(FINNBAY) – Helsinki, 12 June 2014. Helsinki was ranked the world’s twentieth most expensive place for expatriates in a survey last year, but in a new study released Tuesday, the city has moved to the top 15.
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The global ranking published by consulting firm ECA International, found that Venezuela’s capital Caracas was the world’s most expensive city for expatriates out of the 257 surveyed. Oslo came in second. No city in Asia ranked within the top 10, with Tokyo falling to 11th place from 6th since June last year.
The survey found that Finland’s capital Helsinki was the world’s most expensive 13th city, behind Brazzaville (Congo).
Luanda which occupied second place last year, dropped to third ahead of a raft of European cities, including Zurich, Geneva, Stavanger, Bern and Basel and Copenhagen. The only other non-European location in the top 10 list was the African city of Juba, which sits in 9th place, down from 4th in the previous ranking.
Oslo, 2nd globally, remains Europe’s most expensive city for expatriates. The region’s top ten is dominated by cities in Switzerland, Scandinavia and Finland. Moscow has fallen from 3rd to 10th in the region and globally is down to 22nd position from last year’s 5th place. The rouble fell sharply against the US dollar and other currencies over the year.
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ECA conducts two cost of living surveys each year to help calculate cost of living allowances so that their employees’ spending power is not reduced while on international assignment. The company says it compares a basket of consumer goods and services commonly purchased by employees in 440 global locations.