Mumbai was the least expensive major city for expatriates among the major cities of the world. This was revealed in a report released by the Economist Intelligence Unit (EIU) on 4 March 2014. Mumbai was least expensive partly due to government subsidies on some products and low local wages.
Other highlights of the Report
• After Mumbai, Karachi and New Delhi are the least expensive city in the world. Damascus was ranked as the fourth cheapest city in the world for the expatriates. This was due to the weakening of the Syrian Pound.
• Singapore was ranked as the most expensive city in the world for the expatriates. Singapore replaced Tokyo due to strong Singaporean dollar, high price of utilities and the cost of car ownership. The calculations are based on the cost of living in US dollars.
• Paris was ranked second most expensive city which reflected a recovery by European economies.
• The other countries with highest cost of living are Oslo (3rd), Zurich (4th), Sydney (5th), Caracas (6th), Geneva (7th), Melbourne (8th), Tokyo (9th) and Copenhagen (10th).
• London was ranked 15th and New York was ranked 26th as the most expensive city.
• The European cities and Asian countries are the two regions which continue to supply most of the world’s most expensive cities. But Asian cities continue to supply many of the world’s cheapest, especially India.
About the Economist Intelligence Unit
The Economist Intelligence Unit helps business leaders prepare for opportunity, empowering them to act with confidence when making strategic decisions.
The Worldwide Cost of Living survey is released twice a year by the EIU. It compares more than 400 individual prices across 160 products and services in 131 cities, including food, drink, clothing, household supplies and personal care items, home rents, transport, utility bills, private schools, domestic help and recreational costs.