Global Cost of Living Survey 2022: Six of Asia's top 10 cities are located in Chinese mainland

• Six of the 10 cities with the highest cost of living in Asia are located in Chinese mainland
• Four of the 10 cities with the highest cost of living in the world are located in Asia, with Hong Kong SAR topped the list
• Of the 49 Asian cities surveyed this year, Kyrgyzstan's Bishkek ranked 226th, the lowest cost of living in Asia for internationally dispatched staff

SHANGHAI, July 4, 2022 /PRNewswire/ -- Asian cities dominate the world's 2022 Global Cost of Living survey, with Hong Kong SAR topping the list as the most expensive place to send staff overseas. Chinese mainland's six major cities – Beijing (10th), Shanghai (12th), Shenzhen (13th), Guangzhou (18th), Qingdao (22nd) and Nanjing (26th) – are among the top 10 cities in Asia with the highest cost of living. This is mainly due to the strength of the renminbi, which makes the cost of living for Chinese mainland higher. In terms of global rankings, four of the top 10 cities are located in Asia, including Hong Kong SAR, Singapore (8th), Tokyo (9th) and Beijing (10th).

Four Swiss cities – Zurich, Geneva, Basel and Bern – ranked second to fifth respectively, with Israel's Tel Aviv (6th) and Us's New York (7th) also in the top 10. This year's ranking covers 227 cities on five continents, comparing prices for more than 200 goods and services in each city in March 2022. To keep pace with the spending patterns of expatriate employees, Mercer adjusted its cost-of-living calculation method this year to include new items such as smartwatches, tablets and smartphones, and removed unrelated items such as music CDs and video movie rentals.

In recent years, changes in exchange rates have had a greater impact on the cost of living index than on inflation. However, the picture has changed in 2022 due to rising inflation in advanced economies. With the recovery of travel and international mobility, businesses are now faced with ensuring that the spending power of dispatched employees is not compromised.

In addition to cost-of-living data, Mercer's dispatch studies and mercer's experience through working with customers show that COVID-19, the political environment, exchange rate changes, and widespread inflation all have a substantial impact on employees' wages and savings. This could have a big impact on employers in the global battle for talent.

Cao Yanping, head of Chinese Cai and Occupational Products, said: "Although the epidemic has caused a temporary decline in the number of international dispatch personnel, in the long run, this will only lead to a change in the dispatch model, not the end of global dispatch. Traditional forms of long-term expatriates, supported by expensive compensation packages, have decreased, but overall employee mobility has increased, driven by various other forms of dispatch, such as short-term assignments, permanent assignments, and expatriates employed in the local market.

International dispatch is an important way for companies to retain and attract talent. As many countries resume travel, businesses should revisit their dispatch strategies to ensure that they are effectively used to help develop and develop high-potential talent. ”

Overview of Asia

Rising prices, combined with a stronger Thai baht, make Bangkok (106th) the second most expensive city in Southeast Asia, after Singapore. Other cities in the ASEAN region include Manila (122nd), Phnom Penh (134th), Hanoi (150th), Jakarta (151st), Vientiane (157th), Ho Chi Minh City (163rd), Bandar Seri Begawan (179th), Kuala Lumpur (181st), Yangon (198th) and Johor Bahru (211st), the latter with the lowest cost of living in Southeast Asia.

In India, inflation and exchange rate fluctuations are minimal, but Mumbai (127th) remains the most expensive city in the country, followed by New Delhi (155th), Chennai (177th), Bangalore (178th), Hyderabad (192nd), Puna (201st) and Kolkata (203rd), the latter with the lowest cost of living in India.

Of the 49 Asian cities surveyed this year, Bishkek, Kyrgyzstan, ranked 226th, the city with the lowest cost of living for international dispatch workers.

Commenting on the long-term impact of covid-19 and the political environment on global dispatch practices, Maya Chin, head of international dispatch in the Asia-Pacific region, said: "Economic and political uncertainty has driven up prices, leading to a significant increase in the cost of living, even in developed and stable markets in Asia. While employers have a responsibility to act quickly to attract and retain key talent, they need reliable data and clear strategies to better manage dispatch programs in times of uncertainty. This will help ensure the financial health of employees, as well as the efficiency and equality of the business. ”

Europe

Four European cities rank among the top 10 cities with the highest cost of living in the world. All four cities are located in Switzerland, with Zurich ranking second in the world and the city with the highest cost of living in Europe, followed by Geneva (3) and Basel (4). Other European cities on the list include Copenhagen in Denmark (11), London (15) in the United Kingdom, Vienna in Austria (21) and Amsterdam in the Netherlands (25).

The city with the highest cost of living in Eastern Europe is Prague (Czech Republic), ranking 60th out of 227 cities. It was followed by Riga in Latvia (79), Bratislava in Slovakia (105) and Tallinn in Estonia (140). The city with the lowest cost of living in Eastern Europe is Sarajevo in Bosnia and Herzegovina, ranking 209th.

Middle East and Africa

Tel Aviv, Israel, is the city in the Middle East with the highest cost of living for internationally dispatched staff, ranking sixth in the world. It is followed by cities in the UAE, namely Dubai (31) and Abu Dhabi (61). Saudi cities Riyadh (103) and Jeddah (111) are in the middle, followed by Amman in Jordan (115) and Manama in Bahrain (117).

In Africa, Bangui (23), Libreville in Gabon (24) and Victoria in the Seychelles (38) are the three cities with the highest cost of living. Also at the top of the rankings in the region are Djibouti (41), Kinshasa (53) and Lagos (55). The city with the lowest cost of living in Africa is tunis in Tunis, Ranked 220th.

Americas

New York (7th) remains the most expensive city in the region, followed by Nassau in the Bahamas (16). The remaining U.S. cities ranked between 17th and 112th, including Los Angeles (17), San Francisco (19), Honolulu (20), Washington (29), Chicago (36) and Cleveland (112).

The city with the highest cost of living in Canada is Toronto (89), followed by Vancouver (108), Montreal (125), Ottawa (132), and the city with the lowest cost of living is Calgary (141). In South America, Buenos Aires ( 114 ) in Argentina is the most expensive city in the region , followed by Montevideo in Uruguay ( 123 ) , Santiago de Chile ( 130 ) , Quito in Ecuador ( 156 ) and São Paulo in Brazil ( 168 ) . Belo Horizonte (210) is the city with the lowest cost of living in South America. Managua (212), the capital of Nicaragua, is the city with the lowest cost of living in the entire Americas.

Pacific

The most expensive city in the Pacific is Noumea in New Caledonia (54), followed by Sydney in Australia (58). Auckland (95) in New Zealand has the highest cost of living in New Zealand and Wellington (120) has the lowest cost of living in the Pacific.

Appendix: 2022 Ranked among the top 10 cities with the highest cost of living in the world this year Top 10 cities with the highest cost of living

ranking	globe	Asia
1	Hong Kong S.A.R	Hong Kong S.A.R
2	Zurich	Singapore
3	Geneva	Tokyo
4	Basel	Beijing
5	Berne	Shanghai
6	Tel Aviv	Shenzhen
7	New York	Seoul
8	Singapore	Guangzhou
9	Tokyo	Qingdao
10	Beijing	nanking

Top 15 cities in the world in 2022

ranking	city	place
1	Hong Kong S.A.R	Hong Kong S.A.R
2	Zurich	Switzerland
3	Geneva	Switzerland
4	Basel	Switzerland
5	Berne	Switzerland
6	Tel Aviv	Israel
7	New York	United States
8	Singapore	Singapore
9	Tokyo	Japan
10	Beijing	China
11	Copenhagen	Denmark
12	Shanghai	China
13	Shenzhen	China
14	Seoul	Korea
15	London	United Kingdom