According to Mercer’s latest Cost of Living Survey, Ashgabat tops this year’s list of most expensive cities for international employees, followed by Hong Kong and Beirut. The Lebanese capital city climbed 42 positions in the ranking as a result of the political turmoil of the last few years. The COVID-19 pandemic and the Port of Beirut explosion have all amplified the economic effects, causing record-high inflation.
Compared to last year, Tokyo and Zurich each dropped one spot to fourth and fifth positions, respectively. Other cities in the top 10 of Mercer’s Cost of Living city ranking are Shangai (6), Singapore (7), Geneva (8), Beijing (9) and Bern (10). The world’s least expensive cities for international employees according to Mercer’s survey are Tbilisi (207), Lusaka (208) and Bishkek (209).
Mercer’s latest Cost of Living Survey helps employers understand the importance of monitoring currency fluctuations and assessing the inflationary and deflationary pressures on goods, services and accommodation in all operating locations. The data also helps employers determine and maintain compensation packages for employees on international assignments and when working abroad. Additionally, the cost of living in a location can have a significant impact on its attractiveness as a destination for talent, and influences site selection decisions for organizations expanding and transforming their geographic footprint.
News Source: https://www.mercer.com/
