The country’s capital is home to several major Swiss companies
including Rolex, Toblerone, Swisscom and The Swatch Group, as well as
the foreign offices of American companies, such as eBay, Cisco and
Ingram Micro.
1. Tokyo, Japan
Tokyo is the most expensive city in the world, with a movie ticket costing $24 and the average taxi fare at $8.
As a global financial center, the city is home to headquarters for
many of the world’s largest investment banks and insurance companies.
Tokyo is also one of greenest cities in the world. Despite having a
population of more than eight million, it has the lowest carbon dioxide
emissions in Asia-Pacific.
The city has been praised for its comprehensive transportation
policy, under which the city’s entire taxi fleet is being converted to
electric vehicles.
2. Oslo, Norway
Oslo has been the second most expensive city for expatriates for six
years in a row — that’s thanks to the relative strength of the Kroner,
which has appreciated 16 percent against the U.S. dollar over the last
year, and the resilience of the Norwegian economy during the financial
crisis.
This hub of Norwegian trade is the home to the world’s largest shipping companies, shipbrokers and maritime insurance companies.
The city also boasts of one of the world’s most extensive and
efficient metro transportation systems, and an environmentally friendly
tram system. Efficiency comes at a price, however — a one-way ticket on
public transportation costs around $5.60.
3. Nagoya, Japan
Known as Japan’s most dynamic region, Nagoya is located 165 miles
west of Tokyo. It is the hub for most of Japan’s manufacturers, and
produces a large portion of the country’s automobile and aircraft parts.
A number of Japanese automotive companies are headquartered in
Nagoya, including Toyota and Honda. Fortunately, these manufacturing
plants were largely unaffected by the impact of the March earthquake and
tsunami, which struck the region north of Tokyo.
4. Stavanger, Norway
The discovery of oil in the North Sea during the 1960s, converted
this quaint metropolis into Norway’s petroleum capital. Over 50 energy
companies have offices in Stavanger, making the city home to hundreds of
expatriates working in the oil and gas sector.
During the recent economic downturn, Norway’s oil wealth meant the
government could sustain economic growth with a lavish stimulus program.
The country also has one of the world’s most generous welfare systems,
including public schools that offer free, high-quality education.
It is the high cost of food and transportation that make Stavanger
No. 4 on the list, however. Food prices in Norway are around 50 percent
higher than the euro zone average, with meat, sugar and cereal products
being the most expensive products.
5. Yokohama, Japan
As Japan’s second-largest city, Yokohama is a major commercial center for the Greater Tokyo Area.
The port city has a strong economic base, particularly in the
biotechnology, semiconductor and shipping industries. Carmaker Nissan
and Fujitsu semiconductor have moved their headquarters to the city.
Yokohama also is a budding artistic hub. The city is gearing up to
host its triennale art event from August to December this year, with
artists from around the world exhibiting their works at venues around
the city.
6. Zurich, Switzerland
Despite its low tax rates, Switzerland’s largest city ranks as the
fifth most expensive for expatriates. A large reason for this is the
rapid appreciation of the Swiss franc, which has strengthened 27 percent
against the U.S. dollar in the last year.
The country’s business center is the base for many leading financial
institutions, including Credit Suisse, Julius Baer and UBS. In addition
to its position as a European financial hub, Zurich is famous for its
watch companies and chocolate makers, such as Lindt & Sprüngli.
7. Luanda, Angola
The capital of Angola has seen an influx of multinational companies
looking to tap the country’s rich energy reserves. The country is also
rich in other goods, exporting coffee, diamonds, sugar, iron and salt.
But a three-decade-long civil war has devastated Luanda’s
infrastructure, driving up the cost of goods and services. From haircuts
to gym memberships to fast-food meals, nothing comes cheap in the
city. A one-year gym membership reportedly costs $2,500 and a haircut
can cost upwards of $150.
8. Geneva, Switzerland
Situated along Lake Geneva in the French-speaking part of
Switzerland, Geneva is regarded as the global center for diplomacy. It’s
home to many United Nations agencies, as well as the World Trade
Organization, Red Cross and World Economic Forum headquarters.
One quarter of this picturesque city is made up of public parks,
making it a popular destination for U.S. expatriates looking to
relocate. Geneva is also well known for its haute cuisine, boasting more
restaurants per capita than New York City.
9. Kobe, Japan
Kobe is one of Japan’s busiest container ports. It is also the point of origin and namesake of the world-renowned Kobe beef.
While Japan is the only Asian country surveyed where the cost of
goods in the ECA basket has fallen, it is the most expensive country
for foreign workers in U.S. dollar terms. That’s a largely a result of
the appreciation of the yen over the past six months, as well as the
already high cost of goods and services.
10. Bern, Switzerland
Bern is popular for its lower taxes, as well as liberal labor laws.
To top it off, the city has managed to retain its cultural heritage. Old
Bern has been recognized as a UNESCO Cultural World Heritage Site for
being one of Europe’s best examples of a medieval town.
The city, which is filled with diverse historical attractions, was
home to Albert Einstein from 1903 and 1905, during which he developed
his groundbreaking theory of relativity.
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