World’s most expensive cities for expats in 2018 revealed | CNN

Mike Hewitt

World's most expensive cities for expats in 2018: 10. Bern (Switzerland): This Swiss city is among several European destinations to rank high in Mercer's list of most expensive cities for expats. Click through the gallery to see the rest of the top ten.

Ed Jones/ AFP/ Getty Images

9. Beijing (China): Strong economic performance has helped Chinese cities rank highly on this year's Mercer list of the world's costliest places for expats.

ISSOUF SANOGO/AFP/Getty Images

8. N'Djamena (Chad): Chad's capital is located on the border with Cameroon and is one of two African cities on Mercer's global top 10 list of most expensive expat cities. N'Djamena serves as Chad's economic hub.

Johannes Eisele/AFP/Getty Images

7. Shanghai (China): China's stock market is facing turbulent times as they square up to US trade restrictions, but its economic hub still makes this year's list.

STEPHANE DE SAKUTIN/AFP/Getty

6. Luanda (Angola): Last year's most expensive city drops five places in 2018. The oil- and diamond-rich city is known as the "Paris of Africa," thanks to its sophisticated atmosphere.

Courtesy Seo Heun Kang

5. Seoul (South Korea): A dramatic year for South Korea has seen the country host the Winter Olympics and groundbreaking talks with North Korea.

Angelo Cavalli/Corbis RM Stills/Getty Images

4. Singapore: If you're carrying around the big bucks in Singapore, you should take a look at the $1,000 bill -- the entire national anthem is printed on the back.

FABRICE COFFRINI/AFP/Getty Images

3. Zurich (Switzerland): Credit Suisse, UBS, Richemont and Mövenpick are just some of many Swiss brands that have made Zurich flourish. It is also home to the most fountains in the world, 1,224 in total.

Kazuhiro Nogi/AFP/Getty Images

2. Tokyo (Japan): It's easy to be a bon vivant in Tokyo. For example, Japan's capital has ranked number one in the world for most three-star Michelin restaurants every year since 2009.

Bradley Olson/CNN

1. Hong Kong (China) This year Hong Kong is back on top as the most expensive city in the world for expatriates. Considering Hong Kong's high concentration of luxury stores and that even a parking space can cost $760,000, that may not come as a surprise.

CNN —

Just landed that job in your company’s Asia office? Now’s the time to start renegotiating your salary.

Asia’s cities are now some of the most expensive destinations for expats, according to a 2018 survey published by international consulting firm Mercer.

Top of that list is Hong Kong, which reclaimed the title it last held in 2016 by bumping Angolan capital Luanda off the top spot. Not surprising for a city where even a parking space can cost $760,000.

Of the top 10 cities ranked by Mercer, there were seven Asian destinations, with Tokyo at number two, Singapore at four, Seoul at five, Shanghai at seven, Beijing at nine. Zurich came in at three, Luanda at six, N’Djamena in Chad at eight and Bern, Switzerland at 10.

Yvonne Traber, Mercer’s global mobility product solutions leader, says Asia’s strong showing is partly down to economic performance.

“Stronger Chinese monetary regulation, a flourishing economy and a push to have the Chinese yuan as an international currency pushed Chinese cities up the ranking,” she says. “However significant surges in other locations worldwide caused Japanese cities, Osaka and Nagoya in particular, to fall in this year’s ranking.”

Mercer’s ranking of 209 global destinations is based on a “basket” of 200 ticket items that reflect the cost of living for expatriates. Accommodation fees, the price of a cup of coffee and even cinema tickets are tallied up.

European surge

Angelo Cavalli/Corbis RM Stills/Getty Images

Singapore: Number four on the list.

The list is offered as a benchmark to help multinational companies calculate compensation packages for employees taking up foreign postings.

The 2018 list shows US cities dropping in rank due to a decline in the US dollar against other worldwide currencies. New York City – the highest placed – fell four spots to 13, followed by San Francisco at 28 and Los Angeles at 35.

European cities were largely climbing the ranks, says Mercer, due to strong local currencies. Paris jumped 28 places to 34, Rome was up 34 places to 46 and Madrid climbed to 64.

Numerous Middle East destinations fell down the ranking due, says Traber, to decreases on rental costs. The highest city in the region was Tel Aviv at number 16.

So where’s that expat salary going to go the furthest?

Mercer’s least expensive city was Tashkent in Uzbekistan, followed by Tunis in Tunisia, Bishkek in Kyrgyzstan, Banjul in Gambia and Karachi in Pakistan.

2018 cost of living city ranking

1. Hong Kong (China)

2. Tokyo (Japan)

3. Zurich (Switzerland)

4. Singapore

5. Seoul (South Korea)

6. Luanda (Angola)

7. Shanghai (China)

8. N’Djamena (Chad)

9. Beijing (China)

10. Bern (Switzerland)

11. Geneva (Switzerland)

12. Shenzhen (China)

13. New York City

14. Copenhagen (Denmark)

15. Guangzhou (China)

16. Tel Aviv (Israel)

17. Moscow (Russia)

18. Libreville (Gabon)

=19. Brazzaville (Republic of the Congo)

=19. London (UK)