Yerevan is ranked 167 in the list of most expensive world cities, says Mercer’s 2011 cost of living survey.

The survey is conducted mainly for foreigners and guests and involves a number of factors: from renting real estate up to food prices.

According to the survey, the most expensive city in the South Caucasus is Baku, it is even more expensive than Amsterdam, Madrid and Toronto, RFE/RL reported.

Georgian capital, Tbilisi is the cheapest in the South Caucasus.

The most expensive world city is capital of Angola - Luanda, while Tokyo is ranked the second followed by capital of Chad - N’ Djamena. Moscow is ranked fourth.