Thursday, June 30, 2022
The priciest places to settle and work in for expatriates, who are people that leave their own country and move permanently or for a long time to a different country, are Hongkong and Switzerland, reported Bloomberg.
According to a study that compared the costs of 200 goods in over 400 cities, Hongkong is the most expensive place for employees that are sent to work abroad.
Switzerland is second on the list with four of its cities, Zurich, Geneva, Basel, and Bern, being very expensive.
Asian cities that made it to the top 10 were Singapore, Tokyo, and Beijing.
Ankara, Bishkek, and Dushanbe were found to be at the bottom of the list, making them the cheapest options for expats.
Israel's Tel Aviv ranked sixth, becoming the costliest place in the Middle East.
New York City ranked seventh, while London was at 15.
Cities with weaker currencies like Japanese and Korean were found to be relatively cheaper.
The report mentioned that professionals moving to Asia in the past 18 months had fallen due to COVID-19, the Ukrainian war, and widespread inflation.
Tracey Ma, Mercer’s Regional Mobility Leader for the Asia Pacific, said that developed countries rely on the talents of foreign workers and high living costs can cause further talent shortages for them.