The Most Expensive Cities For Expats

A recent Index of the most expensive cities for Expats has placed Tokyo top with other Japanese cities taking three of the top-ten spots.

London, UK (Pryce Warner International) June 22nd, 2011 – Japan and Norway have overall been found to be the most expensive countries for Expats, with Tokyo, Nagoya, Yokohama and Kobe taking 1st, 3rd, 5th and 9th respectively in the global top-ten. Oslo and Stavanger placed 2nd and 4th.

Singapore lept up three places, from 9th to 6th, overtaking Hong Kong, with whom it has had a long-standing rivalry over attracting Expats as part of a campaign to become Asia’s “financial hub”.

With both Cities placing high in the index (6th and 7th) Expats may choose to locate to less expensive regions such as India, which was notably absent form the Asian and Global top-ten.

Japan remained not only the most expensive country in Asia with four cities taking the top four spots but also the most expensive globally. The cost of living for Expats was also noticeably high in Norway and Switzerland, with Zurich, Geneva and Bern coming 6th, 8th and 10th globally.

The main reason for the high-cost of living is deemed to be the rate of exchange on local currencies and the cost of importing goods from overseas. Economies are relatively strong in East-Asia which is also part of the reason that the cost of living is rising, especially in Hong Kong and Singapore. Despite this many Expats have also recently claimed to be happy with their decision to move abroad to those countries. The reason being that the higher cost of living also comes with a stronger and growing economy in those nations.

Asia's top 10 most expensive cities for expats (last year's ranking in brackets):

1. (1) Tokyo
2. (2) Nagoya
3. (3) Yokohama
4. (4) Kobe
5. (5) Seoul
6. (9) Singapore
7. (6) Hong Kong
8. (8) Beijing
9. (7) Shanghai
10. (10) Busan

World's top 10 most expensive cities for expats (last year's ranking in brackets):

1. (1) Tokyo, Japan
2. (2) Oslo, Norway
3. (4) Nagoya, Japan
4. (6) Stavanger, Norway
5. (5) Yokohama, Japan
6. (10) Zurich, Switzerland
7. (3) Luanda, Angola
8. (9) Geneva, Switzerland
9. (7) Kobe, Japan
10. (11) Bern, Switzerland

David Harra, a Senior Market & Investment Analyst with Pryce Warner International Group, an Expat Financial Services Group commented: “The top-ten list globally is hardly surprising, every entry was also in the top-ten last year. It is surprising to see the cost of living in East-Asian cities outside Japan rise so much on last year. Singapore has long-been one of the ideal places for Expats due to the zero income tax rate and the low cost of living. However, with the rise in living cost mainly due to the present and foreseen strength of the local economy, it is unlikely that many Expats will consider moving. Any Expats who are however concerned that they are seeing a reduction in quality of life, would do well do contact international financial advisors, as there are many options available for Expats to secure their income while living abroad.”

Pryce Warner International Group provide International Asset & Investment Management, Independent Financial Advice & QROPS Overseas Pensions.

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By: Aneil Fatania
Financial Editor
Pryce Warner International Group
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