Mercer’s annual Cost of Living Ranking is based on the expatriate cost of living in more than 375 cities throughout the world; this year's rankings include 209 of these cities.
Asian cities dominated the list of most expensive locations for employees working abroad, taking six spots out of the top 10 with Hong Kong coming in at the number one spot. The other Asian cities were Tokyo (2), Singapore (4), Seoul (5), Shanghai (7) and Beijing (9).
This year's changes in the ranking were due mainly to currency fluctuations, in particular against the US dollar. Peter KH Chan, Talent Consultant, Mercer Hong Kong said, “The strengthening of the Chinese yuan pushed Chinese cities up the ranking. However, most cities in Japan fell in the ranking due to the weakening of the Japanese yen against the US dollar.”
Chan added, “While Hong Kong is still considered to be one of the top locations for international assignments, the increasing cost of living in the city is definitely a challenge for businesses. Global talents look at factors including cost of living, quality of living and international schools when they relocate. While cost is not the only criteria, rental prices in Hong Kong, currently at an all-time high, will be a concern to expatriates, especially those with a family.”
Paul Arkwright
Publisher
