A recent study from ECA International has revealed the most expensive cities in the world for staff relocated across the globe, based on the cost of living and the price of basic/essential goods. The biggest shock is that Tokyo has fallen from the number 1 spot in 2012 to number 10 in this year’s survey, with the weaker Yen being credited as the likely reason.
The current most expensive city in the world is the Venezuelan capital of Caracas, as the price of the goods measured in the survey has risen by 60% in the last year. The survey provides highlights for each continent, with the most surprising European news being that Swiss cities make up 40% of the top 10!
The amount of fluctuation in the results is quite surprising, with New York being the only city that has remained in the same position since last year’s edition of the survey. This makes it difficult for businesses to predict to associated costs of locating employees abroad, which also makes the decision of where to construct offshore offices far more difficult.