US cities rank poorly on most-expensive list
Buildings in Tokyo have to be built to strict regulations to withstand earthquakes, but a large tremor could still cause serious damage.
Tokyo is the world's most-expensive city, according to the Economist's Worldwide Cost of Living survey for 2011.
The good — or bad — news for Americans, depending how you look at it, is that the relative weakness of the American dollar has sent U.S. cities slipping down the rankings, with none making the top 40, the Economist reports.
New York, which ranked seventh back in 2001, dropped from 36th place in 2010 to 49th. European cities, meanwhile, accounted for 13 of the 20 most expensive destinations, while Sydney, Australia, made the top 10.
In order, the top-10 most-expensive cities according to the survey are:
- Tokyo, Japan
- Oslo, Norway
- Osaka Kobe, Japan
- Paris, France
- Zurich, Switzerland
- Sydney, Australia
- Melbourne, Australia
- Frankfurt, Germany
- Geneva, Switzerland
- Singapore, Singapore
In calculating the most-expensive cities, the Economist compares over 400 individual prices across 160 products and services in 140 cities in 93 countries. The products and services included in the study include:
- Food items
- Toiletries
- Clothing
- Domestic Help
- Transport
- Utility Bills
Tokyo was ranked most-expensive for 14 straight years, between 1992 and 2006. In 2006 Oslo took over, only to be topped in 2009 by Paris.
In 2011 the cost of living rose in Tokyo and Osaka despite the earthquake and tsunami that devastated many areas of Japan.
According to the report, the main reason for the Japanese cities' top ranking ranking is the value of the yen.