Caracas has overtaken Luanda as the most expensive expat destination worldwide. The anticipated fall in cost of living in Venezuela has not happened, while the parallel exchange rate continues to exist it is not widely available.
At the beginning of the year the investment banks in the country forecast the President Nicolás Maduro would implement rate unification, an increase in the gasoline price, monetary discipline and tax reform, this has not happened. Instead public expenditure has increased by 20% in real terms, while between late March and early April the central bank provided VEB 75 billion (USD 11.9 billion) in funding to (state-run oil company) Pdvsa. Foreign currency control is not likely to end with the result that no forex rate unification can be implemented, hence the parallel forex market will continue to exist. Annual inflation rate is now over 80% and the forecast does not look optimistic.
Manhattan remains second most expensive location in the Americas, the most expensive in the USA and 15th worldwide mainly due to the highly priced rental property market. Brooklyn is the second most expensive in the USA, but has fallen two positions in the overall ranking to 63rd worldwide. Calgary continues to slip down the rankings from 101st in January, 118th in April and now 143rd in July as the influx of workers continues to this location.
| Rank | Location July 2014 | Location April 2014 | Location July 2013 |
|---|---|---|---|
| 1 | Caracas, Venezuela | Caracas, Venezuela | Manhattan, USA |
| 2 | Manhattan, USA | Manhattan, USA | Hamilton, Bermuda |
| 3 | Hamilton, Bermuda | Hamilton, Bermuda | Caracas, Venezuela |
| 4 | Sao Paulo, Brazil | George Town, Cayman Islands | Sao Paulo, Brazil |
| 5 | George Town, Cayman Islands | Nassau, Bahamas | Rio de Janeiro, Brazil |
| 6 | Nassau, Bahamas | Sao Paulo, Brazil | George Town, Cayman Islands |
| 7 | Rio de Janeiro, Brazil | Brooklyn, USA | Toronto, Canada |
| 8 | Brooklyn, USA | Rio de Janeiro, Brazil | Brooklyn, USA |
| 9 | Sao Tome, Sao Tome and Principe | New York, USA | Nassau, Bahamas |
| 10 | New York, USA | Toronto, Canada | New York, USA |
The biggest mover down the rankings is George Town in Guyana, which has dropped to become the 540th most expensive location in the Americas.
The biggest mover up the rankings is Rosario in Argentina. Rosario has risen to be the 590th most expensive location in the Americas.
The cheapest American region is Managua in Nicaragua.
Top Ten City Rankings Excluding Housing, Education, Medical and Transport
- Venezuela, Caracas
- Sao Tome and Principe, Sao Tome
- Bermuda, Hamilton
- Brazil, Sao Paulo
- Barbados, Bridgetown
- USA, New York (Manhattan) NY
- Antigua and Barbuda, Saint John's
- Cayman Islands, George Town
- Brazil, Rio de Janeiro
- Brazil, Brasilia
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