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Mumbai among top 20 most expensive cities in Asia for expatriates: Mercer
1 min read.Updated: 28 Jun 2019, 11:59 AM ISTPTI
According to Mercer's 25th Annual Cost of Living Survey, Mumbai fell 12 spots and was ranked at the 67th position out of the 209 cities surveyed
Other Indian cities in the list include New Delhi at 118th place, Chennai (154), Bengaluru (179) and Kolkata (189)
New Delhi: Mumbai is India's most expensive city and among the top 20 costliest cities surveyed in Asia for expatriates, with residential housing prices among the highest in the world, according to a survey by global consulting leader Mercer.
According to Mercer's 25th Annual Cost of Living Survey, Mumbai fell 12 spots and was ranked at the 67th position out of the 209 cities surveyed.
Regarding Mumbai, the report said, "costs of items such as eating out and utilities show decline, however, residential housing costs remain among the most expensive in the world, contributing to its top rankings in Asia and globally".
Other Indian cities in the list include New Delhi at 118th place, Chennai (154), Bengaluru (179) and Kolkata (189). All four have dropped in ranking from last year.
"A relatively slower price increase in surveyed Indian cities and major currencies weakening against the US dollar has pushed our Indian cities down in the ranking," according to Padma Ramanathan, India Global Mobility Practice Leader at Mercer.
The survey noted that eight out of the top 10 of the world's most expensive cities for expatriates are Asian cities due to high costs for expatriate consumer goods and a dynamic housing market. Hong Kong remained the costliest city in the world for the second consecutive year followed by Tokyo, Singapore and Seoul. Other cities in the top 10 list include Zurich (5), Shanghai (6), Ashgabat (7), Beijing (8), New York City (9), and Shenzhen (10). The world's least expensive cities for expatriates are Tunis (209), Tashkent (208), and Karachi (207).
Across continents, Indian multinationals have been driving key talent mobilisation into countries such as the USA (especially in the hi-tech sector), the UAE, the UK, Kenya and Bangladesh.
According to the survey, a number of factors, including currency fluctuations, cost of inflation for goods and services and volatility in accommodation prices, contribute to the overall cost of expatriate packages for employees on international assignments.
The figures for Mercer's cost of living and rental accommodation cost comparisons are derived from a survey conducted in March 2019. Exchange rates from that time and Mercer's international basket of goods and services from its cost of living survey have been used as base measurements.
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