Hong Kong and these four Swiss cities were ranked the most expensive for expats in 2022

If you’re an expat living in Hong Kong, Zurich or Geneva, living is costing you more than anywhere else on the planet, according to the 2022 Cost of Living Survey, an annual report from consultancy firm Mercer.

Hong Kong is ranked for the fourth time in five years as the most expensive city in the world for expatriates, followed by four Swiss cities: Zurich, Geneva, Basel and Bern.

Ankara, the capital of Turkey, closed the ranking of the 227 most affordable cities in the world for expats.

If you’re in Europe looking for a cheaper city to live in, look east: Ankara is followed by Bishkek in Kyrgyzstan (226th), Dushanbe in Tajikistan (225th), and Islamabad and Karachi in Pakistan (224th and 223rd ).

Denmark’s capital, Copenhagen, is the most expensive city for expats in the Nordics, ranking 11th globally, while Sweden’s capital, Stockholm, is the most affordable, falling to 87th in 2022.

Where does cost of living meet quality of life?

Interestingly, two of the most expensive cities in the world for expatriates, Zurich and Geneva, are also in the top five of the Global Liveability Index, an annual report by The Economist Intelligence Unit (EIU) which assesses which cities in the world offer the best living conditions. .

Mercer also analyzed the correlation between the cost of living index and its own quality of living index for a selected list of global cities.

The lucky places with the lowest cost of living but the best quality of life are Vancouver and Toronto in Canada, Stockholm in Sweden, Lisbon in Portugal and Frankfurt in Germany.

On the other hand, Hong Kong has the highest cost of living, but a lower quality of life than many other places.

Mercer’s report also concluded that places with higher cost of living and higher quality of living tend to rank higher in environmental friendliness.

How is the cost of living index calculated?

Mercer’s cost-of-living city rankings are based on the group’s own research, which is conducted twice a year and encompasses more than 400 cities around the world.

The survey highlights key economic indicators such as currency fluctuations, cost inflation and accommodation price volatility.

It also reflects the prices of more than 200 items from categories such as housing utilities, personal care, recreation and entertainment, transportation, alcohol and tobacco.

Cost of living crisis

As with most things over the past couple of years, the 2022 cost of living report was notably impacted by the COVID-19 pandemic and the war in Ukraine, which fueled runaway inflation and volatility in stocks. markets.

Annual inflation in the 19 euro zone countries reached a record 8.6% in June, surpassing the 8.1% recorded in May, according to the latest figures published on Friday by Eurostat, the statistical agency of the European Union.

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