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International Business - Global Cost of Living Trends - March 2008

The US has become less expensive for5.  Tripoli,  Libya  (53.22)
expatriates relative to cities in Asia and
Africa over the past year, says a cost of6.  Quito,  Ecuador  (53.23)
living  comparison  of  228  global  cities.
7.  Buenos  Aires,  Argentina  (53.25)
The cost of living comparison prices goods
and services that expatriates spend their8.  La  Paz,  Bolivia  (53.54)
salaries on, and reports indexes for 13
different basket groups using New York (100)9.  Asmara,  Eritrea  (54.49)
as  the  base.
10.Tashkent,  Uzbekistan  (56.06)
In terms of overall cost of living, New York
is now the 28th most expensive global cityThis means that overall, goods or services
and the 61st in terms of groceries. New Yorkthat cost USD$100 in New York, cost the
has dropped primarily due to the weakness ofequivalent of just USD$16.44 in Harare, and
the US Dollar as well as the economicUSD$53.54  in  La  Paz.
slowdown which appears to have slowed the
increase in prices relative to other globalThe cost of living varies from one location
cities.to another and by type of expense, mainly due
to local supply and demand variations in each
The global cost of living comparisonlocation. In some cities, groceries are more
conducted by shows London is the mostcostly while accommodation is relatively less
expensive global location for expatriates,costly  and  vice  versa.
while 3 of the top 5 most expensive cities
are in Asia, with Tokyo, Seoul, and Hong KongIn terms of groceries Seoul is the most
ranked 2nd, 3rd, and 5th respectively inexpensive. Africa however has 6 of the 10
terms  of  overall  cost  of  living.most expensive cities, Brazzaville, Accra,
Lagos,  Abidjan,  Kinshasa,  and  Luanda.
Overall  Cost  of  Living Comparison - Top 10
Grocery  Cost  of  Living Comparison - Top 10
The 10 most expensive global cities for
expatriates to live, based on overall cost ofThe top 10 (most expensive) global cities for
living (Index is in brackets) as at Marchexpatriates to live using the price of
2008  are:groceries  as  at  March 2008 are as follows:
1.  London,  United  Kingdom  (126.63)1.  Seoul,  Republic  of  Korea
2.  Tokyo,  Japan  (121.88)2.  Brazzaville,  Congo
3.  Seoul,  Republic  of  Korea  (119.54)3.  Ashgabat  Turkmenistan
4.  Oslo,  Norway  (115.39)4.  Accra,  Ghana
5.  Hong  Kong,  China  (113.00)5.  Lagos,  Nigeria
6.  Copenhagen,  Denmark  (112.63)6.  Copenhagen,  Denmark
7.  Moscow,  Russia  (110.35)7.  Abidjan,  Cote  D'Ivoire
8.  Geneva,  Switzerland  (110.06)8.  Kinshasa  Congo  Democratic  Rep
9.  Hamilton,  Bermuda  (109.63)9.  Luanda,  Angola
10.Luanda,  Angola  (108.51)10.Oslo,  Norway
This means that overall goods or servicesWhen establishing a salary for a global
that cost USD$100 in New York, cost theassignment it is essential that the items the
equivalent of USD$126.63 in London, andexpatriate will actually spend their salary
USD$108.51  in  Luanda.on are included in the cost of living
calculation. Similarly the items that are
Overall Cost of Living Comparison - Bottom 10provided for the expatriate should be
excluded from the cost of living calculation.
The bottom 10 (least expensive) cities forIf the incorrect items are included or
expatriates to live, based on overall cost ofexcluded, large variations in the calculation
living (Index is in brackets) as at Marchof cost of living are likely. As an example
2008  are:London is ranked as the most expensive global
location in terms of overall cost of living,
1.  Harare,  Zimbabwe  (16.44)but is only ranked 26th most expensive
location  for  groceries.
2.  Phnom  Penh,  Cambodia  (44.89)
Africa and Asia are becoming relatively more
3.  Sanaa,  Yemen  (44.95)expensive than other global cities after
lagging for decades; organisations need to
4.  Dushanbe,  Tajikistan  (51.24)factor this into expatriate pay calculations
for global assignments.



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