Four out of five of the world’s most expensive cities for expatriates are in Asia
If you plan to move to Hong Kong, prepare yourself for a city truly challenging for your pocket.
In March 2018, Mercer, a provider of data on cost of living and housing for employees sent to work abroad, conducted an annual survey comparing the cost of living and rental accommodation cost from which they concluded a ranking with cities across the globe.
And this year, Hong Kong topped the list as world’s most expensive city for emigrants to live in. Last year, in comparison, Hong Kong ranked second after Luanda in Angola. Asia has been on a real price rise in general with four out five most of the most costly being on the continent.
“Stronger Chinese monetary regulation, a flourishing economy and a push to have the Chinese Yuan as an international currency pushed Chinese cities up in the ranking,” said Yvonne Traber, global mobility product solutions leader at Mercer.
“However, significant surges in other locations worldwide caused Japanese cities, Osaka and Nagoya in particular, to fall in this year’s ranking.”
Asian cities managed to leap past European cities, such as Oslo or Copenhagen, that took were in the top 10 last year.
Meanwhile, the United States are showing an opposite trend than China.
“Cities in the United States have dropped in the ranking due to a steady pickup of the European economy, which triggered a decline of the US dollar against other major currencies worldwide. New York dropped four places to rank 13, the highest-ranked city in the region,” the report says.
Last year’s winner, Luanda, dropped to 6th because of a downward trend in the city’s housing market.
In Europe, the most costly cities are in Switzerland with Zurich being third in the global ranking and Bern in the 10th spot.
The cheapest city in the world, on the other hand, is Tashkent in Uzbekistan that slipped 86 positions from last year. Second and third least expensive destinations for expatriates are Tunis and Bishkek.
Top 10 cheapest cities for 2018
- Tashkent, Uzbekistan
- Tunis, Tunisia
- Bishkek, Kyrgyzstan
- Banjul, Gambia
- Karachi, Pakistan
- Blantyre, Malawi,
- Tbilisi, Georgia
- Minsk, Belarus
- Tegucigalpa, Honduras,
- Managua, Nicaragua
Top 10 most expensive cities for 2018
- Hong Kong
- Tokyo, Japan
- Zurich, Switzerland
- Singapore, Singapore
- Seoul, South Korea
- Luanda, Angola
- Shanghai, China
- Ndjamena, Chad
- Beijing, China
- Bern, Switzerland