Hong Kong has moved up one place to re-take its position atop the annual Mercer cost of living league table, as Luanda, the capital of Angola, fell to second place.
Zurich and Singapore both held their positions as third and fourth most expensive place to be posted to live by one’s company, in a ranking which saw all the UK’s cities fall this year. Tokyo flew up to fifth place this year from 11th in 2015, as Geneva fell from fifth to eighth place.
Hong Kong’s return to first place came in spite of a volatile year for emerging markets, particularly China, the economy of which Hong Kong is inextricably linked to, as the rest of the world’s traditional Mainland gateway.
Kate Fitzpatrick, a senior international mobility consultant for Mercer, summed up the implications of the report for the UK by noting that although most Western European cities had “remained stable in this year’s rankings, UK cities have fallen”.
That said, “the drop is not as large as to be expected, with steep rental prices keeping UK cities up” in terms of priciness, she added .
“In the past year we have observed strong rental accommodation prices increase in Aberdeen, and to a lesser extend in Belfast. [But] although there has been only a slight increase in the average rental price in London, this cost remains at the higher end of the scale when compared to cities worldwide.”
The annual Mercer survey covers 209 cities across five continents.
To read more about the Mercer survey on Mercer’s website, click here.