London: London dropped out of the world’s Top 10 most expensive cities for expatriates for the first time since 2001, sliding to 16th place from third, as the pound and rental prices slumped.
Tokyo replaced Moscow as the most expensive city for foreigners and Osaka moved to No. 2 after the yen strengthened against the US dollar, according to Mercer Llc.’s Cost of Living Survey. The Russian capital, which had held the top spot since 2006, slipped to No. 3. Five of the Top 10 are in Asia, with Beijing climbing 11 places to ninth spot, one above Singapore, which rose from 13th. Hong Kong gained one place to fifth. Weaker currencies also affected cities in Australia and India. Sydney dropped 51 places to 66th, equal with Mumbai, which slipped from 48th, the release said.