If you think $43 is too much to pay for
lunch, you shouldn't live in Oslo. According to "ECA
International", a global human resources company, that's how
much an average lunch costs in Norway's capital. But Oslo is only the
second-most expensive city on ECA's ranking of 399 global locations.
And while the price of an average lunch in Tokyo is a comparatively
modest $17.86, other costs, such as a $22 movie ticket and an $8.47
kilo of rice, earn it the dubious honor as the world's most expensive
city.
ECA's ranking is based on a basket of
128 goods that includes food, daily goods, clothing, electronics, and
entertainment, but not rent, utilities, and school fees, which are
not typically included in a cost-of-living adjustment. ECA
researchers and local partners gathered prices in September 2009 and
March 2010 for domestic and imported brands that are internationally
recognized—such as Kellogg's cereal or Sapporo beer. While
lower-priced goods and services are available in these markets, the
study estimated the cost of supporting the standard of living
expected by expatriate employees, says Lee Quane, ECA's regional
director for Asia. Some of the cities, such as Seoul and Stockholm,
jumped up in the ranking as the local currency strengthened against
the U.S. dollar. Quane says that while a slowdown in business may
tempt employers to scale back compensation, "recessions only
last so long" and retaining top talent in these places is
critical to companies' success when the global economy recovers.
Source: "ECA International"
1. Tokyo, Japan
|
Food: Lunch at a restaurant:
$18
Can of beer from grocer: $3.37
One kg of rice:
$8.47
One dozen eggs: $3.78
Entertainment: Movie
ticket: $22
Appliances: Washing machine: $879
The
strength of the yen has brought Tokyo back to the No. 1 spot on ECA
International's ranking for the first time since 2005. In addition to
the costs above, rent for a two-bedroom apartment for expats is
typically more than $5,000 per month in Tokyo, according to data from
EuroCost International. While visitors need more pocket money here
than in any other city, the monthly consumer price index in Tokyo's
wards has actually dropped year-on-year for 14 straight months as of
May 2010, based on figures from Japan's statistics bureau.
2. Oslo, Norway
|
Food: Lunch at a restaurant:
$43
Can of beer from grocer: $4.71
One kg of rice:
$5.66
One dozen eggs: $6.72
Entertainment: Movie
ticket: $16
Appliances: Washing machine: $880
Oslo
rose above Copenhagen as the most expensive city in Europe when the
kroner strengthened against other currencies. ECA International says
an upward trend in oil prices, a short recession, and Norway's
reputation as a safe haven for investors contributed to the kroner's
rise.
3. Luanda, Angola
|
Food: Lunch at a restaurant:
$47
Can of beer from grocer: $1.62
One kg of rice:
$4.73
One dozen eggs: $4.75
Entertainment: Movie
ticket: $13
Appliances: Washing machine:
$912
Angola's capital slipped to third place this year as the
kwanza depreciated. Prices in Luanda have actually increased in the
past year, but currency changes offset any inflation, according to
ECA International. In addition to everyday goods, EuroCost
International estimates that the average expat pays more than $3,500
per month for a two-bedroom flat in Luanda.
4. Nagoya, Japan
|
Food: Lunch at a restaurant:
$19
Can of beer from grocer: $3.08
One kg of rice:
$9.14
One dozen eggs: $3.33
Entertainment: Movie
ticket: $20
Appliances: Washing machine:
$621
Japan's fourth most populous city, Nagoya is also among
the country's most expensive. The city ranks No. 1 for the cost of
rice: $9.14 per kilogram, according to ECA International data. As
Japan's auto hub, the Nagoya area is an important center of business:
about 44 percent of automobiles produced in Japan are made here,
according to the Greater Nagoya Initiative Center. Such companies as
Toyota, Honda, Suzuki, Mitsubishi, Volkswagen, and General Motors
have headquarters, manufacturing operations, or distribution points
in the Nagoya region.
5. Yokohama, Japan
|
Food: Lunch at a restaurant:
$17.39
Can of beer from grocer: $3.26
One kg of rice:
$6.54
One dozen eggs: $3.72
Entertainment: Movie
ticket: $19.50
Appliances: Washing machine:
$630
About half an hour by commuter train from Tokyo, this
port city has active shipping, biotechnology, and semiconductor
industries. Yokohama is one of the world's most expensive cities, but
companies here enjoy lower operating costs compared with the nearby
capital. Nissan opened a new headquarters in Yokohama this year and
reportedly will sell its office in Tokyo to cut costs.
6. Stavanger, Norway
|
Food: Lunch at a
restaurant: $33
Can of beer from grocer: $4.76
One
kg of rice: $5.71
One dozen eggs: $6.34
Entertainment:
Movie ticket: $15.50
Appliances: Washing machine:
$749
This small seaside city earned its riches from oil in the
North Sea and has become known as Norway's petroleum capital.
Stavangerexpats.com says food expenses in Norway are about 50 percent
higher than the EU average: A can of soda is about $2.80, and a beer
at a bar can be $12.
7. Kobe, Japan
|
Food: Lunch at a restaurant:
$16
Can of beer from grocer: $3.09
One kg of rice:
$8.57
One dozen eggs: $2.81
Entertainment: Movie
ticket: $20
Appliances: Washing machine: $470
The
city has one of Japan's largest ports and has become home to many
heavy machinery, iron and steel, and food product companies.
According to the Japan External Trade Organization, 117 foreign and
foreign-affiliated companies have offices in Kobe. As the price of
Kobe beef, the style of high-grade meat named after the city,
suggests, food is costly here, as are other living expenses.
8. Copenhagen, Denmark
|
Rank in 2009: 7
Food: Lunch at a
restaurant: $36
Can of beer from grocer: $2.10
One
kg of rice: $4.85
One dozen eggs: $6.99
Entertainment:
Movie ticket: $15
Appliances: Washing machine:
$1,196
A 2009 "survey" of 73 international cities by
UBS found that employees in Copenhagen have the highest income.
Places with higher salaries often have higher prices, but residents
here enjoy good living standards overall. Some examples of the cost
of living: Renting a DVD costs about $8 per night, a pair of women's
jeans is more than $150, and a one-way ticket on public transport
costs about $3.70.
9. Geneva, Switzerland
|
Food: Lunch at a restaurant:
$30
Can of beer from grocer: $2.02
One kg of rice:
$3.81
One dozen eggs: $7.64
Entertainment: Movie
ticket: $16
Appliances: Washing machine:
$1,304
Geneva, home to many companies and U.N. organizations,
is one of the most expensive cities for food and household
appliances. Food prices in Switzerland are 45 percent more expensive
than in the rest of Western Europe, and the cost of electronics and
appliances in Geneva is among the highest worldwide, according to a
2009 UBS report.
10. Zurich, Switzerland
|
Food: Lunch at a
restaurant: $25
Can of beer from grocer: $2.01
One
kg of rice: $3.36
One dozen eggs: $5.81
Entertainment:
Movie ticket: $16
Appliances: Washing machine:
$974
Zurich, Switzerland's largest city, is the country's main
business center and the headquarters city for many financial
companies, including UBS and Credit Suisse. Although Zurich had the
greatest number of company bankruptcies in Switzerland last year,
according to Dun & Bradstreet, the inflation rate started to
increase again this year after falling in 2009.