Shanghai: the most expensive Asian city for expatriates
The British consulting company “ECA International”, specialized in advising companies facing international mobility of their employees, recently published a study in which Shanghai is at the top of Asia Pacific’s most expensive cities for expatriates.
This ranking is based on the cost of living and consumer spending of expatriates, ie daily shopping basket of consumer goods and services (food, household items, clothing, entertainment).
Among the 64 cities in the Asia-Pacific region identified in the study, the podium is held by Shanghai, followed by Beijing and Seoul. Hong Kong is at the 4th place, while Tokyo ranks 7th and Singapore, 9th.
All Chinese cities have won places in the ranking compared to the previous year. According to Lee Quane, the regional director of ECA International, this result can be explained by the surge in the Yuan last summer, and not by the increased cost of living. And this trend should not slow down; major Chinese cities are expected to remain expensive for executives and expatriates during the months and years ahead.
This new situation does not seem to scare Asian economists who remain confident and do not think that these results will discourage foreign investment provided of course that they remain profitable.
At the global level, here are the 30 most expensive destinations in the world for expatriates (world ranking firm ECA International 2015):
1- Juba – South Sudan 2- Luanda – Angola 3- Zurich – Switzerland 4- Geneva – Switzerland 5- Bern – Switzerland 6- Basel – Switzerland 7- Kinshasa – Democratic Republic of Congo 8- Shanghai – China 9- Beijing – China 10- Seoul – Korea Republic 11- Oslo – Norway 12- Hong Kong – Hong Kong 13- Stavanger – Norway 14- Guangzhou – China 15- Busan – Korea Republic 16- Tokyo – Japan 17- Conakry – Guinea 18- Shenzhen – China 19- Singapore – Singapore 20- Manhattan – United States of America 21- Port Moresby – Papua New Guinea 22- Copenhagen – Denmark 23- Ulsan – Korea Republic 24- Tel Aviv – Israel 25- Jerusalem – Israel 26- Dalian – China 27- Libreville – Gabon 28- Yokohama – Japan 29- New York – United States of America 30- Honolulu – United States of America
Sources: Courrier International / Le MOCI / ECA International