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The Gilded Cities Club; Tokyo is slipping, Moscow and Seoul are rising. What new lists of most expensive cities can (and can't) tell us about power.(Cover story)

Newsweek International

| July 03, 2006 | Miller, Karen Lowry | COPYRIGHT 2006 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Karen Lowry Miller (With Owen Matthews in Moscow, Caroline Cooper in Tianjin, Akiko Kashiwagi in Tokyo and B. J. Lee in Seoul)

Try naming the most expensive cities in the world, and the image that springs to mind is probably a cross between a liquor ad and a vintage James Bond movie. Tokyo, London, Hong Kong, Zurich: the old standbys still score in the top 10 or so on most lists. But jet-setting expatriates, and the companies that send them forth, are finding a new crop of pricey places to do business. In its annual cost-of-living survey, released June 26 (chart), Mercer consulting found that Moscow and Seoul have earned the dubious honor of bumping Tokyo ...

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