Billionaires Prefer Moscow

In 1998, Moscow was in crisis. More than 100,000 Russians took to the streets as a slew of banks – and the life savings of millions of citizens – went bust.

But just a decade later, the global commodities boom has made Russia flush with cash, and Moscow has become a pricey place to live.

That's the finding in Mercer's 2008 Worldwide Cost of Living Survey. Moscow tops the list with a score of 142.4, up 6% from last year – and 42% higher than New York, the most expensive city in the U.S. The Russian capital is followed by Tokyo; London; Oslo and Seoul, South Korea.

Moscow is home to 74 billionaires, the most of any city in the world.