Shanghai cheaper than other cities

• Source: Global Times
• [10:49 June 17 2010]
• Comments

The rise of other Asian cities in the global rankings are also due to fluctuations in exchange rates that have notably impacted living costs for people employed by multinational corporations, said the study.

For Asian cities, currency fluctuations have also played a role; the appreciation of the Korean won helped Seoul leapfrog Hong Kong in the Asian rankings this year at 5th, while Singapore climbed up these rankings to 9th.

"Tokyo has regained the top spot globally for the first time since 2005, due partly to the strength of the yen," said the report.

Meanwhile, Norway's capital Oslo jumped from 8th last year to its current standing as the second costliest city in the world, and the most expensive in Europe.

Luanda in Angola ranks the third costliest city in the world.

Jonathan DeHart contributed to this story