Tuesday 12 June 2018 2:20 pm

These have been named the most expensive cities in the world for expats

Europe dominates the rankings of the world's most expensive cities, according to new analysis out today from ECA International.

European cities accounted for nearly a third of the most expensive spots around the globe for expatriates, according to ECA's cost of living survey.

It compared a basket of like-for-like consumer goods and services commonly purchased by employees sent on international assignments in 475 locations worldwide, including a cup of coffee, a litre of petrol, and beer at a bar.

Swiss cities took four of the five top spots on the list – but were pipped to the number one place by Caracas, Venezuela, with ECA citing rocketing inflation in the past year causing a significant hike in the cost of living.

Steven Kilfedder, production manager for ECA International, said:

The economic situation in Venezuela has become increasingly volatile with inflation reaching an astounding 7,000 per cent in the year to March 2018 and 1,800 per cent over the last six months alone.

The cost of goods has increased exponentially as the economic and political situation has deteriorated and despite the plummeting value of the bolivar, Caracas sits at the top of our cost of living rankings.

Central London moved up 23 places in the past year to 109th place, propelled by the gradual recovery of the pound, having fallen out of the top 100 last year for the first time in over 10 years. Of the UK places analysed, Belfast remained the cheapest city and came 164th in the global table.

ECA said that thanks to the strength of the euro, 18 European cities had entered the top 100 this time around – many for the first time in four years.

Top 20 most expensive locations for expats

1. Caracas, Venezuela

2. Zurich, Switzerland

3. Geneva, Switzerland

4. Basel, Switzerland

5. Bern, Switzerland

6. Luanda, Angola

7. Tokyo, Japan

8. Seoul, South Korea

9. Oslo, Norway

10. Shanghai, China

11. Hong Kong, Hong Kong