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. Last Updated: 07/27/2016

Moscow Tops Cost List

Combined Reports

Moscow is the most expensive city in Europe for resident foreigners, according to a new survey released this week.

The Russian capital is the sixth most expensive city worldwide, with Asian megalopolises, headed by Tokyo, occupying the first five slots, the survey found.

Osaka in Japan, Beijing and Shanghai in China, and Hong Kong rounded out the top five, with Asian capitals Seoul and Singapore ranking seventh and 10th. Along with Moscow, the Swiss cities of Geneva and Zurich at eighth and ninth are still holding up the high-cost flag for Europe, the survey found.

The study, released Wednesday, is published twice a year in summer and winter by the Geneva-based Corporate Resources Group, or CRG, and is widely used by governments and international firms in assessing how to pay staff they send abroad.

Covering 139 cities around the globe, it is based on the cost of a basket of over 200 products and services including food and alcohol, utilities, domestic supplies, clothing, transport, entertainment and, for the first time, housing.

The last survey issued in December 1995 put Moscow in third place behind Tokyo and Osaka.

But CRG said the new listing, compiled on prices in the first week of March this year, reflected the inclusion in the cost-of-living index of housing costs, which were especially high in Asia's major cities.

The only non-Asian center ranking among the top 10 for housing costs alone was Moscow, which CRG said "has seen the price for good accommodation increase dramatically."

U.S. and Canadian cities remained comparatively cheap, all well below New York, which was in 38th place. And Mexico's Mexico City and Monterrey at 132nd and 134th were among the cheapest in the world. ()