January 30, 2001. Copyright 2001. Graphic News. All rights reserved.

TOKYO TOPS MOST EXPENSIVE CITIES LIST

LONDON, January 30, Graphic News: TOKYO is the worldÕs most expensive city to live in, outpacing such global centres as New York, London and Paris, according to a new report released this week.

The survey, which compared prices and products in 133 cities around the world, ranked New York as the globeÕs seventh most expensive city. New York was a newcomer to the top 10 list and the only U.S. city on it.

The comparative cost of living in Europe has plummeted in the past year helped by the weak euro. Paris has slipped to the 26th most expensive city in the world, from eighth place in the previous year, while London remained the most expensive place to live in the European Union, according to the the Economist Intelligence Unit (EIU). Amsterdam dropped 20 spaces to 54th.

Among those that dropped out of the top 10 ranking were Zurich and Geneva, Switzerland; Copenhagen, Denmark; and Libreville, Gabon.

Due to restrictions on imports to Yugoslavia, Belgrade rocketed to the third most expensive city from 86th -- making it the most expensive place to be posted in Europe.

As European cities get cheaper, the strong dollar has edged American cities up the chart. In 2000, Seattle outstripped Dubai, while San Francisco overtook Vienna. According to the report New York is now slightly more expensive than London. 

The weakened Australian dollar reduced the cost of living down-under, moving Sydney from 45th to 62nd.

Asian cities dominate both the top and bottom of the scale. Of the top 10 cities, five are in Asia, while four of the cheapest ten are also in the region.

The cheapest city overall is Tehran -- which has a cost of living index of 24 against New YorkÕs benchmark 100.

A loaf of bread in Tehran costs the equivalent of 18 cents, while a similar loaf would cost $5.21 in Tokyo. Petrol in the Iranian capital costs two cents a litre, but the same amount in London would set a driver back $1.14, the EIU said.

The bi-annual EIU survey provides companies with a guide from which to calculate allowances for expatriate employees.
/ENDS
Sources: Economist, Reuters