Tokyo is no longer the world’s most expensive city for expatriates – Oslo is.
According to research findings on the cost of living by expatriate management firm ECA International, the Japanese capital has slipped to number six on the list.
Oslo, Norway's capital, was previously ranked second.
The research, which was done by comparing “a basket of consumer goods and services” normally purchased by expats “in more than 400 locations worldwide”, also showed that Tokyo’s five-place fall was due to the “significant depreciation of the yen against other major currencies in recent months”, according to ECA International.
However, Tokyo still maintains its top spot within Asia as the continent’s most expensive city for expatriates.
Also within Asia, Singapore is ranked 9th and is placed just one spot above Hong Kong.
Internationally, the city-state is ranked 36th after seeing a three-place fall from its previous rank. The main reasons for this fall: Singapore’s slower rate of inflation as well as its significantly lower percentage increase in cost of living at just over 1.6 per cent, which was previously observed as 6 per cent last year.
Despite Singapore’s fall in the international ranking, the city-state remains one of the most expensive locations in the world, placed above other affluent cities such as Paris and Manhattan.
Another expensive city in Asia is Seoul. Formerly ranked at number seven, the South Korean capital made a big leap to third place, joining other Japanese cities that are conquering most of the top five rankings within Asia.
The main reason for Seoul’s big leap is its increasing rate of inflation and strengthening currency, causing a rise in costs for expatriates.
Top 10 most expensive cities in Asia for expatriates
1. Tokyo, Japan
2. Nagoya, Japan
3. Seoul, South Korea
4. Yokohama, Japan
5. Kobe, Japan
6. Osaka, Japan
7. Beijing, China
8. Shanghai, China
10. Hong Kong
Top 10 most expensive cities in the world for expatriates
1. Oslo, Norway
2. Luanda, Angola
3. Stavanger, Norway
4. Juba, South Sudan
5. Moscow, Russia
6. Tokyo, Japan
7. Zurich, Switzerland
8. Geneva, Switzerland
9. Basel, Switzerland
10. Bern, Switzerland
(According to results of the ECA International study.)