Sydney grabs 'expensive' title

(http://www.news.com.au/)
From correspondents in London
June 18, 2007 10:31am
Article from: Agence France-Presse

MOSCOW remains the most expensive city in the world for expatriate staff, while Sydney is only slightly less expensive than New York, according to a survey by British human resources firm Mercer HR.
But London leapt three places from fifth to second in the last 12 months, with Seoul in third, followed by Tokyo and Hong Kong.
The cheapest city was Paraguay's Asuncion for the fifth year running.
The findings use the United States' most expensive city, New York, as a benchmark and compare the cost in 143 cities of more than 200 items, like housing, transport, food, clothing, household goods and entertainment.
Expats face higher living costs in Australia than New Zealand. Sydney maintains high positionSydney is the most expensive city in the region (21st, 5.1 per cent less expensive than New York); Wellington is the cheapest in the region at minus-28.2 per cent (111th).
Moscow was 34.4 per cent more expensive, up just under 11 per cent on last year. Mercer said the rise was due to the appreciation of the rouble against the US dollar which with soaring rents had driven up the cost for expats.
London saw an even bigger leap - just under 16 per cent - making it now 26.3 per cent more expensive than the US city with which it is often compared because of rent hikes, a strong pound and weak US dollar.
Seoul was 22.4 per cent more expensive, Tokyo 22.1 per cent and Hong Kong 19.4 per cent.
European cities rank highEuropean cities featured prominently in the top 10: Copenhagen was the sixth most expensive at plus-10.2 per cent, Geneva seventh at plus-9.8 per cent, Zurich ninth at plus-7.6 per cent and Oslo 10th at plus-5.8 per cent.
The Japanese city of Osaka was eighth at plus-8.4 per cent.
Others more expensive than New York were Milan (11th at plus-4.4 per cent); Saint Petersburg (12th at plus-3 per cent); Paris (13th at plus 1.4 per cent); and Singapore (14th at plus-0.4 per cent).
This year's list showed significant changes in rankings, particularly in Europe due to a strengthened euro and weak US dollar, Mercer said.
In turn, US cities and those in countries whose currency is pegged to the dollar, fell down the list. The least expensive city in Europe for expats is Sofia in Bulgaria.
Sao Paolo and Rio de Janeiro are the most expensive cities in South America.
Chinese cities moved down the ranking. Beijing was 20th (4.1 per cent less expensive than New York), Shanghai 26th (minus-7.9 per cent)
Mercer attributed this to a decrease in the value of the Chinese yuan against the euro.
Rising property prices caused Indian cities like Mumbai - up to 52 from 68 last year - to move up the ranking, it said.