BackThese are the 50 costliest places for foreign employees to live and work
Four Switzerland cities Zurich, Geneva, Basel and Bern ranked second to fifth place respectively in Mercer’s Cost of Living Survey 2022.
PremiumHong Kong is the world’s most expensive place for employees sent abroad to work, a survey showed comparing the prices of 200 goods and products in more than 400 cities
The Mercer’s 2022 cost of living city ranking reveals the most expensive cities for international employees. It provides employers with current, extensive and reliable data to help them navigate compensation strategies for their mobile employees in the unpredictable global markets.
Four Switzerland cities Zurich, Geneva, Basel and Bern ranked second to fifth place respectively in Mercer’s Cost of Living Survey 2022.
Three other Asian Cities — Singapore, Tokyo and Beijing — made the top 10, filling 8th, 9th and 10th spots respectively. High rankings for many Asian cities were driven by inflation and strong currencies, the management consultancy said in its report.
Apart from this, Israel’s Tel Aviv bagged the 6th place as the priciest place in the Middle East while New York City bagged the seventh spot.
The report also showed the cheapest places for foreign employees to live which included Turkey’s Ankara, Bishkek in Kyrgyzstan and Dushanbe in Tajikistan.
The report said global issues including COVID-19, war in Ukraine, exchange rate fluctuations and widespread inflation were affecting employees’ salaries and savings, while the number of professionals relocating to Asia over the past 18 months had fallen.
Tracey Ma, Mercer’s Regional Mobility Leader for Asia Pacific, said a talent shortage in developed countries, which rely heavily on foreign workers, could become an issue exacerbated by higher living costs.
“International assignment patterns are evolving faster than before" said Ma. She added that the rise of remote and flexible work means companies need to rethink their approach to managing a global workforce in order to attract and retain talent while ensuring cost efficiency.
Mercer measured the comparative cost of more than 200 things — including housing, transport, food, clothing, household goods and entertainment — to come up with its ranking.
Here are the top 50 most expensive cities for foreign workers:
1. Hong Kong, China
2. Zurich, Switzerland
3. Geneva, Switzerland
4. Basel, Switzerland
5. Bern, Switzerland
6. Tel Aviv, Israel
7. New York City, US
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, US
18. Guangzhou, China
19. San Francisco, US
20. Honolulu, US
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 DC, US
30. Boston, US
31. Dubai, UAE
32. Miami, US
33. Munich, Germany
34. Busan, South Korea
35. Paris, France
36. Chicago, US
37. Osaka, Japan
38. Victoria, Seychelles
39. Brussels, Belgium
40. Shenyang, China
41. Djibouti
42. Atlanta, US
43. Helsinki, Finland
44. Chengdu, China
45. Seattle, US
46. Berlin, Germany
47. The Hague, Netherlands
48. Milan, Italy
49. Dublin, Ireland
50. Yokohama, Japan
(With inputs from Bloomberg)
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