Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Wednesday, Feb 08, 2023

Can you guess which cities are ranked most expensive for expats?

Can you guess which cities are ranked most expensive for expats?

Looking for a cheaper city to live in as an expat? Head east - but forget about Hong Kong.

If you are an expat living in Hong Kong, Zurich or Geneva, life is costing you more than anywhere else on the planet, according to the 2022 Cost of Living Survey, an annual report by consulting firm Mercer.

Hong Kong has been ranked for the fourth time in five years as the world’s most expensive city for expatriates, followed by four Swiss cities: Zurich, Geneva, Basel and Bern.

Ankara, the capital of Turkey, closed the ranking of 227 cities as the world’s most affordable for expats.


If you’re in Europe and looking for a cheaper city to live in, look east: Ankara is followed by Bishkek in Kyrgyzstan (226th), Dushanbe in Tajikistan (225th), and Islamabad and Karachi in Pakistan (224th and 223rd).

Denmark's capital Copenhagen is the most expensive city for expats in the Nordics, ranking 11th globally, while the Swedish capital Stockholm is the most affordable, dropping to 87th place in 2022.

Where does the cost of living meet the quality of living?


Interestingly, two of the world’s priciest cities for expats, Zurich and Geneva, are also in the top five of the Global Liveability Index, an annual report by The Economist Intelligence Unit (EIU) that evaluates which cities around the world offer the best living conditions.

Mercer also analysed the correlation between the Cost of Living Index and their own Quality of Living Index for a selected list of global cities.

The lucky locations with the lowest cost of living but the highest quality of living are Vancouver and Toronto in Canada, Stockholm in Sweden, Lisbon in Portugal and Frankfurt in Germany.

On the other hand, Hong Kong was found to have the highest cost of living but a lower quality of living than many other locations.

Mercer’s report also concluded that locations with a higher cost of living and quality of living tend to rank higher for eco-friendliness.

How the cost of living index is calculated


Mercer’s Cost of Living city ranking is based on the group’s own research, which is carried out twice a year and encompasses over 400 cities around the world.

The survey highlights key economic indicators such as currency fluctuations, cost inflation and accommodation price instability.

It also reflects the prices of over 200 items from categories such as housing utilities, personal care, recreation and entertainment, transportation, alcohol, and tobacco.

Cost of living crisis


As with most things over the past two years, the 2022 cost of living report has been notably impacted by the COVID-19 pandemic and the war in Ukraine, which has fueled skyrocketing inflation and volatility on the markets.

Annual inflation in the eurozone's 19 countries hit a record 8.6 per cent in June, surging past the 8.1 per cent recorded in May, according to the latest figures published Friday by Eurostat, the European Union’s statistics agency.

Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Hong Kong airlines taking bold action after the years of pandemic lockdown and travel restrictions, to make Hong Kong great again
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
×