Moscow ,most expensive city

Moscow has overtaken Tokyo to become the most expensive city in the world, according to a new study.

According to Mercer Human Resource Consulting's annual report, an expat's money stretches three times further in Asuncion, Paraguay - the cheapest city.

Mercer said it ranked 144 cities on transport, food, clothing, household goods and entertainment costs.

After Moscow the world's next most expensive cities are Seoul, Tokyo, Hong Kong and London.

The main cause of Moscow's ascent was a surge in property values, Mercer said in its annual report.

"Steep accommodation costs have contributed to Moscow's high ranking, as the recent property boom has driven up rental prices for expatriates," Mercer said in its report.

Ten most expensive cities

Moscow, Russia
Seoul, South Korea
Tokyo, Japan
Hong Kong, China
London, UK
Osaka, Japan
Geneva, Switzerland
Copenhagen, Denmark
Zurich, Switzerland
Oslo, Norway
New York, US