Mercer's 26th annual Cost of Living Survey has been released on Tuesday (June 9), showing that Hong Kong tops the list of most expensive cities while Malaysia is ranked at 144.

Photo source: Editor's screenshot

According to Mercer, Mercer’s 26th annual Cost of Living Survey finds that specific factors such as currency fluctuations, cost inflation for goods and services, and instability of accommodation prices, are essential to determining the cost of expatriate packages for employees on international assignments.

“The COVID-19 pandemic reminds us that sending and keeping employees on international assignments is a huge responsibility and a difficult task to manage,” said Ilya Bonic, Career President and Head of Mercer Strategy. “Rather than bet on a dramatic resurgence of mobility, organizations should prepare for the redeployment of their mobile workforces, leading with empathy and understanding that not all expatriates will be ready or willing to go abroad.”

Mercer Cost of Living Survey – Worldwide Rankings 2020 (Top 20)

1. Hong Kong, Hong Kong SAR

2. Ashgabat, Turkmenistan

3. Tokyo, Japan

4. Zurich, Switzerland

5. Singapore, Singapore

6. New York City, United States

7. Shanghai, China

8. Bern, Switzerland

9. Geneva, Switzerland

10. Beijing, China

11. Seoul, South Korea

12. Tel Aviv, Israel

13. Shenzhen, China

14. Victoria, Seychelles

15. Ndjamena, Chad

16. San Francisco, United States

17. Los Angeles, United States

18. Lagos, Nigeria

19. London, United Kingdom

20. Guangzhou, China

Mercer’s data was collected in March. The survey is designed to help multinational companies and governments determine compensation strategies for their expatriate employees. 

Check the full list of rankings at Mercer.

Cover photo: Forbes | The Crazy Tourist