14:54 | 24/06/2021 Print
|Shanghai, China, one of the most expensive cities in the world|
Mercer announced the results of its 2021 Cost of Living survey that includes findings from 209 cities across five continents, and measures the comparative cost of each location, including housing, transportation, food, clothing, household goods, and entertainment.
The Covid-19 pandemic has undoubtedly impacted the cost of living around the world – causing the value of currencies to fluctuate and driving up the cost of goods and services by disrupting supply chains. The COVID-19 crisis has accelerated changes in global mobility trends and practices, prompting companies to rethink their strategies for managing mobile workforces in the post-pandemic world.
While some countries have seen their cost of living rapidly increase, others have fallen from their previous rank.
1.More than half of the top 10 most expensive cities are located in Asia
Survey found that Ashgabat, Turkmenistan is the most expensive city in the world for international employees for 2021, pushing Hong Kong to second place. Known for its opulent architecture, Ashgabat – which holds the world record for the highest density of white marble buildings – has experienced a massive rise in its cost of living for expatriate workers over the past three years as a result of inflation and a black market for foreign currencies that has raised the price of imports.
Similar to Ashgabat, the majority of the places in the top 10 most expensive cities are located in Asia, according to the Mercer report, with Hong Kong at No. 2, Tokyo at No. 4, Shanghai at No. 6, Singapore at No. 7 and Beijing at No. 9.
2.None of the top 10 most expensive cities were located in the Americas.
Cities in the US have dropped in this year’s ranking mostly due to currency fluctuations, despite the rising inflation of goods and services in the US. New York (#14) ranked as the most expensive city in the US, though it dropped eight positions since last year, followed by Los Angeles (#20), San Francisco (#25), Honolulu (#43) and Chicago (#45).
3.UK cities saw minimal price inflation despite the pandemic and Brexit; London is up one place to (#18) and Birmingham shot up eight places to (#121) while Glasgow rose ten spots to (#131).
4.The world’s least expensive cities for international employees according to Mercer’s survey are Tbilisi (207), Lusaka (208) and Bishkek (209).
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