Skip to content
International Adviser
  • Contact
  • Login
  • Subscribe
  • Regions
    • United Kingdom
    • Middle East
    • Europe
    • Asia
    • Africa
    • North America
    • Latin America
  • Industry
    • Tax & Regulation
    • Products
    • Life
    • Health & Protection
    • People Moves
    • Companies
    • Offshore Bonds
    • Retirement
    • Technology
    • Platforms
  • Investment
    • Equities
    • Fixed Income
    • Alternatives
    • Multi Asset
    • Property
    • Macro Views
    • Structured Products
    • Emerging Markets
    • Commodities
  • IA 100
  • Best Practice
    • Best Practice News
    • Best Practice Awards
  • Media
    • Video
    • Podcast
  • My IA
    • Events
    • Directory
    • IA Tax Panel
    • IA Intermediary Panel
    • About IA

ANNOUNCEMENT: Read more financial articles on our partner site, click here to read more.

SIGN IN INTERNATIONAL ADVISER

Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details

[login-with-ajax]
Not Registered?

zurich overtakes tokyo as worlds

By International Adviser, 20 Feb 12

Zurich has, for the first time in at least 20 years, been ranked as the worlds most expensive city in which to live, according to the Economic Intelligence Units Worldwide Cost of Living Index.

Zurich has, for the first time in at least 20 years, been ranked as the worlds most expensive city in which to live, according to the Economic Intelligence Units Worldwide Cost of Living Index.

The bi-annual survey compares more than 400 individual prices across 160 products and services, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.

The Swiss city increased 34 percentage points on last time, knocking Tokyo from the top spot and rising four places to take the unenviable title of world’s most expensive city. Another Swiss city, Geneva, also jumped a number of places, rising six places to join Osaka as the third most expensive city in the world.

The EIU pointed out that both Japan and Switzerland have seen strong currency movements over the last few years which have made them relatively more expensive than other countries. The EIU said this has become especially true of Switzerland in the last year, where investors in search of a safe haven currency outside of the eurozone have flocked to the Swiss Franc, prompting the Swiss government to peg its currency to the Euro to keep it competitive.

Furthermore, the report said, while Switzerland has long featured among the world’s most expensive cities, the recent strong currency appreciation is responsible for Zurich’s current elevated position. It added that, in local terms, relatively cheaper imports and a stable economy have kept local price inflation low, therefore, while the relative cost of living has increased, in local terms this has not been felt.

The EIU reports a similar story in Japan which has resulted in Tokyo and Osaka holding the title as the world’s most expensive cities in the past.

Aside from the impact of currency inflation, the report also shows yet another indicator of the West to East shift. Singapore, while falling three places to ninth, remains in the top ten, while 14 of the top 50 most expensive cities are now in Asia. Western Europe however still accounts for nearly half (24) of the top 50.

Share this article
Follow by Email
Facebook
fb-share-icon
X (Twitter)
Post on X
LinkedIn
Share

Related Stories

  • Europe

    Novia Global launches MiFID II platform for European advisers

    EU confirms insurance regulations delay

    Europe

    ESMA consultation closes on technical standards around ESG ratings activities

  • Europe

    European pension money walks towards ESG UCITS, away from US managers ditching ESG – PwC report

    Alternatives

    Oeno serves up wine and whisky funds


NEWSLETTER

Sign Up for International
Adviser Daily Newsletter

subscribe

  • View site map
  • Privacy Policy
  • Terms and Conditions
  • Contact

Published by Money Map Media – part of G&M Media Ltd Copyright (c) 2024.

International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.