Tokyo ranked as the fourth most expensive city for expats in an annual cost-of-living survey by a US consulting firm, falling one spot from last year.

Turkmenistan’s capital Ashgabat topped the list, dropping from second place, while Hong Kong slipped to second place after being the most expensive city last year, the Mercer survey showed. the cost of living, as countries continue to grapple with the economic, political and health implications of the coronavirus pandemic.

With more than half of Asia’s 10 most expensive cities, Zurich fell one spot to fifth place, while Shanghai ranked sixth, up one notch. Singapore fell two places to seventh.

Beirut came in third, up 42 positions due to economic hardship caused by the COVID-19 pandemic, Lebanon’s biggest financial crisis and a massive Beirut port explosion in 2020.

Mercer said the pandemic continues to cause unprecedented disruption to international mobility, prompting companies to reevaluate how they will manage a mobile workforce in a post-pandemic world.

“The pandemic has added a whole new layer of complexity, as well as long-term implications related to employee health and safety, remote working and flexibility policies, among other considerations,” said Ilya Bonic, career president and head of Mercer Strategy. .

“As organizations rethink their talent and mobility strategies, accurate and transparent data is critical to fairly compensating employees for all types of assignments,” Bonic said in a press release.

The annual survey ranks 209 cities based on the comparative cost of expenses, including housing, transportation, food and entertainment, with New York being used as the base of comparison and currency movements measured against the US dollar.

New York City ranked 14th, down eight spots from a year ago, but was the most expensive city in the United States for foreign workers. Los Angeles came in 20th and San Francisco 25th.

The other three cities in the top 10 were Geneva in eighth place, Beijing in ninth and the Swiss capital Bern in tenth.

In an age of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us tell the story well.

SUBSCRIBE NOW

PHOTO GALLERY (CLICK TO ENLARGE)