Mercer’s ranking compares prices of more than 200 items in 209 cities to determine the most expensive cities to live in for expats.
Hong Kong is the world’s most expensive city for expats for the second year in a row due to their real-estate market. Even an espresso at Hong Kong could cost close to 8$.
Tokyo came in second, followed by Singapore, Seoul, Zurich, Shanghai, Ashgabat, Beijing, New York and Shenzhen. Eight of the most expensive cities for expats are in Asia.
Brussels in this case recorded a decline from 67th to 77th place. Cindy Van Loo, mobility consultant at Mercer Belgium, states that “the sharp drop in Brussels is mainly due to the evolution of other cities in the ranking”.
The survey is designed to help multinational corporations and governments set compensation premiums for their expatriate staff. The ranking, which includes 209 cities this year, is based on the cost comparison of various parameters, including housing, transportation, food, clothing, household goods and entertainment. ” The sharp drop in Brussels is mainly due to the evolution of other cities in the ranking, ” says Cindy Van Loo, mobility consultant at Mercer Belgium.
“Despite moderate price increases in most European cities, the currencies of the old continent have weakened against the dollar, which has lowered the ranking of most cities. Other factors such as recent security concerns and concerns about the economic outlook have affected the region.”
Bern comes 12th in the rankings, Geneva 13th, London 23rd, Moscow 27th, Milan 45th, Paris 47th, Oslo 61st, St. Petersburg 75th, Berlin 81st, Madrid 82nd, Prague 97th and Warsaw 173rd.
Meanwhile in the Middle East, Tel Aviv remains the most expensive city for expatriates.
The survey by Mercer Consultancy is designed to help corporations and governments set up compensation premiums for their expatriate staff.