International Cost of Living Rankings International cost of living rankings are the result of comparing the cost of an expatriate?s personal budget, using the local prices for the same defined quantities of the same goods and services in each country throughout the world. Our findings show that the compound impact of the multifaceted global economic trends that impact each country in one way or another, are contributing to rapid substantial changes in the relative cost of living of countries around the world. The changes in relative cost of living are large and have occurred in a relatively short period of time. The reason for this is due to the fact that so many economic crises are occurring simultaneously. 2008 saw the housing bubble burst followed by the failure of a number of global fund / asset management, insurance and banking giants. Some have been liquidated or taken over; others have been bailed out with government funds. In 2009 we have seen the continued fall in house prices which many believe have yet to bottom out. Stock prices and market indexes are down to levels last seen a decade or more ago. The trend towards
Posts Tagged ‘2009’
Global Cost of Living Ranking – 1 April 2009
Saturday, December 19th, 2009Cost Of Living International Rankings For 1 April 2009
Wednesday, December 16th, 2009International cost of living rankings are the result of comparing the cost of an expatriate’s personal budget, using the local prices for the same defined quantities of the same goods and services in each country throughout the world. Our findings show that the compound impact of the multifaceted global economic trends that impact each country in one way or another, are contributing to rapid substantial changes in the relative cost of living of countries around the world. The changes in relative cost of living are large and have occurred in a relatively short period of time. The reason for this is due to the fact that so many economic crises are occurring simultaneously. 2008 saw the housing bubble burst followed by the failure of a number of global fund / asset management, insurance and banking giants. Some have been liquidated or taken over; others have been bailed out with government funds. In 2009 we have seen the continued fall in house prices which many believe have yet to bottom out. Stock prices and market indexes are down to levels last seen a decade or more ago. The trend towards decreased inflation and lower interest rates continues in developed and developing markets. We are also experiencing exchange rate volatility with a number of large economies seeing their currency weaken considerably in the past year. The economic impact is continuing to spread around the globe. We are currently seeing a truly global recession with reduced demand for manufacturing inputs and outputs as well as reduced energy demand and large scale job losses. This study of 276 global locations covered every country in the world. The study comprised the cost of several hundred items that expatriates typically spend their pay on, grouped into 13 Basket Groups. The findings as at 1 April 2009 have been compared to the previous findings of 1 December 2008. The Index uses New York as the base (New York = 100). An index greater than 100, means that the cost of living is higher than New York, an index less than 100, means that the cost of living is lower than New York. Geneva has a cost of living index of 110 for example. That means that on average, goods and services that cost $100 in New York, cost $110 in Geneva. Each city is ranked according to their overall cost of living index which includes the cost of all basket groups. A cost of living index increases or decreases based on the local price of the goods and services used in the study and the ruling exchange rate. As a general principle, a country with a currency that has increased against other currencies (stronger currency) and which has relatively high local inflation (rapid/large price increases), will generally experience an increase in cost of living compared to other countries. On the other hand, a country with a currency that has decreased against other currencies (weaker currency) and which has relatively low local inflation will generally experience a decrease in cost of living compared to other countries. It is important to note that we are talking about relative changes. Take London as another example. As recently as December 2008, London was still ranked the 6th most expensive place in the world for expatriates to live. As at April 2009 it is the 23rd most expensive place in the world for expatriates. That does not mean that the local cost of living for expatriates living in London has decreased. What it does mean is that relative to other places in the world, London is no longer as expensive as it was last year. What makes London’s cost of living relatively lower than it was is mainly due to the increase in the cost of living elsewhere together with the weaker British Pound. These relative changes have a substantial impact on expatriate employees. An expatriate working in a high cost of living – strong currency country such as Hong Kong where the Hong Kong Dollar is pegged to the US Dollar illustrates this point. The high cost of living makes it difficult to save due to high local prices; Household (Accommodation including utilities) in particular is very expensive. However, an expatriate working in Hong Kong will now likely find that remitting money back home provides greatly increased spending power at home. In the past year the Hong Kong Dollar has increased 15% against the Malaysian Ringgit, and 30% against the Indonesian Rupiah and the Australian Dollar. The Top 10 Most Expensive Places for Expatriates to Live Tokyo has retained its status as the most expensive city in the world for expatriates to live. The cost of living index for Tokyo has increased from 126 in December 2008 to 143 as at 1 April 2009, and the Yen has strengthened against the US Dollar. At the other end of the scale, Harare has retained its status as the least expensive city in the world and is ranked 276 with an index of just 17 and a currency which is still in free-fall. Tokyo is ranked 1st for Healthcare expenses, 2nd for Groceries and 2nd for Household (Accommodation including utilities). Hong Kong is now ranked 2nd overall having climbed from 33rd place in December 2008. Its cost of living index has increased from 103 to 121 and is ranked 1st for Household expenses and 2nd for Healthcare. It is interesting however to note that Hong Kong is not expensive in all categories. It is ranked 202nd for Alcohol & Tobacco, 226th for Recreation & Culture, 227th for Education, and 247th for Furniture & Appliances. Lagos is the 3rd most expensive city in the world for expatriates, having previously been ranked 11th. It is ranked 1st for Groceries and for Furniture & Appliance expenses, 6th for Healthcare, and 18th for Restaurants, Meals Out and Hotels. Caracas has moved substantially up the rankings to 4th, having been ranked just 32nd in December 2008. It is ranked 1st for Education expenses, 5th for Healthcare, and 6th for Household expenses (Accommodation including utilities). Port Moresby in Papua New Guinea is the 5th ranked overall most expensive city for expatriates due to most goods and services being imported from Australia. Port Moresby is ranked 6th for Recreation & Culture, 7th for Communication and for Healthcare, and 8th most expensive for Clothing. Geneva has dropped slightly to 6th, having been ranked 4th in December 2008. It is ranked 3rd most expensive for Transport expenses, 11th for Recreation & Culture, 15th for Healthcare, and 20th for Clothing. Dubai has moved into the top 10 most expensive places in the world for expatriates to live for the first time. Dubai is now ranked 7th, substantially up from 34th in December 2008. Its cost of living index has increased from 103 to 109 since December 2008. It is ranked 1st for Restaurants Meals Out and Hotel expenses, 6th for Clothing, 11th for Healthcare, and 16th for Groceries. Dubai is currently ranked 4th for Household expenses (Accommodation including utilities), however evidence is emerging that this will decrease significantly in the next quarter as it has been hit relatively hard in the property sector with falling property prices and rentals. Doha has moved up in the global rankings faster than any other city. In December 2008, Doha was ranked the 45th most expensive city for expatriates, it is now 8th. The overall cost of living index has moved up from 101 to 109, equal to that of Dubai. It is ranked 2nd for Restaurants, Meals Out and Hotel expenses, 3rd for Clothing, 7th for Household expenses (Accommodation including utilities), 8th for Groceries as well as for Recreation and Culture, and 10th for Healthcare. Denmark has dropped slightly to being the 9th most expensive place in the world for expatriates, having been ranked 3rd in December 2008. It is ranked 3rd most expensive for Groceries, 5th for Transport, and 15th for Furniture and Appliances. Hamilton in Bermuda completes the top 10 moving from 26th in December despite the overall cost of index remaining 108. Hamilton is ranked 4th most expensive for both Education and Healthcare, 10th for Personal Care, 11th for Household expenses (Accommodation including utilities), and 15th for Groceries. The full overall cost of living ranking list from Xpatulator as at 1 April 2009 is as follows: RankLocation 1 Japan, Tokyo 2 China, Hong Kong 3 Nigeria, Lagos 4 Venezuela, Caracas 5 Papua New Guinea, Port Moresby 6 Switzerland, Geneva 7 United Arab Emirates, Dubai 8 Qatar, Doha 9 Denmark, Copenhagen 10 Bermuda, Hamilton 11 Angola, Luanda 12 Switzerland, Zurich 13 Russia, Moscow 14 Solomon Islands, Honiara 15 Cameroon, Douala 16 Chad, N’Djamena 17 Taiwan, Taipei 18 Liechtenstein, Vaduz 19 USA, New York NY 20 New Caledonia, Noumea 21 Greenland, Nuuk 22 Ireland, Dublin 23 United Kingdom, London 24 France, Paris 25 Norway, Oslo 26 Italy, Milan 27 San Marino, San Marino 28 USA, San Francisco Calif 29 Monaco, Monaco 30 Austria, Vienna 31 Bahamas, Nassau 32 Central African Republic, Bangui 33 Nauru, Yaren 34 USA, Boston Mass 35 Finland, Helsinki 36 Italy, Rome 37 Kazakhstan, Almaty 38 Cote D’Ivoire, Abidjan 39 Bahrain, Manama 40 Micronesia, Palikir 41 Isle of Man, Douglas 42 Haiti, Port-au-Prince 43 USA, San Jose Calif 44 Cameroon, Yaounde 45 Djibouti, Djibouti 46 Palau, Melekeok 47 Guinea-Bissau, Bissau 48 Azerbaijan, Baku 49 Benin, Cotonou 50 Slovakia, Bratislava 51 Belgium, Brussels 52 Netherlands, Amsterdam 53 Sao Tome and Principe, Sao Tome 54 Jersey, Saint Helier 55 Mali, Bamako 56 Gabon, Libreville 57 United Arab Emirates, Abu Dhabi 58 Croatia, Zagreb 59 Singapore, Singapore 60 Ghana, Accra 61 Spain, Madrid 62 Ukraine, Kiev 63 USA, Philadelphia Pa 64 Cayman Islands, George Town 65 Sierra Leone, Freetown 66 Germany, Berlin 67 Czech Republic, Prague 68 USA, San Diego Calif 69 Jordan, Amman 70 Trinidad and Tobago, Port-of-Spain 71 USA, Los Angeles Calif 72 USA, Washington DC 73 Estonia, Tallinn 74 USA, Baltimore Md 75 Falkland Islands, Stanley 76 Saudi Arabia, Riyadh 77 Guernsey, St Peter Port 78 Comores, Moroni 79 Sudan, Khartoum 80 Germany, Bonn 81 Vatican City, Vatican City 82 Canada, Toronto 83 Timor-Leste, Dili 84 Hungary, Budapest 85 USA, Seattle Wash 86 Brazil, Brasilia 87 Lebanon, Beirut 88 USA, Miami Fla 89 Vanuatu, Port Vila 90 Luxembourg, Luxembourg 91 Jamaica, Kingston 92 Australia, Sydney 93 Kuwait, Kuwait City 94 Moldova, Chisinau 95 Congo Democratic Rep, Kinshasa 96 Germany, Frankfurt 97 Tuvalu, Funafuti 98 Iceland, Reykjav
International Cost of Living – July 2009
Friday, November 13th, 2009The world's most expensive location to live, in July 2009, Tokyo remains, however there have been some significant changes in the last year due mainly to large differences in exchange rates and, more recently, a real decrease in prices , along with most parts of the world enjoying its lowest inflation rates in recent times. Cost of living in Tokyo increased by only 1. 4% July 2008-July 2009, but is 16 index points clear of 2nd placed Hong Kong (11 July 2008). Last year, Oslo, Norway, was the world's 2nd most expensive place to live, but costs of living in Oslo with the rest of the world has declined by 27 index points during the past year. The cost of living indices are based on the price of the same basket of goods in local currency and U.S. dollar compared using the exchange rates in New York as the base (New York = 100). In most cases the primary driving factor of change has been the weakening of other currencies against the U.S. dollar. This is the main factor Oslo drop 2 to 13 world's most expensive location to live. The Norwegian krone has fallen by 19% against the U.S. dollar last year. In contrast, the Japanese yen has risen 12. 7% against the U.S. dollar last year. Most of the 5 general Caro Joining Global Locations Tokyo and Hong Kong in the first 5 places are more expensive world in Caracas in Venezuela (up 62 places in the ranking) to 3 most expensive, followed by Bangui in the Central African Republic, and in 5th place is Geneva, Switzerland, 2 places below July 2008. The 5 biggest jump The biggest increase in the relative cost of living is Harare in Zimbabwe, albeit from a low base. Harare has been ranked the world's least expensive location for several years, mainly due to hyperinflation and a steady weakening of the currency. The annual cost of living index Zimbabwe has increased 118% and is now ranked 275th most expensive of 276 locations worldwide. Other large increases in the relative cost of living in the past year, Honiara, Solomon Islands 37% compared with July 2008, Caracas, 22%, Kigali, Rwanda, an increase of 19%, while the leap from 5th largest part of Manama in Bahrain, 17%. The 5 Least Expensive Global Locations Global Positioning generally the least expensive to live this year in Tianjin, China is costing the lives of only 30 compared with New York's index of 100. Harare in Zimbabwe recent years less expensive location is now 2nd overall less expensive, followed by Durban, South Africa. Phnom Penh, Cambodia occupies the 4th least expensive followed by Mbabane in Swaziland. The 5 biggest drops The largest decrease in the relative cost of living is Nuku'Alofa in Tonga with a decrease of 45%, followed by Brazzaville in the Congo, a decrease of 31%. The Congolese franc has lost 44% against the U.S. dollar, compared to July 2008. Mbabane in Swaziland had reduced the relative cost of living 30%, while Budapest in Hungary declined by 28%. The decrease 5th largest between July 2008 and July 2009 was in Guangzhou in China, with a decline of 27% despite the Yuan strengthened slightly against the U.S. dollar by 1%. The details: What costs more where? Top 5 of alcohol and snuff, spirits and beer, locally produced spirit, whiskey and wine, and snuff products like cigarettes are more expensive in Doha, Qatar, followed by Oslo, Manama, Moroni in the Comoros and the South Tarawa in Kiribati. The least expensive place for alcohol and snuff is Kuwait. Top 5 Clothing Clothing and footwear, such as suits, casual clothing, children's clothing and shoes, coats and hats, nightwear, shoe repairs and underwear are also the most expensive in Doha, followed by Zagreb in Croatia , Dubai, Beijing and Manama. The least expensive place for clothes is Dhaka, Bangladesh. Top 5 Communication communication costs such as house rent and the costs of phone calls, internet connection and the rates of mobile service provider contract mobile phone and the calls are more expensive in Bissau, Guinea-Bissau, followed Noumea in New Caledonia, Riga, Latvia, Ouagadougou in Burkina Faso, and Douala in Cameroon. The least expensive place for communication is Conakry in Guinea. Top 5 education expenses such as day care / pre-school enrollment, high school / college fees, primary school fees and college fees are more expensive in Caracas, followed by Luanda in Angola in Brasilia, in Brazil, Hamilton in Bermuda and Lagos in Nigeria. The least expensive place for education is Paramaribo, Suriname. Top 5 Furniture & Appliances cost of furniture, fittings and appliances such as DVD player, fridge freezer, iron, coffeemaker, toaster, microwave, lamps, television, vacuum cleaner and washing machine are the most expensive in Douala, followed by Bamako, Mali , Bangui, Lagos and Freetown in Sierra Leone. The least expensive place for furniture and appliances is Harare. Top 5 food costs for food, soft drinks and cleaning items such as baby consumables, bakery products, confectionery, canned foods, cheese, cleaning products, dairy products, fresh fruits, fresh vegetables, fruit juices, meat , oil and vinegar, pet foods, processed foods, sauces, seafood, snacks, beverages, spices and herbs are more expensive in Tokyo, followed in Bangui, Honiara, Copenhagen in Denmark, and Lagos. The least expensive place for food is again Harare. Top 5 health care costs for general health care, doctors and health insurance and general rates for professional, private hospital room rate by day, non-prescription medicine and private health insurance or health care contributions are more expensive in Tokyo, followed by Hong Kong, Caracas, Luanda and Hamilton in Bermuda. The least expensive place to health care is in Tianjin. Top 5 Household Costs of housing, water, electricity, domestic gas, domestic fuels, tax rates and residential premises or at home or the mortgage flat, house or apartment rental, the consumption of household electricity, gas Household goods / fuel consumption, water consumption in households, and local property rates and taxes or fees are more expensive in Hong Kong, followed by Tokyo, Taipei, Taiwan, Dubai, and Luanda. The least expensive place to the household expenditure is Asmara in Eritrea. Top 5 Personal Care Costs for personal care products and services such as cosmetics, hair care, moisturizer / sunscreen, diapers, pain relief tablets, toilet paper, toothpaste and soap, shampoo / conditioner are more expensive in Banjul, the Gambia, followed by, Algiers, Algeria, South Tarawa in Kiribati, Moroni in the Comoros, and Bratislava in Slovakia. The least expensive place for care is in Ulaanbaatar, Mongolia. Top 5 of Recreation and Culture costs such as books, photographic film, cinema tickets, DVDs and CDs, sporting goods, sports clubs and theater tickets are the most expensive in Maputo in Mozambique, followed by Bangui, Doha, N'Djamena in Chad, and Cotonou in Benin. The least expensive place for recreation and culture is Harare. Top 5 Restaurants, meals and hotel costs, such as a business dinner, a dinner in a restaurant (not fast food), hotel rates, to bring drinks and snacks (fast food) are the most expensive in Dubai followed by Doha, Athens, Greece, Brussels in Belgium and Ljubljana in Slovenia. The least expensive place for restaurants, meals in restaurants and hotels is in Tianjin. Top 5 transportation costs for public transport, vehicle costs, vehicle fuel, insurance and maintenance of vehicles such as car hire purchase and leasing of vehicles, petrol or diesel, maintenance of public transport services, tires , vehicle insurance, and acquisition of vehicles are the most expensive in Tbilisi in the Republic of Georgia, followed by Honiara, Dili, Timor-Leste, Douala, and Oslo. The least expensive place for transportation is in Tianjin. Top 5 best place to live So if you were to move anywhere in the world right now, where one experiences the lowest cost of living with the least amount of difficulty? Hardship is used as the discomfort of a person and his family are likely to experience. Each site is ranked world from 1 minimal difficulties and 4 is extreme rigor. Assuming that what you would like to live in a minimal difficulty, the place with the lowest cost of living is Adelaide in Australia. Adelaide is a position of minimal difficulty and costs of the lives of 60 compared with New York's index of 100. The next 6 best places to live, on this basis are all in the U.S.. Memphis, Tennessee, is 2 followed by El Paso, Texas 3, St Louis Missouri, 4, and 5 is Indianapolis. The next best location is not U.S. Auckland in New Zealand in 8th place. The detailed cost of living rankings in July 2009 for each group of basket for each of the more than 200 global locations can be found at www. xpatulator. com.
International Cost of Living Rankings July 2009
Tuesday, November 10th, 2009The world's most expensive location to live, in July 2009, Tokyo remains, however there have been some significant changes in the last year due mainly to large differences in exchange rates and, more recently, a real decrease in prices , along with most parts of the world enjoying its lowest inflation rates in recent times.