Mercer’s widely recognized survey, Cost of Living, is considered one of the most comprehensive surveys of the world.
It is designed to help governments and multinational companies in determining compensation strategies for their expatriate employees. The statistics for 2016’s Cost of Living have been derived from the survey conducted in March of 2016.
This year, 209 cities across the globe became part of the study. The cost of more than 200 items, which included clothing, entertainment, food, transport and housing, in each location have been compared to reach final results.
Asia is dominant in the Top 5 list of 2016 Cost of Living Survey with Hong Kong securing the first spot. Hong Kong is henceforth the most expensive city to live in the world.
To rent a 3-bedroom house in China’s city Hong Kong, $12077 has to be paid monthly. A cup of coffee costs $7.8, a pair of jeans costs $128, a hamburger meal is priced at $4.8 while an imported beer costs $1.2.
Luanda, which was consistently grabbing the first spot for the past few years, has lost it to Hong Kong and now is the second most expensive city.
Just like last year, Zurich and Singapore are the third and fourth most expensive cities to live in. Tokyo has been ranked as No. 5.
If price of a 2-bedroom apartment, in a safe neighborhood, without any furniture is compared among the five priciest cities in the world, the results are as follows:
- Hong Kong – $6809
- Luanda – $6700
- New York – $5100
- London – $4583
- Moscow – $4200
Kinshasa became a part of the Top 10 list for the first time and came to the sixth position. Shanghai, Geneva, N’Djamena and Beijing followed it closely.
In the United Kingdom, rankings of all the cities have dropped down this year. London has dropped down five places to 17th, Aberdeen has fallen seven places to 85th, Birmingham has dropped down by 16 places to 96th, Glasgow has dropped ten places to 119th and Belfast is now standing in 134th position, shooting down three places.
A survey, which was done by the Economist Intelligence Unit (EIU) earlier this year, ranked Singapore as the priciest city in the world. Zurich, Hong Kong, Geneva and Paris were part of the Top 5 list by EIU.
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