The Russian capital now has the dubious honor of being the world's most expensive city, according to a new cost of living survey compiled by U.S.-based Mercer Human Resource Consulting. Moscow's booming real estate market catapulted it to the top of the 144-country list, while Tokyo dropped to third place thanks to the weaker yen. Seoul, South Korea, jumped up three spots to second place, and notoriously expensive Hong Kong came in fourth. New York, ranked tenth, remains the priciest North American city. The survey reflects shifts in exchange rates and prosperity, with European cities falling slightly and developing cities such as São Paulo and Rio de Janeiro shooting up to #34 and #40 from #119 and #124, respectively.
The top 10 list:
1. Moscow
2. Seoul
3. Tokyo
4. Hong Kong
5. London
6. Osaka
7. Geneva
8. Copenhagen
9. Zurich
10. New York and Oslo
From Arthur Frommer's Budget Travel.
