NZ Cities Amongst Costliest in World

February 16, 2012 New Zealand Finance

Auckland Has One of the Highest Cost of LivingThe cost of living in Wellington is on par with living London, and Auckland is even more expensive.

On February 14th the Economist Intelligence Unit released the latest edition of its annual Worldwide Cost of Living report, detailing the most expensive cities in the world in which to live. The study found that Zurich and Tokyo were the priciest areas, although Auckland and Wellington were still in the top 20.

According to the Economist Intelligence Unit, Auckland is the 15th most expensive city in the world in which to live, although it was ranked only 24th in the 2010 report. Wellington is currently ranked as the 17th most expensive city in the world, and is on par with London.

The editor of the Economist Intelligence Unit Jon Copestake suggested that the high cost of living seen in Auckland and Wellington is a result of the rising value of the New Zealand dollar. He explained that New Zealand has recently seen increased levels of international investment and migration, which significantly drove up the cost of living. Jon Copestake also said that despite having a high cost of living, Auckland and Wellington are widely regarded as some of the most livable cities in the world, and “… high cost of living in Wellington and Auckland is probably also partly reflected in the high liveability you can enjoy in those cities.”

The results of the report are based on a weighted average of the prices of 160 different products and services, across 130 cities around the world.

Photo by yum9me