Mercer announced the results of its 2021 Cost of Living survey and more than half of the top 10 most expensive cities are located in Asia. The survey includes findings from 209 cities across five continents, and measures the comparative cost of each location, including housing, transportation, food, clothing, household goods, and entertainment.
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Ashgabat: The capital of Turkmenistan in central Asia climbed one position in this year’s ranking, to become the most expensive city in the world to live in. According to Mercer's Jean-Philippe Sarra, "strong local inflation" justified Ashgabat's climb to first place from second place in last year's study. Inflation is the rate at which the cost of goods and services rises over time. The country, which was once part of the Soviet Union, is heavily reliant on natural gas exports to Russia. As a result, low gas prices have contributed to Turkmenistan's economic upheaval. Inflation and food prices rose in 2014 as a result of a global drop in energy prices.
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Hong Kong: Hong Kong’s second place on the list is largely because of its unusually high housing expenses propel it, along with other expensive criteria. This is despite the fact that certain property prices have fallen in the last year, owing to a decline in demand due to the pandemic and continued political uncertainty.
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Beirut: In third place due to a severe and widespread economic depression brought on by the buildup of multiple crises, including the country's largest-ever financial crisis, COVID-19, and the Port of Beirut explosion in 2020, Beirut in Lebanon is expensive to survive in as of now.
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Tokyo: The Japanese city is the third most expensive city for due to the cost of living.
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Zurich: Switzerland’s largest city Zurich took 5th place based on its high prices for goods and services.
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Shanghai: China is expected to overtake the United States as the world's largest economy by 2028, but its commercial capital has already arrived: Shanghai is currently one of the world's most expensive city. Shanghai has become the world's most costly metropolis as the result of a pandemic-induced boom in ecommerce and pharmaceutical companies.
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Singapore: This city is 7th on the list , due to currency fluctuations angainst the US Dollar, lifestyle changes indced by pandemic and much more.
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Geneva: Another city in Switzerland in top spot, Geneva has been ranked 8th due its expensive food and housing.
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Beijing: Coming in as the ninth most expensive city is China's capital Beijing. Housing prices have been steadily increasing there over the past decade. The strengthening of the Chinese yuan pushed Chinese cities up on the list.
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Bern: Yet another city from Switzerland, Bern is 10th on the list.
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