Zurich becomes the world's most expensive cityFebruary 14, 2012 - 14:22 AMT PanARMENIAN.Net - Zurich has topped Tokyo to become the world's most expensive city, as surging currencies push up the cost of living in countries like Switzerland and Australia, a survey showed on Tuesday, February 14, Reuters reported. The Swiss Franc's allure as a safe haven for investors moving their funds out of Euro zone nations propelled Zurich to the top spot from fifth last year, while Geneva came in third. Five Australian cities made it into the top 20, led by Sydney and Melbourne in seventh and eighth places, according to The Worldwide Cost of Living survey, carried out by the Economist Intelligence Unit. "Exchange rates have been the greatest influence for the Australian cost of living, with the Australian dollar seeing its value to the U.S. dollar double in a decade," Reuters quotes survey editor Jon Copestake as saying. Canada's Vancouver overtook U.S. cities to become the most expensive in North America, ranked 37th in the world. Los Angeles was the most expensive U.S. city - equal 42nd with Shanghai - while New York came in 47th. The survey of 130 cities worldwide compares more than 400 individual prices across 160 products, including food, clothing, transport, rents and private schools. Asian cities moved up the ranking, with Singapore gaining one place to 9th spot and Seoul climbing nine places to 27th. Asia was also home to some of the cheapest cities. Three of the four cheapest were in the Indian subcontinent: New Delhi and Mumbai in India, and Karachi in Pakistan, which was the cheapest of cities surveyed. Top stories David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. The number of state universities will be reduced from 23 to 8 by 2030, Minister of Education, Science, Culture and Sport Zhanna Andreasyan has said. From September 21 to November 11, a total of 2,820 Russians registered at a place of residence in Armenia, the police has said. The situation on the contact line between Karabakh and Azerbaijan was relatively stable overnight, the Defense Army says. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. U.S. believes peace is “possible” in South Caucasus The United States continues to believe that peace is possible in the South Caucasus, Vedant Patel said. |