Tokyo is the World’s most expensive city according to a recent study by the British magazine the Economist. In order to compile the index the study carried out by the Economist Intelligence Unit compared the income and cost of living (in dollars) for citizens in cities all over the world.
Paris was found to be the 3rd most expensive city in the world followed by Copenhagen, Oslo, Zurich, Frankfurt, Helsinki and Geneva while London which previously occupied 8th position dropped to 27th on the list, much cheaper than Barcelona at 18th place and Madrid which occupied 20th place in the index.
Caracas stands out amongst Latin American cities because it has risen from 35th place to 21st place and is situated ahead of Chicago, Los Ángeles and New York (all in 23rd place).
Other Latin American cities amongst the first hundred most expensive cities in the world are: Guatemala (67), Rio de Janeiro and Sao Paulo (both at 83) Bogotá (86) and Santiago (97).
Despite the lowering of the cost of living in some of its capital cities, Western Europe continues to be the most expensive region of the world and all major European cities with the exception of Manchester and Reyjavik are placed amongst the first 50 most expensive cities in the world.
Oslo, which previously occupied first place in the index has dropped to fifth place while Reyjavik, which was previously the 5th most expensive city in the world now occupies 67th place.