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HR Firm Mercer Publishes List of the World’s Most Expensive Cities

By Yana Berman

The world’s largest HR consulting firm Mercer has published its annual rating of the most expensive cities to live in. The list, published on Wednesday, June 26, is based on a survey called Mercer’s Cost of Living.

The cost of living in each city is evaluated by Mercer international basket, which includes the local prices of food, goods, and rent.

The top spots are mostly taken by Asian cities. Hong Kong is dominating the rating for the second consecutive year. The top-10 also include Tokyo (2), Singapore (3), Seoul (4), Shanghai (6), Beijing (8) and Shenzhen (10).

The New York City is in the 9th spot, moving up from the 13th place that it occupied last year, and evidently becoming more expensive. The most expensive European city on the list is Zurich (5), while two other Swiss cities Bern and Geneva are 12th and 13th respectively.

The cities which are not usually associated with a luxurious life, Ashgabat (7) in Turkmenistan and N'Djamena (11) in Chad, also made it to the top. Meanwhile, London has dropped four places, from 19th to 23rd, as the British pound has weakened against the U.S. dollar in the wake of Brexit.

In March, Forbes published its list of the world’s richest cities based on the number of billionaires who live there. The New York City was at the top of the list with 84 billionaires and their combined net worth of $469.7 billion. Hong Kong, a city which is home to 79 billionaires, was in second place with $355.5 billion. Moscow came in third with 71 billionaires and $336.5 billion.

Another rating by real estate firm CBRE was published in April. It looked at the world’s most expensive cities to buy a home in. Here, Hong Kong is also in first place with an average property price of $1,235,220. Singapore and Shanghai follow with $874,372 and $872,555 respectively.

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