Hong Kong remains world's most expensive expat city: survey

Hong Kong remains at the top of an annual global survey of the world's most expensive cities for expats, according to a report published last week. Asian cities made up six of the top 10, the survey found. A surprise entry was Ashgabat, the capital of Turkmenistan, in 2nd place, ahead of Tokyo at number 3 and Singapore at 5, down from 3 in last year's survey. Other Asian cities appearing in the top 10 of Mercer's costliest cities for expatriates are Shanghai (7) and Beijing (10). In Europe, Zurich was number 4 in the list, with two other Swiss cities making the top 10: Bern (8) and Geneva (9). London rose three places to 19th place on a weakened pound. By contrast, the world's least expensive cities for expatriates, according to Mercer's survey, are Tunis (209), Windhoek (208), Tashkent and Bishkek, which tied to rank 206. Middle EastThis year's survey found that Tel Aviv (12) continues to be the most expensive city in the Middle East for expatriates, followed by Dubai (23), Riyadh (31), and Abu Dhabi (39). Cairo (126) remains the least expensive city in the region despite rising 40 places. Mercer's widely recognized survey is one of the world's most comprehensive, and is designed to help multinational companies and governments determine compensation strategies for their expatriate employees. Mercer explained that New York City is used as the base city for all comparisons and currency movements are measured against the US dollar. The survey comprises over 400 cities around the world; this year's ranking includes 209 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. Volatile timesIlya Bonic, career president and head of strategy at Mercer, said: "Border closings, flight interruptions, mandatory confinements, and other short-term disruptions have affected not only the cost of goods and services, but also the quality of living of assignees." "Climate change, issues related to environmental footprint, and health system challenges have pushed multinationals to consider how a city's efforts around sustainability can impact the living conditions for their expatriate workers. Cities with a strong sustainability focus can greatly improve living standards, which can in turn improve employee well-being and engagement." Properly vetting locations and compensating employees on international assignments is as important as it can be costly. Mercer's survey shows that costs of goods and services shift with inflation and currency volatility making overseas assignment costs sometimes greater and sometimes smaller. "Sudden changes to exchange rates has been mainly driven by the impact covid-19 is having on the global economy," added Yvonne Traber, global mobility product solutions leader at Mercer. "This volatility can affect mobile employees in a variety of ways, from shortages and price adjustments for goods and services, to supply chain disruptions or when employees are paid in home country currency and need to exchange funds into the host country for local purchases." Here is the top 50 from the Mercer cost of living survey 2020: Rank as of March City Country/Region 2019 2020 1 1 Hong Kong Hong Kong 7 2 Ashgabat Turkmenistan 2 3 Tokyo Japan 5 4 Zurich Switzerland 3 5 Singapore Singapore 9 6 New York City United States 6 7 Shanghai China 12 8 Bern Switzerland 13 9 Geneva Switzerland 8 10 Beijing China 4 11 Seoul South Korea 15 12 Tel Aviv Isreal 10 13 Shenzen China 14 14 Victoria Seycheles 11 15 Ndjamena Chad 16 16 San Francisco United States 18 17 Los Angeles United States 25 18 Lagos Nigeria 23 19 London United Kingdom 17 20 Guangzou China 27 21 Moscow Russia 19 22 Osoaka Japan 21 23 Dubai UAE 22 24 Kinshasa Democratic Rebublic of Congo 20 25 Copenhagen Denmark 33 26 Nagoya Japan 47 26 Dhaka Bangladesh 35 28 Taipei Taiwan 38 28 Honolulu United States 37 30 Chicago United States 35 31 Riyadh Saudi Arabia 42 32 Washington United States 24 33 Libreville Gabon 27 34 Nanjing China 40 35 Bangkok Thailand 30 36 Abidjan Cote d'Ivoire 44 37 Miami United States 32 38 Tianjin China 33 39 Abu Dhabi UAE 30 40 Chengdu China 49 41 Boston United States 29 42 Noumean New Caledonia 41 43 Qingdao China 39 44 Brazzaville Congo 53 45 Beirut Lebanon 43 46 Dublin Ireland 45 47 Milan Italy 56 48 White Plains United States 54 49 Bangui Central African Republic 47 50 Paris France Subscribe to International Investment's free, twice-daily, newsletter Mercer Cost of Living Survey - Worldwide Rankings 2020 (The Mercer international basket, including rental accommodation costs) Rank as of March City Country/Region 2019 2020 1 1 HONG KONG HONG KONG (SAR) 7 2 ASHGABAT TURKMENISTAN 2 3 TOKYO JAPAN 5 4 ZURICH SWITZERLAND 3 5 SINGAPORE SINGAPORE 9 6 NEW YORK CITY UNITED STATES 6 7 SHANGHAI CHINA 12 8 BERN SWITZERLAND 13 9 GENEVA SWITZERLAND 8 10 BEIJING CHINA 4 11 SEOUL SOUTH KOREA 15 12 TEL AVIV ISRAEL 10 13 SHENZHEN CHINA 14 14 VICTORIA SEYCHELLES 11 15 NDJAMENA CHAD 16 16 SAN FRANCISCO UNITED STATES 18 17 LOS ANGELES UNITED STATES 25 18 LAGOS NIGERIA 23 19 LONDON UNITED KINGDOM 17 20 GUANGZHOU CHINA 27 21 MOSCOW RUSSIA 19 22 OSAKA JAPAN 21 23 DUBAI UNITED ARAB EMIRATES 22 24 KINSHASA DEM. REP. OF THE CONGO 20 25 COPENHAGEN DENMARK 33 26 NAGOYA JAPAN 47 26 DHAKA BANGLADESH 35 28 TAIPEI TAIWAN 38 28 HONOLULU UNITED STATES 37 30 CHICAGO UNITED STATES 35 31 RIYADH SAUDI ARABIA 42 32 WASHINGTON UNITED STATES 24 33 LIBREVILLE GABON 27 34 NANJING CHINA 40 35 BANGKOK THAILAND 30 36 ABIDJAN CÔTE D'IVOIRE 44 37 MIAMI UNITED STATES 32 38 TIANJIN CHINA 33 39 ABU DHABI UNITED ARAB EMIRATES 30 40 CHENGDU CHINA 49 41 BOSTON UNITED STATES 29 42 NOUMEA NEW CALEDONIA 41 43 QINGDAO CHINA 39 44 BRAZZAVILLE CONGO 53 45 BEIRUT LEBANON 43 46 DUBLIN IRELAND 45 47 MILAN ITALY 56 48 WHITE PLAINS UNITED STATES 54 49 BANGUI CENTRAL AFRICAN REPUBLIC 47 50 PARIS FRANCE

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