Very expensive from CDMX!
On a global level, Mexico City is more expensive than cities in more developed countries. This year it surpassed Bangkok, Barcelona, Frankfurt and Tokyo, which fell to number 23 on the list.
“Overall, local currency fluctuations played a significant role in determining the changes in this year’s index, both upward and downward. Although costs barely changed in local currency, the conversion to US dollars (USD) made a difference,” the Swiss-based firm explained.
In the case of Mexico, before the June 2 election, the exchange rate was below 17 pesos per dollar. After the elections, the Mexican currency has depreciated to more than 18 pesos per unit.
“This year’s report shows that currencies are very important. Take Tokyo as an example. In the 1990s, it was the emblematic example of an ultra-expensive city. However, the progressive decline of the yen has shown that this can change. Although it may seem trivial, we tend to forget that the cost of living can look completely different to a foreigner who thinks in US dollars or Swiss francs instead of the local currency. Currency and context make the difference“said Christian Gattiker, head of research at Julius Baer.
Continuing with price changes, the report revealed that America is the most expensive region when it comes to healthcare costs, as well as drinks such as champagne and whisky, as well as bicycles and accommodation. “Prices in the region increased by an average of 6%,” Julius Baer noted.
Top 10
The 10 most expensive cities in the Ranking this year are:
- Singapore
- Hong Kong
- London
- Shanghai
- Monaco
- Zurich
- NY
- Paris
- Sao Paulo
- Milan
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