These are the world’s 20 most expensive cities for expats

Hong Kong is the world’s most pricey city to reside in as an expat for the next yr in a row, in accordance to a new study. New York and Geneva took next and third place in the rankings.

Greater costs and a much better currency about the earlier year saved the Asian town at the best of the tree, in accordance to ECA Intercontinental, which carried out its exploration in March this 12 months. London and Tokyo round out the top 5.

Soaring rental charges ended up element of the motive London and New York took their positions in the prime five, with hire in people cities increasing 20% and 12% respectively.

Related Posts:

• Airport websites in St. Louis, other cities go offline; cause being investigated

Condominium properties in the West Village community of New York, U.S., on on Monday, July 5, 2021. New York’s residential current market is heating back up amid the easing of business limits and reduce Covid-19 costs, though the current market has nevertheless to return to pre-pandemic amounts, Forbes studies. Graphic: Jeenah Moon/Bloomberg

In other places in the Price of Dwelling report, Singapore stayed in 13th place despite major rises in hire, petrol charges and utilities. Those have been offset by the Singapore dollar weakening against other regional currencies for the duration of the latter aspect of the study interval, ECA explained. Japanese towns all fell down the ranks as the yen weakened, although Chinese towns rose — with Shanghai and Guangzhou having 8th and 9th positions respectively — on a stronger yuan.

In this article are some a lot more of the survey’s conclusions:

• Petrol selling prices climbed on common 37% in contrast to a calendar year earlier across all towns, though Beirut recorded a 1,128% maximize
• Turkey’s Ankara is the least expensive town in the environment for expats, just after falling 5 spots to 207th place
• War in Ukraine noticed cooking oil rates rise an normal of 25% very last year across towns in the position
• Tehran’s fuel price ranges were most affordable, with a litre of petrol costing just $.09
• A cup of coffee at $5.21, a litre of petrol at $3.04 and a kilo of tomatoes at $11.51 had been just a couple of the costs that took Hong Kong to the leading of the list

“Although Hong Kong has been impacted by growing worldwide inflation fewer than other regional and international locations in the earlier calendar year, it however continues to be the most pricey location in the world,” a press release quoted ECA International’s  Regional Director for Asia, Lee Quane, as indicating.

“It has been the power of the Hong Kong greenback, which is pegged to the US greenback, in the previous year which has enabled it to retain its position as the most high priced location all over the world as other currencies have weakened.”

HRepulse Bay beach during its reopening in Hong Kong, China, on Saturday, May well 7, 2022. Hong Kong is accelerating its reopening strategies as Covid situations fall, easing mask-donning policies and allowing extra leisure venues to reopen, regardless of ongoing circulation of the pathogen that has led most rival monetary hubs to stay with the virus. Photographer: Lam Yik/Bloomberg

ECA Intercontinental analyses the cost of consumer merchandise and companies in more than 490 locations worldwide, while accommodation details is also factored in, evaluating rental prices in spots normally inhabited by expatriate staff in about 410 spots all over the world. The most up-to-date report ranks 207 metropolitan areas in 120 nations around the world.

Right here are the world’s best 20 most pricey locations for expats (with the March 2021 ranking in parentheses):

1. Hong Kong (2021 ranking: 1)
2. New York, US (4)
3. Geneva, Switzerland (3)
4. London, United kingdom (5)
5. Tokyo, Japan (2)
6. Tel Aviv, Israel (7)
7. Zurich, Switzerland (6)
8. Shanghai, China (9)
9. Guangzhou, China (10)
10. Seoul, South Korea (8)
11. San Francisco, US (15)
12. Shenzhen, China (12)
13. Singapore (13)
14. Beijing, China (16)
15. Jerusalem, Israel (18)
16. Bern, Switzerland (17)
17. Yokohama, Japan (11)
18. Copenhagen, Denmark (14)
19. Oslo, Norway (19)
20. Taipei, Taiwan (21)

© 2022 Bloomberg