PARIS: Hong Kong retains its place atop the rankings for a 3rd straight 12 months because the world’s costliest metropolis for expats, in line with the newest Mercer annual report.
The consultancy discovered Hong Kong, with its sky-high housing prices, was nonetheless forward of 208 different cities whereas Asia offered six of the highest ten.
Turkmen capital Ashgabat notably edging Tokyo out of second spot.
Sixth-placed New York — up three locations — was the one US entrant to make it right into a prime ten that includes three Swiss cities — Zurich (4th), Bern (eighth) and Geneva (ninth).
Singapore fell from third to fifth.
“Ashgabat is affected by an financial disaster which has led to a dire foreign money scarcity and subsequently issues importing,” Mercer France head of mobility Jean-Philippe Sarra advised AFP, with foreign money price fluctuations and inflation additional contributory components.
Mercer’s report discovered the energy of the greenback has compelled up prices for expatriates in American cities.
After New York, San Francisco was the subsequent US entrant, sustaining its 16th place, whereas Los Angeles rose one spot to 17th.
In Europe, London rose 4 locations to 19th partly on the again of a relative rise in sterling however Paris slid from 47th to 50th because the euro misplaced floor towards the greenback, towards which native currencies are measures for the survey.
The least costly cities on the listing are Karachi, Bishkek, Tashkent, Windhoek and Tunis.
Sarra mentioned the survey was primarily based on the price of residing in February going into March, when “most nations had not but been affected by the (Covid-19) disaster.”
He famous a smaller pattern of date taken in April didn’t present the virus as having a discernable impression however added that future penalties for expatriates couldn’t be dominated out.
“There will probably be modifications however we nonetheless do not know to what diploma the disaster will impression on mobility,” mentioned Sarra, noting that “there will probably be some expatriates who will not want to keep or else to go off” on a international task.