Singapore has been ranked as the fifth most expensive city for expats in Mercer’s annual Cost of Living Survey, reported Singapore Business Review.
Emerging as the most expensive city in Asia, Hong Kong was surpassed by Luanda to take on the second place as a result of its currency being pegged to the US dollar, which pushed up accommodations costs locally.
Aside from Singapore and Hong Kong, other Asian cities in the top ten list were Tokyo, Seoul and Shanghai, which were listed third, sixth and eighth, respectively.
“Although a number of Asian cities remain amongst the world’s most expensive cities, key financial hubs such as Hong Kong and Singapore still continue to attract talent and remain a top choice for relocation,” said Mercer global leader for Asia, Middle East and Africa, Mario Ferraro.
“Although this year’s movements were due mainly to currency fluctuations, in particular against the US dollar, we did see cities – such as Mumbai – move up the ranks due to their strengthening economy and growing opportunities.”
Also on the top ten list were Zurich, which nestled on the fourth place, Geneva (seventh), New York (ninth) and Bern (10th).
This article was edited by Denise Djong.