September 21, 2023


Delighting finance buffs

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


Hong Kong is the world’s most costly metropolis to stay in as an expat for the 2nd yr in a row, according to a new research. New York and Geneva took second and 3rd position in the rankings.

Higher charges and a much better currency around the previous year held the Asian metropolis at the top of the tree, in accordance to ECA Global, which carried out its research in March this calendar year. London and Tokyo spherical out the top 5.

Soaring rental charges were part of the reason London and New York took their positions in the top 5, with rent in those metropolitan areas rising 20% and 12% respectively.

Apartment buildings in the West Village neighborhood of New York, U.S., on on Monday, July 5, 2021. New York’s residential sector is heating again up amid the easing of commercial limitations and lower Covid-19 rates, despite the fact that the current market has nevertheless to return to pre-pandemic degrees, Forbes stories. Graphic: Jeenah Moon/Bloomberg

Elsewhere in the Charge of Dwelling report, Singapore stayed in 13th place despite considerable rises in rent, petrol prices and utilities. All those ended up offset by the Singapore dollar weakening against other regional currencies for the duration of the latter portion of the survey time period, ECA stated. Japanese metropolitan areas all fell down the ranks as the yen weakened, though Chinese metropolitan areas rose — with Shanghai and Guangzhou having 8th and 9th positions respectively — on a more robust yuan.

Below are some additional of the survey’s conclusions:

  • Petrol costs climbed on normal 37% as opposed to a 12 months earlier across all towns, whilst Beirut recorded a 1,128% increase
  • Turkey’s Ankara is the least expensive metropolis in the world for expats, immediately after falling 5 spots to 207th put
  • War in Ukraine noticed cooking oil selling prices increase an common of 25% final year throughout cities in the position
  • Tehran’s gasoline prices had been lowest priced, 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 ended up just a several of the charges that took Hong Kong to the major of the listing

“Although Hong Kong has been impacted by growing worldwide inflation much less than other regional and world places in the earlier 12 months, it nonetheless stays the most highly-priced location in the environment,” a press release quoted ECA International’s  Regional Director for Asia, Lee Quane, as stating.

“It has been the strength of the Hong Kong greenback, which is pegged to the US dollar, in the earlier calendar year which has enabled it to sustain its position as the most high priced area around the world as other currencies have weakened.”

HRepulse Bay seashore all through its reopening in Hong Kong, China, on Saturday, Might 7, 2022. Hong Kong is accelerating its reopening plans as Covid conditions drop, easing mask-putting on guidelines and permitting more leisure venues to reopen, regardless of ongoing circulation of the pathogen that has led most rival financial hubs to reside with the virus. Photographer: Lam Yik/Bloomberg

ECA Intercontinental analyses the cost of consumer items and expert services in much more than 490 areas around the globe, while lodging details is also factored in, comparing rental expenses in parts normally inhabited by expatriate employees in above 410 places throughout the world. The hottest report ranks 207 cities in 120 nations around the world.

Listed here are the world’s prime 20 most highly-priced places for expats (with the March 2021 ranking in parentheses):

  1. Hong Kong (2021 rating: 1)
  2. New York, US (4)
  3. Geneva, Switzerland (3)
  4. London, British isles (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


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