The annual Cost of Living Survey by investment consultancy firm Mercer has been announced, and in Asia at least, there are no surprises.
The global list takes on popular assumptions that western cities are always the most dear, with three African cities taking spots in the top 10 and throwing out more obviously expensive places such as New York and London, which are 11 and 17 respectively.
The top 5 most expensive Asian cities to live in:
5. Beijing, China
Beijing may have a reputation for cough-inducing smog – earlier this year in fact the city was put on “Red Alert” due to dangerous levels of air pollution. This hasn’t however, seemed to make the city any cheaper to live in.
4. Shanghai, China
Shanghai is the most heavily populated city in China, with over 24 million residents. It’s the most expensive mainland China city on the list, although certainly not the last to feature, with 5 out of the top 10 most expensive Asian cities being Chinese.
As Business Insider writes, the falling currency means its ranking has dropped from last year, although new arrivals shouldn’t expect many bargains to be found.
3. Tokyo, Japan
No stranger to “most expensive” lists, the strength of the yen puts Tokyo firmly in the top 3.
This week Property Report also reported that Tokyo is ranked second as a luxury retail destination in Asia (Hong Kong took the top spot), and in the global listings took fourth place, even out-ranking New York as a high-end shopping city.
2. Singapore
Singapore is famous for its strict litter rules and transport hubs, as well as being the world’s only island city-state. The World Bank named it “the easiest place to do business” which explains why so many global companies head here as a priority.
Having said this, we’ve also heard recent reports of fewer high-net-worth individuals from the banking world relocating here currently, so perhaps subsequent years will see Singapore drop further down the list.
Singapore has also been ranked #1 place to live for Asian expats, due to the quality of life provided, including excellent health services, year-round sunshine and clean air quality.
1. Hong Kong
Affectionately referred to as Honkers by many of its expat dwellers, Hong Kong is not only Asia’s most expensive city to live in, it’s also the most expensive city in the world to live in. It’s a prominent financial centre due to the exceptionally free market practices, and also holds the accolade of being the most visited city on earth.
The ever increasing population means that buildings are getting higher and higher in attempts to meet demand. It’s also the most expensive Asian city for construction, but ranks third behind New York City and London on the global list.
Top 10 most expensive cities in Asia to live in:
1. Hong Kong
2. Singapore
3. Tokyo, Japan
4. Shanghai, China
5. Beijing, China
6. Shenzhen, China
7. Seoul, South Korea
8. Guangzhou, China
9. Osaka, Japan
10. Nanjing, China
Top 10 most expensive cities in the world to live in:
1. Hong Kong
2. Luanda, Angola
3. Zurich, Switzerland
4. Singapore
5. Tokyo, Japan
6. Kinshasa, DR Congo
7. Shanghai, China
8. Geneva, Switzerland
9. N’Djamena, Chad
10. Beijing, China
Image credits: Alexander Mueller (Flickr), Travis Wise (Flickr), Moyan Brenn (Flickr), Leonid Yaitskiy (Flickr) and Jo Smaltchz (Flickr)
This story was originally published on www.property-report.com on 1 July 2016.
