The most expensive cities in the world for expatriates
The ranking includes 207 metropolis, and takes into account 200 parameters. Five of the top ten cities are in Asia. Paris is ranked only at the 46th place.
A comparative study of real estate prices
Luanda, Hong Kong and Zurich are the most expensive cities in the world for expatriates, in a ranking dominated by Asian and Swiss cities, according to the annual study of the American firm Mercer released Wednesday. For the third consecutive year, the Angolan capital is the top most expensive city. Mercer says that this 1st position for the African city is due to the costs of imported goods on one hand, and the budget that should been include by expatriates for their security on the other hand.
Governments and global companies look at the Mercer annual study with great attention, they consider this ranking to calculate the expatriation fee allowances for their employees. The research takes as reference the city of New York and compares 207 cities over 200 parameters such as the cost of transportation, food, clothing, recreation, household appliances and housing.
Five of the top ten ranking are Asian cities: Hong Kong (2nd), Singapore (4th), Shanghai (6th), Beijing (7th) and Seoul (8th).
Impressive growth of expatriate positions in Global companies
“Chinese cities jumped in the rankings due to the strengthening of the Chinese yuan and the high prices of consumer goods for expatriates,” said in the statement Nathalie Constantin-Metral, an analyst at Mercer. Three cities in the ranking are Swiss: Zurich (3), Geneva (5) and Bern (9). A situation due mainly to the appreciation of the Swiss franc against the euro.
The single currency fall against the dollar made most of the Eurozone cities drop in the ranking, for example Paris was down for 19 places to 46th, Vienna loses 24 places to 56th, Rome fell by 28 places to 59th. London remains at the 12th position in the ranking. Consequently most of US cities rose in the ranking. However New York ranking, remains unchanged at 16th place. The least expensive cities for expatriates, according to Mercer, are Bishkek in Kyrgyzstan (the 207th), Windhoek, Namibi (206th) and Karachi in Pakistan (205th).
“As the world economy is increasingly interconnected, 43% of global organizations expect an increase in the number of expatriate positions in the next two years to meet their needs,” said Ilya Bonic , from Mercer, quoted in the statement.