Economy

Cost of living - Switzerland leads the field in Europe

According to the Cost of Living study carried out by ECA International, the capital of Angola is the most expensive city to live in worldwide.

livingThe world's most expensive places for expats to live are not always the ones you think. Although there is a tendency to say that London and New York are the most expensive cities in the world, it's not true. The cost of living in a developing country can in fact be higher.

The Cost of Living study carried out by ECA International provides the proof. According to the report by the agency, which specialises in international mobility, the cost of living for expats is highest in Luanda, the capital of Angola. Caracas (in 9th place) and Khartoum (in 10th place) are also more expensive than major capitals such as London and Paris. And indeed second place is taken by Hong Kong.

Slight increase in prices in the Grand Duchy

In the European ranking, Switzerland is well represented in the top ten most expensive cities for expats. Zurich, Geneva and Basel are high up on the list. And Luxembourg is in 24th place in Europe.

Globally, the Grand Duchy ranks 131st, just ahead of London. According to the statisticians, who compare price levels in more than 400 cities around the world, prices in Luxembourg have risen slightly in the past 12 months. However, given the depreciation in the euro in the past year, the cost of living has been lower than in other cities. Since 2012, Luxembourg has moved 48 places down the list of most expensive countries.

ECA International compares the cost of living on the basis of the prices of goods and services expats normally use, such as food, basic expenditure (household goods, leisure items) and general expenditure (clothing, electrical appliances, alcohol and tobacco). The cost of living index calculated in this way therefore reflects expats' everyday expenditure but does not include a number of costs such as accommodation, utilities (electricity, gas, water), buying a car, and schooling. 

(article written by the editorial team of the portal luxembourg.lu)

  • Updated 21-06-2017