Moscow has dropped 17 spots in this year’s rankings of the world’s most expensive cities for foreigners, a report by the Mercer Human Resource consulting group said Wednesday, falling to 67 on the firm’s list.
The change in rank has been driven largely by the ruble’s dramatic fall in value against the U.S. dollar. Since 2013, when Moscow was ranked the world’s second most expensive city for expats, living costs in the Russian capital have fallen steadily.
St. Petersburg, another popular city for expats in Russia, has seen an even more dramatic decline since 2013, when it was ranked 23rd. On this year’s ranking, the city took 152nd place.
Hong Kong took first place in the survey, followed by Angolan capital Luanda. In Europe, London fell five places to 17th, while the majority of other European capitals remained steady. Many U.S. cities rose in the rankings due to the dollar’s increasing strength against other currencies, with New York rising five spots to claim 11th place, the report found.