These are the 50 most expensive places for expats to live and work

(Bloomberg) – Hong Kong is the most expensive place in the world for employees sent overseas to work, according to a new study comparing the prices of 200 goods and products in more than 400 cities.

Switzerland was hot on the heels of Hong Kong, with four cities – Zurich, Geneva, Basel and Bern – ranking second and fifth respectively in the 2022 Mercer cost of living survey.

Three other Asian cities – Singapore, Tokyo and Beijing – made the top 10, occupying the 8th, 9th and 10th places respectively. High rankings for many Asian cities have been driven by inflation and strong currencies, the management consultancy said in its report.

At the other end of the table, the cheapest places for expats were Ankara in Turkey, Bishkek in Kyrgyzstan and Dushanbe in Tajikistan.

Elsewhere, Mercer reported:

  • Israel’s Tel Aviv, in 6th place, is the most expensive place in the Middle East
  • New York City, 7th, is the most expensive city in the Americas
  • London came in at number 15
  • Four Chinese cities in the top 20, propelled by the strength of the yuan
  • Japanese and Korean cities have become relatively more affordable due to weaker currencies

The report says global issues such as Covid-19, the war in Ukraine, fluctuating exchange rates and widespread inflation are affecting employee salaries and savings, while the number of professionals relocating to Asia over the past past 18 months has declined.

Tracey Ma, Mercer’s regional mobility manager for Asia-Pacific, said a talent shortage in developed countries, which rely heavily on foreign workers, could become a problem exacerbated by the rising cost of living. .

“International assignment models are changing faster than before,” Ma said. She added that the rise of remote and flexible working means companies need to rethink their approach to managing a workforce. works globally to attract and retain talent while ensuring profitability.

Mercer measured the comparative cost of more than 200 things — including housing, transportation, food, clothing, household items and entertainment — to arrive at its ranking.

Here are the top 50 most expensive cities for foreign workers:

  1. Hong Kong, China
  2. Zürich, Switzerland
  3. Geneva, Switzerland
  4. Basel, Switzerland
  5. Bern, Switzerland
  6. Tel Aviv, Israel
  7. New York, United States
  8. Singapore
  9. Tokyo, Japan
  10. Beijing, China
  11. Copenhagen, Denmark
  12. Shanghai, China
  13. Shenzhen, China
  14. Seoul, South Korea
  15. London, UK
  16. Nassau, Bahamas
  17. Los Angeles, United States
  18. Guangzhou, China
  19. San Francisco, United States
  20. Honolulu, United States
  21. Vienna, Austria
  22. Qingdao, China
  23. Bangui, Central African Republic
  24. Libreville, Gabon
  25. Amsterdam, Netherlands
  26. Nanjing, China
  27. Oslo, Norway
  28. Taipei, Taiwan
  29. Washington D.C., United States
  30. Boston, United States
  31. Dubai, United Arab Emirates
  32. Miami, United States
  33. Munich, Germany
  34. Busan, South Korea
  35. Paris, France
  36. Chicago, United States
  37. Osaka, Japan
  38. Victoria, Seychelles
  39. Brussels, Belgium
  40. Shenyang, China
  41. Djibouti
  42. Atlanta, United States
  43. Helsinki, Finland
  44. Chengdu, China
  45. Seattle, United States
  46. Berlin, Germany
  47. The Hague, Netherlands
  48. Milan, Italy
  49. Dublin, Ireland
  50. Yokohama, Japan

©2022 Bloomberg LP

Maria D. Ervin