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Beijing world's most expensive city

Staff writer ▼ | May 26, 2014
Beijing is emerging as the most expensive city in the world, according to a newly released report jointly conducted by Pricewaterhouse Coopers and Partnership for New York City.
Beijing expensive
Beijing expensiveBeijing is emerging as the most expensive city in the world, according to a newly released report jointly conducted by Pricewaterhouse Coopers and Partnership for New York City.


Beijing ranked top in the "cost" index among 30 of the world's leading cities surveyed in the sixth edition of the Cities of Opportunity report released on May 22, although it also ranked high at 2nd place in the "city gateway" and the "economic clout" indicators.

The survey was jointly inaugurated in 2007 by PcW and Partnership for New York City, aimed at helping the city and other international cities seek measures needed to sustain their status as financial, commercial and cultural centers after the 911 terrorist attacks in 2001.

The latest survey adopts 10 indicators to gauge the current performance of 30 globally leading cities, seeking to open a new window on what makes cities function best. They are: intellectual capital & innovation, technology readiness, city gateway, transportation & infrastructure, health, safety & security, sustainability & the natural environment, demographic & livability, economic clout, ease of doing business, and cost.

In addition to Beijing, two more Chinese cities, Shanghai and Hong Kong, are also among the 30 cities surveyed, along with New York, London, Singapore, Toronto, Paris, Stockholm, Sydney, Berlin, Chicago, Los Angeles, San Francisco, Tokyo, Seoul, Dubai, Milan, Moscow, Mexican City, Johannesburg, Sao Paulo, Rio de Janeiro among others.

Beijing advanced to 2nd place in the "city gateway" indicator from 3rd place in 2012. Beijing ranked 2nd in the number of hotel rooms, 3rd in the airport to CBD (central business district) access, was No. 4 in the ranking of top 100 airports, and No. 6 in both incoming/outgoing passenger flows and the number of international association meetings under this category.

In terms of "economic clout," Beijing also ranked high at 2nd place, thanks to robust gross domestic product (GDP) growth and good performance in the number of global 500 headquarters, financial and business services employment, and foreign direct investment.

It got the lowest score in the "cost" dimension, however, reflecting the highest business and living costs among the 30 cities polled. Key measures for this category include total corporate tax rate, cost of business occupancy, cost of living, purchasing power and iphone index. The iphone index refers to the working hours required to buy an iphone 4S16GB, based on the data sourced from UBS Prices & Earnings 2012.


 

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