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

Hong Kong is the world’s most costly metropolis to reside in as an expat for the second 12 months in a row, based on a brand new research. New York and Geneva took second and third place within the rankings.

Larger costs and a stronger forex over the previous 12 months saved the Asian metropolis on the high of the tree, based on ECA Worldwide, which carried out its analysis in March this 12 months. London and Tokyo spherical out the highest 5.

Hovering rental prices had been a part of the explanation London and New York took their positions within the high 5, with lease in these cities rising 20% and 12% respectively.

Condo buildings within the West Village neighborhood of New York, U.S., on on Monday, July 5, 2021. New York’s residential market is heating again up amid the easing of business restrictions and decrease Covid-19 charges, though the market has but to return to pre-pandemic ranges, Forbes reviews. Picture: Jeenah Moon/Bloomberg

Elsewhere within the Price of Residing report, Singapore stayed in thirteenth place regardless of important rises in lease, petrol costs and utilities. These had been offset by the Singapore greenback weakening in opposition to different regional currencies throughout the latter a part of the survey interval, ECA mentioned. Japanese cities all fell down the ranks because the yen weakened, whereas Chinese language cities rose — with Shanghai and Guangzhou taking eighth and ninth positions respectively — on a stronger yuan.

Listed here are some extra of the survey’s findings:

• Petrol costs climbed on common 37% in comparison with a 12 months earlier throughout all cities, whereas Beirut recorded a 1,128% improve
• Turkey’s Ankara is the most affordable metropolis on the planet for expats, after falling 5 spots to 207th place
• Conflict in Ukraine noticed cooking oil costs rise a mean of 25% final 12 months throughout cities within the rating
• Tehran’s gas costs had been least expensive, with a litre of petrol costing simply $0.09
• A cup of espresso at $5.21, a litre of petrol at $3.04 and a kilo of tomatoes at $11.51 had been just some of the costs that took Hong Kong to the highest of the listing

“Though Hong Kong has been impacted by rising international inflation lower than different regional and international places previously 12 months, it nonetheless stays the costliest location on the planet,” a press launch quoted ECA Worldwide’s  Regional Director for Asia, Lee Quane, as saying.

“It has been the energy of the Hong Kong greenback, which is pegged to the US greenback, previously 12 months which has enabled it to keep up its place as the costliest location worldwide as different currencies have weakened.”

HRepulse Bay seaside throughout its reopening in Hong Kong, China, on Saturday, Might 7, 2022. Hong Kong is accelerating its reopening plans as Covid circumstances drop, easing mask-wearing guidelines and permitting extra leisure venues to reopen, regardless of continued circulation of the pathogen that has led most rival monetary hubs to reside with the virus. Photographer: Lam Yik/Bloomberg

ECA Worldwide analyses the fee of shopper items and providers in additional than 490 places worldwide, whereas lodging knowledge can be factored in, evaluating rental prices in areas sometimes inhabited by expatriate workers in over 410 places worldwide. The most recent report ranks 207 cities in 120 nations.

Listed here are the world’s high 20 most costly locations for expats (with the March 2021 rating in parentheses):

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