Asia's Priciest Cities
Move over, Tokyo. The falling greenback means other Asian cities from Seoul to Shanghai are becoming ever more expensive for Americans
By Bruce Einhorn
For years, Japan had the dubious honor of being home to the most expensive cities in Asia for expatriate employees or ordinary tourists. Thanks to the decline in the U.S. dollar and the rise of Asian currencies, Tokyo no longer is Asia's priciest place. According to ECA International, a London human resources consulting firm, Seoul is tops and has been for the past year. Because of the appreciation of the won, which has gained 13% against the greenback in the past two years, the cost of living in the South Korean capital is "almost 10% more expensive than Tokyo," says Lee Quane, general manager in Hong Kong for ECA, which this week released its latest rankings.
Budget travelers shouldn't start brushing up on their Japanese just yet, though. Tokyo, Yokohama and Kobe still rank right behind Seoul in the list of expensive cities. But other Asian cities are narrowing the gap. For instance, Beijing and Shanghai are moving up the ranks fast as the Chinese government is finally allowing its currency, the yuan, to appreciate against the dollar. Singapore is getting pricier, too. The good news? You can still afford to move to Bangalore. The Indian outsourcing hub is 19th on ECA's list. The only place cheaper? Ulaanbaatar, capital of Mongolia.
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