3 Chinese metropolises among most costly cities for expats
Updated: 2015-06-19 11:06
A view of Hong Kong at night. [Photo/Agencies]
China is becoming more expensive for expatriates, according to Mercer's annual Cost of Living Survey.
The study, now in its 21st year, ranked the cost of living for expats based on a basket of goods, from rent and transport to costs of burgers and jeans, in 207 cities around the globe to help companies and policymakers calculate the cost for their employees.
Angolan capital Luanda topped the list for the third consecutive year, thanks to the high price tags attached to security needs and the vast number of imported goods.
"Pearl of the Orient" Hong Kong rose from third to second place this year. On average, Chinese cities climbed 18 spots backed by the stronger yuan. In particular, Shanghai rose from 10th to sixth, Beijing from 11th to seventh, Shenzhen from 17th to 14th and Guangzhou from 24th to 15th. China now has three cities in the top 10 and nine cities in the top 30.
Many other Asian cities remained strong on the list, including Singapore at fourth spot and Seoul at eighth. The depreciating yen dragged Tokyo down from 7th spot to 11th this year.
Three European cities are among the costliest places to live - Zurich, Geneva and Bern, driven by the surge of the Swiss franc against the euro. London, New York and Tel Aviv remained in the 12th, 16th and 18th place, respectively.
Mercer's index uses New York as the base sample and compares currency movements against the dollar. It is worth noting that none of the cities from North America made it in top 10.