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By ExpatBriefing.com Editorial
11 July, 2014
A company that specializes in expatriate compensation management for businesses says that currency fluctuations and inflation mean that cities in Africa, Asia, and Europe are now the most expensive locations for expatriates, while Australian cities have experienced a "dramatic fall" in cost due to a weak Australian dollar.
The findings appear in Mercer's new Cost of Living Survey, which is based on data gathered in March 2014. Hong Kong was identified as the third most expensive city, followed by Singapore, Zurich, Geneva, and then Tokyo.
The top spots went to Luanda and N'Djamena, due to the costs of imported goods and of finding secure living accommodations that meets expatriate standards in Angola and Chad.
In contrast, Sydney is now ranked at 26, down from ninth place. Melbourne also dropped seventeen places, to 33rd, while Perth fell nineteen spots to 37th. Cities in Canada and South America have also become cheaper, due to the relative strength of the US dollar, although the cost of rentals in Brazil is rising.
Mercer's survey covers 211 cities across five continents and measures the comparative cost of over 200 goods and services in each location, including housing, transportation, food, clothing, household goods, and entertainment. New York is used as the base city, and currency movements are measured against the US dollar.
Ed Hannibal, Partner and Global Leader for Mercer's Mobility practice, explained: "Employers need to evaluate the impact of currency fluctuations, inflation, and political instability when sending employees on overseas assignments while ensuring they retain talented employees by offering competitive compensation packages."
Tags: Expatriates | Chad | Finance | Angola | Australia | Singapore | Brazil | Canada | Hong Kong | Switzerland | Japan | Expats | Personal Finance | Working Abroad | Europe | Work | Working Abroad | South America | Working Abroad
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