Last updateTue, 17 Mar 2015 12pm


#MaximumCity: Mumbai named WORLD'S CHEAPEST major city for expats

Mumbai has emerged as the least expensive major global city in which to live according to annual rankings by the Economist Intelligence Unit (EIU).

The Indian financial capital was followed by Karachi, New Delhi and Damascus as the fourth cheapest, which EIU said reflected the weakening of the Syrian pound due to the country's civil war.

Mumbai's reputation as relatively inexpensive was partly due to government subsidies on some products and low local wages, EIU said.

A strong currency, expensive utilities and the cost of car ownership led to Singapore outstripping Tokyo as the world's most expensive city for expatriates.

The calculations are based on the cost of living in U.S. dollars.

Paris rose six places to become the world's second-most expensive city, which the EIU said in part reflected a recovery by European economies.

"Improving sentiment in structurally expensive European cities combined with the continued rise of Asian hubs means that these two regions continue to supply most of the world's most expensive cities," Jon Copestake, editor of the rankings, which looks at over 400 individual prices, said in a statement.

"But Asian cities also continue to make up many of the world's cheapest, especially in the Indian subcontinent."

After Singapore and Paris, the 10 cities with the highest cost of living, in descending order, were Oslo, Zurich, Sydney, Caracas, Geneva, Melbourne, Tokyo and Copenhagen.

London was ranked 15th most expensive city while New York was in 26th place.



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