Montevideo is Most Expensive Latin American City for Expatriates
By Richard Mann
RIO DE JANEIRO, BRAZIL – The Uruguayan capital, Montevideo, is the most expensive city in Latin America for expatriates to live in, according to the 25th Annual Cost of Living Survey, conducted by Mercer, which measures about 500 cities in over 200 countries. Montevideo was in 70th place in the ranking, above European capitals such as Madrid (Spain) and Lisbon (Portugal).
The survey evaluates factors such as housing, food, alcoholic beverages and tobacco, personal care (hygiene), transportation, domestic services, recreation, and entertainment.
In Brazil, the most expensive city is São Paulo, ranked 86th. Two other cities in Brazil are ranked among the 200 most expensive in the world: Rio de Janeiro (121st) and Brasília (174th).
The survey, performed annually, measures the cost of living in cities hosting more expatriate workers, in other words, professionals from other countries who migrate to work in that country. Rankings show how currency fluctuations and changes in the prices of goods and services can affect the purchasing power of residents.
According to Mercer, the survey is designed to help multinational companies and governments determine compensation allowances for their foreign employees.
The study showed that among the ten most expensive cities in the world, eight are in Asia. Hong Kong tops the list for the second consecutive year, followed by Tokyo (2nd), Singapore (3rd), Seoul (4th), Shanghai (6th), Ashgabat, Turkmenistan (7th), Beijing (8th) and Shenzhen (10th).
Zürich (5th) and New York (9th) are the two non-Asian cities that are among the ten most expensive in the world. Among the European capitals, London ranked 23rd, Paris 47th and Rome 55th.
In Latin America, Santiago (Chile) ranks 79th; Lima (Peru) tied with Rio de Janeiro in 121st position; Buenos Aires (Argentina) in 133rd, Bogotá (Colombia) in 170th, and Asunción (Paraguay) in 186th.
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