Six of the 10 most expensive cities in the world are in Asia, said Mercer recently when unveiling the results of its cost of living survey.
Hong Kong retained its spot for the third consecutive year as the most expensive city for expatriates both in Asia and globally due to currency movements measured against the US dollar, driving up the cost of living locally.
The city is followed by Ashgabat, Turkmenistan which overtook Tokyo, now ranked third. Singapore is in fifth, down from two places last year while Shanghai and Beijing are sixth and 10th respectively, according to the survey results.
Other cities in the top 10 costliest cities for expatriates are Zurich (4), New York (6), Bern (8) and Geneva (9), survey results indicate.
The survey saw a dip in rankings across Chinese cities due to the currency depreciation against the US dollar, Mercer pointed out.
The most notable drop was for Shenyang, down 18 places from last year, ranking at 63, the company added.
Currency appreciation and price increases for goods and services saw Southeast Asian cities like Manila and Jakarta climb in rankings this year. Manila (80) is up 29 spots from last year, while Jakarta (86) climbed 19 places. Mumbai (60) is India’s most expensive city while Kolkata (185) is the least expensive Indian city ranked, according to survey results.