For the first time, Beijing has out-ranked Hong Kong in a cost of living survey. Its rise is mostly attributed to the rising inflation on mainland China and the appreciation of the Yuan (even though it has leveled off recently). This is according to a survey released by ECA International, a UK based international human resources firm. Hong Kong actually fell 12 spots while Beijing leapt 70 places from 101 to 31. Luanda, Angola was ranked as the most expensive overall, retaining the ranking from 2007. Tokyo was the most expensive Asian city, ranked 2nd overall. Shanghai rose from being 106 in September 2007 to 35. London, UK sits at 72, Seoul at 90 and Manhattan jumped to the fill the 20th spot (the same level as Paris), last year it was 54. No Canadian city made it in the top 50.
The ECA survey is sent out twice per year and includes comparing the prices of 128 consumer goods and services purchased by expatriates in over 370 countries. ECA notes that the survey results from September 2007 and March 2008 were heavily influenced by inflation and exchange rate fluctuations. Visit ECA website for their media release and the complete rankings.
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Beijing surpasses Hong Kong in a cost of living survey at Ventures Dialogue great article thank you.
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