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May 30 2018 - 12:05

Moscow and St. Petersburg Rank Outside the World’s 50 Most Expensive Cities

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Moscow and St. Petersburg have ranked outside the 50 most expensive cities of the world this year, according to Switzerland’s UBS Bank.

Out of 77 cities with high costs of living, St. Petersburg placed 51st and Moscow followed in 54th place, UBS said in its latest “Prices and Earnings 2018” survey. When including rent prices, Moscow jumps to the world’s 47th costliest city, leaving St. Petersburg at 53rd.

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Despite relatively high prices, Muscovites and residents of St. Petersburg can afford less than in most other big cities, with purchasing power in 59th and 68th place respectively.

Life for a typical three-person European family would be the most expensive in Zurich, Geneva and Oslo. Kiev, Lagos and Cairo offer the cheapest standard basket of goods and services for the same family, according to the survey.

St. Petersburg made its debut on the 2018 list along with Riyadh, Hanoi, Lagos, Panama City and Zagreb, UBS said.

The bank analyzed its trove of data in the 77 cities between January and April 2018, taking the standard European family benchmark but accounting for local habits.

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