New York far behind pack of world's costliest cities

Sixteen major European cities have higher costs of living than New York, a survey published in Time magazine shows. The survey, issued by Management Centre Europe in Brussels, found that "all of its European cities were more expensive than the Big Apple, by total amounts that ranged from 16 percent for Lisbon to 67 percent for Stockholm, the costliest city.

"The Swedish capital has wrested that dubious distinction from Geneva, which is now No. 4, in the price parade, just behind Oslo and Brussels," Time said. "The next, in descending order of costliness: Copenhagen, The Hague, Paris, Vienna, Frankfurt, and London."