Moscow world's most expensive city: survey

MOSCOW: Moscow emerged as the most expensive city in the world followed by London, according to a survey released on Monday, which placed Mumbai in 52nd position.

None of the Indian cities have found a place in the top 50 costly cities of the world but rising property prices helped Mumbai climb to 52 from last year's 68th position, the survey said.

The survey used the United States' most expensive city, New York, as a benchmark and compared the cost in 143 cities.

According to the survey by British human resources firm Mercer HR, Moscow remained the most expensive city in the world for the second consecutive year with the cost of living index going up by 34.4 per cent comparing to New York.

London is in second position, climbing three places since last year. Seoul moves down one place in the ranking to take third place, followed by Tokyo in fourth.

The cost of Living Survey covers cities across six continents and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.

The comprehensive survey helps multinational companies and governments to determine compensation allowances for their expatriate employees.

Europe dominated the top 50, placing 30 cities on the list, including Russia's second largest city of St. Petersburg, and capturing six of spots in the top ten.

Strong currencies including Russian Rouble helped push most European cities in the ranking, the survey said.

Only two US cities New York City (15th) and Los Angeles (42nd) found place in the list.