Hong Kong is officially the most expensive city for expats to live in
1 July 2018| Last updated on 2 July 2018
People move abroad for many different reasons, but ultimately it usually comes down to one of two reasons: they are looking for something better than what they have back home, or want to better provide for their loved-ones. When deciding whether to make the leap or not, there are a number of factors which needs to be taken into consideration. One of these things, and most probably their biggest expense, is the cost of living in a new country.
Mercer annually conducts a cost of living survey in more than 200 prevalent assignment destinations and have finally released their 24th annual cost of living ranking. According to Mercer the instability of housing markets, low inflation, and fluctuating prices for goods and services are all factors that affect the cost of doing business and in turn is affecting the cost of living around the world.
Here are the top 10 most expensive places to stay in:
10. Bern, Switzerland
The capital city of Switzerland, Bern, has maintained their spot in the ranking as the tenth most expensive city in the world. As of 2015, Bern has a population of approximately 130,015 residents.
9. Beijing, China
The cost of living has increased in Beijing with it now ranking at ninth place in comparison in last year’s eleventh place. Beijing is the capital of China with an estimated population of 21,71 million people in 2017.
8. Ndjamena, Chad
Next in line is Ndjamena in Chad. Not only is Ndjamena the capital of Chad, but also the biggest city in the country. Ndjamena made quite a leap to land at number 8 this year considering that it climbed from number 15 in 2017 to number 8 in 2018.
7. Shanghai, China
Shanghai didn’t have too many changes as it moved from eight position in 2017 to seventh position this year. Shanghai is currently the most expensive city for expats to stay in, in China.
6. Luanda, Angola
Luanda, the capital of Angola, has made a huge leap down the ranking, moving down from first place in 2017 to sixth place in 2018.
5. Seoul, South Korea
Seoul didn’t really have major changes in its ranking during the last year. It simply shifted from sixth position to fifth position. Seoul is the capital of South Korea and has an estimated population of approximately 9.86 million people in 2015.
Like a number of other cities and the last four rankings, Singapore simply made a single step transition. Singapore was listed in fifth position during 2017 and is currently occupying fourth position in the ranking.
3. Zurich, Switzerland
Zurich came in as the fourth most expensive city to live in last year, and made its way up the ranking to occupy the third position of 2018’s most expensive cities to stay in. Zurich is seen as a global centre for banking and finance.
2. Tokyo, Japan
Moving up from third place, Tokyo has become the second most expensive city in the world for people to live in. This destination has been made famous by numerous movies and is the capital of Japan.
1. Hong Kong Hksar
Hong Kong has knocked Luanda out of the first place to become the most expensive city for expats in the entire world. Hong Kong was listed as the second most expansive city in the world in 2017 but has moved up to first place this year.