Yahoo Finance Sydney no longer one of world's most expensive cities
Sydney is no longer one of the most expensive cities to live in, due to a weak Australian dollar.
A new report released by Mercer shows Australia’s harbour city dropped off the world’s top ten most expensive cities list to number 26.
According to Mercer’s 2014 Cost of Living Survey, Australian cities experienced some of the most dramatic falls in this year’s rankings because of a depreciated Australian dollar against the US greenback.
Sydney however continues to rank as Australia’s most expensive city for expatriates, followed by Melbourne at spot 33 and Perth coming in at 37.
Canberra was hot on the heels of Brisbane (52), with the nation’s capital coming in at 53, much lower than its position of 27th most expensive city last year.
The report studied 211 cities across five continents and was informed by costs of over 200 items in each location such as food, housing, transport and entertainment.
Surprisingly, two African cities topped the most expensive city list, despite a lack of wealth compared to other cities.
Luanda in Angola is the world’s most expensive city for the second year in a row followed by N’Djamena, Chad.
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Partner and Global Leader for Mercer’s Mobility practice Ed Hannibal explains that some African cities ranked very highly because imported goods often come at a premium.
“Finding secure living accommodations that meet the standards of expatriates can be challenging and quite costly as well,” Hannibal said.
Renowned banking cities Hong Kong and Zurich came in at 3rd and fifth spot respectively, with Tokyo dropping four spots to number seven.
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Switzerland is one of the most expensive countries for expatriates with three of its cities - Bern, Zurich and Geneva - all ranking in the top 10.
New York ranks highest among cities in the United States, with an increase in the rental market pushing it up to spot 16, eight spot higher than last year.
On the other end of the scale, Pakistan’s largest city Karachi was found to be the world’s cheapest city for expatriates – three times less costly than Luanda.
