The latest global cost of living study by Mercer has shaken the economic landscape of South America, revealing surprising movements in the ranking of the most expensive cities to live in. With important changes reflecting the economic dynamics of the region, some metropolises have risen on the list while others have experienced significant drops.
Mercer’s global cost of living study has revealed that Montevideo, Uruguay, is the most expensive city in South America, ranking 42nd in the world. Montevideo has maintained its position due to the high costs of goods and services, as well as its relative economic stability compared to other cities in the region. This high cost of living impacts both local residents and expats who move to the city for work or personal reasons.
In second regional place is Buenos Aires, Argentina, which ranks 77th worldwide. Despite the high inflation that has affected the Argentine economy, Buenos Aires remains one of the most expensive cities in the region. The cost of living in Buenos Aires is mainly driven by high housing prices, services and imported products, which are essential to maintaining a comfortable standard of living in the Argentine capital.
São Paulo, Brazil, is positioned in third place regionally and 124 worldwide. As the largest city in Brazil and one of the main financial centers in Latin America, São Paulo has a high cost of living due to high prices for housing, transportation and entertainment. The city’s dynamic economy attracts a large number of expatriates and professionals, which in turn increases demand and prices for local goods and services.
Quito, Ecuador, ranks fourth in South America and 148th in the world, closely followed by Rio de Janeiro, Brazil, at fifth regionally and 150th in the world. The Ecuadorian economy and the tourist appeal of Quito contribute to its cost of living, while in Rio de Janeiro, the mix of natural beauty, tourism and international events such as Carnival and beach tourism drive up prices. Santiago de Chile, which has experienced a notable drop in the ranking, is now in sixth place regionally and 160th in the world.
Lima, the capital of Peru, ranks seventh in the ranking of the most expensive cities in South America, according to the global cost of living study carried out by Mercer. Globally, Lima is ranked 161, reflecting its position as one of the metropolises with the highest costs of living in the region. High prices for housing, services and certain imported products contribute to this classification, affecting both local residents and expatriates.
The cost of living in Lima is influenced by several economic and social factors. Growing urbanization and demand for high-quality goods and services have increased prices in the Peruvian capital. Additionally, inflation and fluctuations in the value of the local currency compared to the US dollar also play an important role in determining the cost of living in Lima.
Despite these economic challenges, Lima remains a crucial economic and cultural center in Peru and throughout South America. The city attracts numerous expatriates and tourists due to its rich history, vibrant culture and job opportunities in various sectors. However, the high cost of living can be a deterrent for some, especially those looking to maximize their purchasing power.
Compared to other cities in South America, Lima ranks just after Santiago, Chile in terms of costs of living. While Santiago has fallen significantly in the world ranking, Lima has maintained a relatively stable position, indicating some economic stability amid a changing regional landscape. Lima residents, as well as businesses operating in the city, must be attentive to cost of living trends to effectively manage their budgets and financial strategies.
Through an article in the National Geographic magazine, it mentions that Tokyo or also known as “Greater Tokyo” is considered the largest city on Earth with respect to the population that lives there. The Japanese capital is characterized by mixing modern architecture and technology with the traditional, highlighting its modern transportation system and its classic markets.
Data from UN Habitat and the UN Department of Economic and Social Affairs maintain that this metropolis has more than 37 million citizens. However, in 2030 the first place would be taken by New Delhi, India, according to Germany’s Statistisches Bundesamt.
- New Delhi, India: 32 million inhabitants
- Shanghai, China: 29 million inhabitants
- Dhaka, Bangladesh: 23 million inhabitants
- Sao Paulo, Brazil: 22.5 million inhabitants
- Mexico City, Mexico: 22 million inhabitants
This is Jericho or also known as “the place of palm trees”, located in the West Bank region, in the Jordan Valley, east of Jerusalem and west of the Jordan River, in the State of Palestine. Considered as such because archaeologists found traces of the presence of Mesolithic hunters, which would date back to 9,000 BC, which led to the conclusion that this place was the oldest inhabited city on Earth.
After a thousand years, a community was formed that managed to build a large stone wall, so it is estimated that it had a population between 2,000 and 3,000 inhabitants. In the year 7,000 BC, this group was replaced by another that apparently arrived from northern Syria. Consequently, urban culture would have been established in the year 4,000 BC, since at that time Jericho restored its walls, as they had been devastated.
If you are planning to do tourism in Jericho, you should know that there are several guided tours through the oldest city on Earth. This way, you have the option of going by car from Jerusalem, since it is only 25 kilometers away, so it is recommended to bring a passport and official identification as on the way you will pass the border with Palestine.
Likewise, the other possibility of attending is by taxi in order to avoid any mishap with the Israeli Armed Forces on the way from one country to another. When you are in the city, the tour focuses on the archaeological traces indicated in the Bible, making it a great experience. In addition, they will have the opportunity to visit the Monastery of Temptation, where it is said that the son of God went to pray after his cousin John the Baptist baptized him.
