Wednesday, June 13, 2012

Tokyo the most expensive city for expats in the world

Tokyo, asia, finance, expats, CFA
Even though rents and grocery bills went down, Tokyo remains by far the most expensive city in the world for  expats while Moscow is still the most expensive city in Europe most of the European cities dropped in the ranking due to a weaker Euro.

The main cause of this high prices is the super strong Yen, indeed at today's rate 1 Euro is equal to only 99.96 Yen, for information back in 2009 1 euro was equal to almost 170 yen.
The survey was ranking 214 cities across the world, and Tokyo ranked first for the 12th time since 1994, nowadays expats tend to live outside the city center in smaller apartments, but the cost of item such as coffee   or Cinema can be outrageously expensive, indeed one coffee cup costs around $8.29 and a place for a movie costs on average $22.97!
Tokyo's average rent for expat is $4847 which is the third highest after Hong Kong and Luanda, and taxis' price are also on the top of the ranking.
Tokyo was a major expat destination in the 90's when the economy was booming, but these days with high prices and fewer jobs opportunities, the Japanese capital doesn't attract as much expats as before and they tend to choose cities such as Hong-Kong, Singapore and Shanghai instead.


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