Asian cities have the highest living cost in the world
When you want to open a start-up or subsidiary in other countries, there is a number of aspects you should look into and consider. Among them, the cost of living should be the top priority. For more information, out of the top 10 most expensive cities, there are six Asian ones in total. Let’s see which Asian cities have the highest living cost in the world below.
Mercer Human Resource Consulting (UK) has recently published the Cost of Living Index in 2018 regarding 209 cities in the world. The number and rankings are measured annually by several factors. These include the cost of 200 types of products, popular services like house renting, transportation fees, groceries, household appliances and so on. All of them will then be compared to New York City, USA and ranked.
This year, Hong Kong is the leading city, while Luanda ( Angola) held the first ranking last year. On average, a pair of jeans costs around 120 USD and the price of a coffee is approximately 8 USD.
Many cities in Asia dominates the top 10 as well. They are Tokyo ( 2nd), Singapore ( 4th), Seoul ( 5th), Shanghai ( 7th), Beijing ( 9th). Other cities stand in the top 10 are Zurich ( 3rd), Luanda ( 6th).
According to Mercer, the fluctuation in exchange rates is the main reason leads to the leap of Asian cities. China’s economic growth and efforts to internationalize the Yuan have also helped Chinese cities boost this year.
Cost of Living Index is a report published annually by Mercer. The purpose is to help multinational companies and governments assess costs of expatriates for their employees