Asian cities getting costlier

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Thailand's capital Bangkok went up seven ranks in Mercer's cost of living survey

Increased demand for goods and services from burgeoning middle-class populations has shifted the comparative cost of living upwards for developing cities across Asia, many of which have climbed several notches on the latest cost of living survey by Mercer Consulting.

According to the survey, Jakarta shot up eight places to 61th, Bangkok went up seven to 81th, Kuala Lumpur climbed up two places to 102th, and Manila is up 17 to 117th. Hanoi’s place in the ranking went unchanged, however, and remains at 136th. Altogether, the ranking comprises 214 cities worldwide.

In more developed cities such as Singapore, the continued allure of favorable business and living environments has brought the city-state up two rankings making it the sixth costliest city in the world for expatriates and most in ASEAN, while Tokyo became the world’s most expensive city.

Analysts say that the appreciation of the Singapore dollar over the US dollar is also attributable to its movement up the cost of living rankings.

Chinese cities also displayed conspicuous upward movement, with Shanghai moving up five places to 16th and Beijing up another three to 17th, while Shenzhen going up 13 and Guangzhou another seven. The two southern metropolises are now positioned at 30th and 31st respectively. An increased demand for urban housing, continued rise in prices and a steady strengthening of the Chinese yuan are all likely factors for higher costs.

The annual survey is released every March by Mercer, a consultancy and outsourcing firm, measuring the comparative cost of a basket of over 200 items in each location, including housings, household goods, entertainment, transportation and food.

All cities in the survey are benchmarked against New York, and currency movements are measured against the US dollar.

According to Mercer’s website, housing plays a salient role in determining rankings as it is a huge cost for expatriates. The survey is commonly used by multinationals to decide remuneration packages for their overseas employees.

 

 

 

 

 

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Reading Time: 2 minutes

Thailand's capital Bangkok went up seven ranks in Mercer's cost of living survey

Increased demand for goods and services from burgeoning middle-class populations has shifted the comparative cost of living upwards for developing cities across Asia, many of which have climbed several notches on the latest cost of living survey by Mercer Consulting.

Reading Time: 2 minutes

Thailand's capital Bangkok went up seven ranks in Mercer's cost of living survey

Increased demand for goods and services from burgeoning middle-class populations has shifted the comparative cost of living upwards for developing cities across Asia, many of which have climbed several notches on the latest cost of living survey by Mercer Consulting.

According to the survey, Jakarta shot up eight places to 61th, Bangkok went up seven to 81th, Kuala Lumpur climbed up two places to 102th, and Manila is up 17 to 117th. Hanoi’s place in the ranking went unchanged, however, and remains at 136th. Altogether, the ranking comprises 214 cities worldwide.

In more developed cities such as Singapore, the continued allure of favorable business and living environments has brought the city-state up two rankings making it the sixth costliest city in the world for expatriates and most in ASEAN, while Tokyo became the world’s most expensive city.

Analysts say that the appreciation of the Singapore dollar over the US dollar is also attributable to its movement up the cost of living rankings.

Chinese cities also displayed conspicuous upward movement, with Shanghai moving up five places to 16th and Beijing up another three to 17th, while Shenzhen going up 13 and Guangzhou another seven. The two southern metropolises are now positioned at 30th and 31st respectively. An increased demand for urban housing, continued rise in prices and a steady strengthening of the Chinese yuan are all likely factors for higher costs.

The annual survey is released every March by Mercer, a consultancy and outsourcing firm, measuring the comparative cost of a basket of over 200 items in each location, including housings, household goods, entertainment, transportation and food.

All cities in the survey are benchmarked against New York, and currency movements are measured against the US dollar.

According to Mercer’s website, housing plays a salient role in determining rankings as it is a huge cost for expatriates. The survey is commonly used by multinationals to decide remuneration packages for their overseas employees.

 

 

 

 

 

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