Survey confirms four Swiss cities are only for the extremely wealthy

Switzerland is now home to the four most expensive cities in the world for expats – although the cash-strapped Venezuelan capital of Caracas took the top spot for all the wrong reasons!

It’s perhaps the first time ever that a hyperinflationary scenario plus a severe shortage of food and other supplies has catapulted a city into the top position in a cost-of living survey aimed at expat professionals. By March this year, inflation in Venezuela had reached an astounding 7,000 per cent, and its distorted, oil-rich economy means petrol is now one US cent a gallon whilst clean water is almost unavailable. The survey identified another troubled oil-rich nation’s capital hit by the same resource curse, showing the people of Angolan capital Luanda are now living in abject poverty in the sixth most expensive world city.

Unsurprisingly, Bern, Geneva, Basel and Zurich were placed second through fifth as the capitals with the highest cost of living in the world. Given the GDP of the inhabitants and notwithstanding the combined value of the financial sector and other Swiss-based multinationals, expat professionals landing jobs in any of the four cities may well imagine they’ve died and one to heaven. Other cities in the top ten were Shanghai, Oslo, Seoul and Tokyo, with central London even now only making it to number 109 after it jumped 23 places from last year’s survey.

Expats deciding on their next career move might well choose Dubai, considered the priciest city for relocation after taking into account the actual cost of high visa fees and temporary accommodation on arrival. The Middle East expatriate hubs were studied separately by an apartment location company, with the first month’s living expenses after arrival in the emirate coming out at an eye-watering average of £3,189. Hopefully, the tab’s being picked up by the new employer. Also unsurprisingly, Khartoum, capital of the Sudan, is now the cheapest out of all 475 locations surveyed. Its economy is still declining, in spite of the USA’s lifting of sanctions, and the hoped for rise in investment simply hasn’t materialised.