Want to shift to another country to live a whole new life but don't know where to go? Well, you might want to skip the cities which are termed the most expensive for expats!?
Wondering who they are? Research by ECA International conducted in March this year has now revealed the list of 20 most expensive cities around the world to live in for expats, i.e.?a person who lives outside their native country.
Hong Kong is ranked the world¡¯s most expensive city to live in as expatriates for the second year in a row, according to a new study. New York and Geneva took second and third place in the rankings.
Higher prices and a stronger currency over the past year kept the Asian city at the top of the tree. London and Tokyo round out the top five.
Soaring rental costs were part of the reason London and New York took their positions in the top five, with rent in those cities rising 20% and 12% respectively, as per a TOI report.
Elsewhere in the Cost of Living report, Singapore stayed in 13th place. Chinese cities Shanghai and Guangzhou took the 8th and 9th positions respectively.
Turkey¡¯s capital Ankara is the cheapest city in the world for expats, after falling five spots to 207th place, the report stated.
ECA International analyses the cost of consumer goods and services in more than 490 locations worldwide.?
The research covers the cost of food (groceries, dairy produce, meat and fish, fresh fruit and vegetables), basic (Household goods, recreational goods, general services, leisure services), general (Clothing, electrical goods, motoring, meals out, alcohol and tobacco), utility costs, and public transport. The latest report ranks 207 cities in 120 countries.?
The fastest rate of price growth in the past year in Asia has been Colombo, the capital of Sri Lanka, which sits at the 149th rank globally.
Here are some other findings from the survey, as per TOI:?
*A cup of coffee at $5.21, a litre of petrol at $3.04 and a kilo of tomatoes at $11.51 were just a few of the prices that took Hong Kong to the top of the list?
*Petrol prices climbed on average 37% compared to a year earlier across all cities, while Beirut recorded a 1,128% increase
*War in Ukraine saw cooking oil prices rise an average of 25% last year across cities in the ranking?
*Tehran¡¯s fuel prices were cheapest, with a litre of petrol costing just $0.09
¡°Although Hong Kong has been impacted by rising global inflation less than other regional and global locations in the past year, it nonetheless remains the most expensive location in the world,¡± a press release quoted ECA International¡¯s Regional Director for Asia, Lee Quane, as saying, as per TOI.
¡°It has been the strength of the Hong Kong dollar, which is pegged to the US dollar, in the past year which has enabled it to maintain its position as the most expensive location worldwide as other currencies have weakened.¡±?
Also Read:??The World¡¯s Most & Least Affordable Cities To Buy A Home
Here are the world¡¯s top 20 most expensive places for expats (with the March 2021 ranking in bracket):?
1. Hong Kong (2021 ranking: 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)
Also Read:?Luxury Villa On UK¡¯s Most Expensive Street Goes On Sale For ?22.5 Million
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