Many Eastern European cities have dropped sharply in the rankings of the world’s most expensive cities, according to Mercer, whose annual list is used by some companies to calculate compensation and relocation payments to expatriates.
Prague has fallen 22 places to rank 50th. Warsaw has dropped from the 27th most expensive city last year to 62nd this year. Expats can rent a two-bedroom, luxury apartment in Warsaw for $1,320. They’ll pay double that cost if they rent in Bejing, and more than double in London, New York, and Tokyo.
With the cost of renting on the rise, Moscow is the most expensive city in the world. Seoul is second, followed by Tokyo. The survey measures housing, transportation, food, clothing, entertainment, and other costs.
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New York is the most expensive city in North America, more costly than Los Angeles and San Francisco. Sao Paulo and Rio de Janeiro are the most expensive cities in Latin America,?and?Sydney priciest in Australia.