Many of the world’s regions have switched places in the UBS rankings as currencies fluctuated in the wake of the financial crisis.

UBS Bank used to rank London the most expensive city in the world – but it has now plummeted to the 22nd spot. All in just one year.

In the 2009 list, Oslo has been crowned the most expensive city in the world, followed by Zurich and Copenhagen.

Blaming the fluctuating currencies since to the economic downfall, even the hotels in this region are showing a 25% drop in their rates.

Source: Citymayors