Bloomberg has released a new list of the most expensive and cheapest cities in the world for expatriates.
Tokyo, Japan topped the list this year. Bloomberg gives the rise of the Yen for Tokyo’s recovery of the no one spot since 2012. London fell out of the top 100 priciest after Brexit crushed the pound.
“The relative strength of the Japanese yen in the survey period pushed all Japanese cities above Hong Kong in the rankings,” said Lee Quane, ECA’s regional director for Asia. “For companies bringing talent into Japan, the cost of an assignment will increase as higher allowances are required to maintain employees’ purchasing power.”
The yen soared 19 percent in the 12 months through September, the biggest gain among all Group-of-10 currencies.
Amazingly, there are two African cities in the top 20 most expensive; Luanda, Angola, and Kinshasa, Democratic Republic of Congo. Luanda occupies the no 5 position globally and is the most expensive city in Africa.
Accra, the capital city of Ghana is one of the 20 cheapest cities, occupying no 86 on the list. Lagos is absent in the top and lowest 20.
According to Bloomberg, the list is based on comparative costs of items such as rent, petrol, cinema tickets and beer.
There was better news for foreigners living in the U.S. as several cities remained among the cheaper places to live. St. Louis, Baltimore, Minneapolis, Phoenix, Atlanta and Denver all had rankings in the 90s. Vancouver rose to claim the No. 100 spot.