"The paradox of our time in history is that we have taller buildings but shorter tempers, wider Freeways, but narrower viewpoints. We spend more, but have less, we buy more, but enjoy less. We have bigger houses and smaller families, more conveniences, but less time." - Dr. Bob Moorehead
Despite the paradox, human effort is always towards seeking a life of 'excess'. While it's all nice and philosophical to think that the world must shift towards a more egalitarian society, in reality there is never equal distribution of wealth. Take for instance the cost of living in various cities of the world.
Mercer's cost of living information provides all the key elements you need to set fair cost of living allowances as well as the supporting information required so that all stakeholders can understand the compensation package.
Mercer is the leading provider of data on cost of living and housing for employees sent to work abroad. As part of the ongoing research, Mercer produces these annual rankings of the cost of living in more than 200 of the most prevalent assignment destinations for expatriate employees. The rankings demonstrate how currency fluctuation and shifts in the prices of goods and services can affect the purchasing power of expatriate employees. Multinational companies rely on Mercer for timely and accurate information to compensate their skilled professionals who take on international assignments.
Ashgabat tops this year’s list of most expensive cities for international employees, followed by Hong Kong and Beirut. The Lebanese capital city climbed 42 positions in the ranking as a result of recent events and record high inflation. Tokyo (ranked 4) and Zurich (5) each dropped one spot compared to last year. Other cities in the top 10 of Mercer’s Cost of Living city ranking are Shanghai (6), Singapore (7), Geneva (8), Beijing (9) and Bern (10).
More than half of the top ten cities globally are from Asia. Mumbai (78) remains among the top 20 most expensive cities for expatriates in Asia, despite the drop in ranking.
The world’s least expensive cities for international employees, according to Mercer’s survey, are Tbilisi (207), Lusaka (208) and Bishkek (209).
Take a look at the detailed list of the top 10 most expensive cities and how Indian cities fare:
1. Ashgabat, Turkmenistan
2. Hong Kong, Hong Kong (SAR)
3. Beirut, Lebanon
4. Tokyo, Japan
5. Zurich, Switzerland
6. Shanghai, China
7. Singapore, Singapore
8. Geneva, Switzerland
9. Beijing, China
10. Bern, Switzerland
78. Mumbai, India
117. New Delhi, India
158. Chennai, India
170. Bengaluru, India
185. Koklata, India
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