyed its infrastructure. Most of the products have to be imported to Angola. While over 60 per cent of the population lives on less than $2 per day, a decent apartment can cost as much as $10, 000 and for a lunch one has to shell out $100.
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It isn’t surprising that Tokyo is up here on the list as it likewise is one of the world’s densely populated cities. Tokyo, the capital city of Japan, has 13 million people living in 2000 square kilometers. This means housing prices are always high. Also, Tokyo is often hit by earthquakes and cannot build skyscrapers, further increasing the land prices.
Oslo, the capital of Norway is one of the more expensive states of the world. The government has levied high tax on imported items and alcohol, tobacco etc. So, a pint of beer will cost you anywhere up to $14. Oslo, also has a shortage of hotels, so tourists are required to pay relatively high prices for staying and food.
Most of the flats usually have these lengths but it can also vary.These luxurious apartments are also available for the tourist in order that they could have it during their visit in the city.
These apartments are available for minimum one night to a year. The best thing about the luxurious apartments is that they’re in the easiest reach. This makes it attractive for the tourists. Most of the time these apartments are placed near the commercial area or within the commercial area so it became a perfect room for a tourist to live because they can enjoy all the luxury and easy access to the market and other entertainment facilities. If seen from a family point of view then it can be see that for family these apartments are more convenient because these cheaper than hotels, while for the tourists they are the additional facilities like, DVD Players, double glazing, hairdryers, microwaves, Washer/Dryer, bath and separate shower, dining tale and chair, hair chairs are also available, oven, wooden flooring, dishwasher, Ironing facilities, and full kitchen.
Nagoya is Japan’s fourth most populous city and 44% of world’s automobiles are made there. The city ranks one for the cost of 1 kg of rice at $9.14. It is home to companies like Toyota, Suzuki, Mitsubishi, Volkswagen etc. making it one of the planet’s busiest cities for business.
Known for its shipping, semiconductor, and biotechnology industries, Yokohama is one of the world’s expensive cities. To have a hearty meal and a beer, one has to shell out around $30 in Yokohama.
This seaside city is known as Norway’s petroleum capital as it has huge oil resources, courtesy North Sea. Most of the expats living in Norway say that food expenses in Norway are about 50% higher than other countries of Europe.
Years of civil war made foreign investors skeptical about investing in the country. The demand for the most elementary items is high making it one of the more expensive towns in the world with no financial from foreign investors.
Zurich is the commercial capital of Switzerland and a major business center of the world. Zurich attracts top minds from all over the world with the greater part of the prestigious educational institutions. The steep rise in inflation rate has also made Zurich one of the more expensive towns in the world.
Copenhagen becomes one of the more expensive cities to live in Denmark because of a strong economy and relatively high wages. The city is home to numerous international head offices and is host to a very large number of expatriates.
The headquarters of United Nations and Red Cross are in Geneva. It is the world capital for international diplomacy and cooperation. Housing in Geneva is expensive as well with a two bedroom luxury apartment costing $4010 per month.
All cost of living surveys have New York city as a baseline, that is, the prices are in comparison with the prices in New York. New York ranks 29th in the list of most expensive cities in the whole world and number one in US. The rankings act as an index for governments to consider the compensation that the employees get in that country.