New York - Living in Shanghai and Beijing costs more than in New York and London, according to the Mercer's 2014 Cost of Living Survey.

The survey covers 211 cities across five continents, with New York as the base, and compares the cost of over 200 items in each city, including housing, transportation, food and entertainment. It is designed to help multinational companies and governments determine compensation allowances for their expatriate employees.

Among the mainland Chinese cities, Shanghai is the most expensive to live in, ranking 10th on the list, 4 places up from 14th in 2013. Beijing is next at 11th, with Shenzhen ranking 17th and Guangzhou 24th.

In contrast, London is now ranked as the 12th most expensive city in the world, and also the most expensive city in the UK. New York ranks 16th on the list.

The strengthening of the Chinese yuan against the US dollar has contributed to Chinese cities' jumping in the ranking, said a director at Mercer.

Hong Kong is third place on the list as the costliest city in Asia.

Angola's capital Luanda tops the list of the most expensive cities. Following in second place is N'Djamena, capital of Chad. Asian and European cities make up the rest of the top 10, with Singapore, Zurich, Geneva, Tokyo, Bern and Moscow ranking in 4th through 9th place.