PARIS: Hong Kong has been judged as the most expensive city in the World for expats, Mercer’s annual survey said Wednesday.
According to the survey, the Chinese special administrative region has overtaken Angola’s capital Luanda to become the World’s costliest city, owing to a stronger Hong Kong dollar.
Luanda, which remained on the top position for three consecutive years, lost its position in the ranking owing to the weakening of its local currency.
The survey by France’s Mercer consulting group compares the cost of over 200 items in over 200 cities, including housing, food, transport, and entertainment.
“Generally speaking, prices remained stable across the world,” Bruno Rocquemont of Mercer France said adding that the survey was designed for companies to calculate expat workers’ allowances.
Zurich and Singapore remained unchanged from the third and fourth position.
According to the survey, Tokyo became the fifth-most expensive expat destination in the world while Namibia’s capital Windhoek dropped down at the bottom of the table of 209 cities.
