Most Expensive Cities for International Workers in 2021 | cities
The pandemic has undoubtedly affected the cost of living around the world – causing fluctuations in the value of currencies and increasing the cost of goods and services by disrupting supply chains. While some countries have seen their cost of living rise sharply, others have fallen from their previous ranks.
NS 2021 Cost of Living City Rankings Global human resources consulting and asset management firm, organized by Mercer, found that Ashgabat, Turkmenistan is the world’s most expensive city for international workers for 2021, pushing Hong Kong to second place. Known for its grand architecture, Ashgabat – which holds the world record for the highest density of white marble buildings – has experienced a steep rise The cost of living for migrant workers and a black market for foreign currencies has increased the price of imports over the past three years as a result of inflation.
Similar to Ashgabat, according to a Mercer report, most of the top 10 most expensive cities are located in Asia, with Hong Kong at No. 2, Tokyo at No. 4, Shanghai at No. 6, Singapore at No. 7 and Beijing at number 9.
Notably missing from the top of the 2021 rankings are US cities. Although New York still ranks as the most expensive city in the United States, it is ranked 14th this year, eight places down from its 2020 ranking. Los Angeles and San Francisco have also dropped several places in their rankings this year to be ranked 20th and 25th respectively.
The Mercer report states that these changes in US cost of living are mostly the result of “currency fluctuations between March 2020 and March 2021, despite rising inflation of goods and services in the country”. In contrast, the Canadian dollar has appreciated against the US dollar, beating Montreal from No. 137 in 2020 to No. 129 this year.
Beirut also saw significant changes in its cost of living in this past year. In the 2021 rankings, Beirut ranks as the number 3 most expensive city in the world, up 42 places from its 2020 spot. As Mercer reports, this meteoric rise is the result of a number of factors — namely, a “widespread economic depression” following the pandemic, the 2020 Beirut port explosion that killed more than 150 people and injured thousands, and more than a financial crisis.
In contrast, the report named Bishkek, Kyrgyzstan as the least expensive city in the world.
According to Mercer, here are the 10 most expensive cities to live in.
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