Sunday, October 21, 2012

How Expensive Is The Cost of Living in Europe?

Zurich as the most expensive city in Europe has an overall cost of living index of 134.23 compared to New York with an index of 100, and Tokyo with an index of 139.89. Zurich’s cost of living index is similar to cities such as Geneva, Hong Kong, and Luanda.  Zurich is the most expensive city in Europe mainly because the Eurozone crisis has created a flight to safety in Swiss Francs, which are generally considered safer. The inflows have resulted in the Swiss Franc appreciating, and as a consequence prices have gone up compared to the Euro and the US Dollar. 

Particularly expensive in Zurich are the following basket groups, groceries, healthcare, restaurants meals out and hotels, and transport.  For example a 1 kg bag of apples averages $5.08 in Zurich, 1 kg boneless, skinless, chicken breast $32.65, 1 kg cheddar cheese $23.80, and a 500g loaf white bread $3.17.  A private practice doctor visit for an uninsured patient is likely to cost $125 on average, and a private hospital stay, including nursing care, medications, diagnostic tests, food, and related costs will average $3,675 per day.  A cappuccino (regular, medium) costs on average $5.14, while a meal out (for 2 mid-range restaurant) $103.40.  The average price over the last year for highest available octane petrol / gasoline has been just over $2 per litre.

The below ranking shows the overall Cost of Living Rankings in Europe by city:

  1. Switzerland, Zurich
  2. Switzerland, Geneva
  3. Monaco, Monaco
  4. United Kingdom, London
  5. Norway, Oslo
  6. Liechtenstein, Vaduz
  7. Denmark, Copenhagen
  8. Russia, Moscow
  9. Jersey, Saint Helier
  10. France, Paris
Xpatulator.com Head of Client and Marketing Services Denise McManus comments that: “Expatriates should remember that all other things being equal, prices rise fastest in the places where talented people want to be, especially when combined with a sustained high demand for high level skills, where resources such as land are scarce.”

For the full listing for Europe and article go here.