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  • 2014 Cost of Living Survey - Mercer

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    2014 Cost of Living Survey - Mercer

    Hochgeladen von

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    © All Rights Reserved
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    mao 2014 Cost of ivng suney All Countries AboutUs Careers. Newsroom =——Contact us. @4 MERCER TALENT + HEALTH + RETIREMENT + INVESTMENTS HOME SERVICES INSIGHTS EVENTS BUY SEARCH NEWSROOM HOME> Newsroom> 2014 Cost of Living Survey Rankings 2014 Cost of Living Rankings 10 July 2014 US, New York African, European, and Asian cities most expensive for expatriates due to currency fluctuations and the Impact of inflation on goods and services, finds Mercer survey Two African cities top the list of most expensive cities for expatriates according to Mercer's 2014 Cost of Living Survey. Although not ‘ypically recognized as wealthy cies compared to others, Luanda in Angola is the world's most expensive city forthe second year in a row followed by N'Djamena, Chad. European and Asian cites also continue to dominate as the costliest cles with Hong Kong in third place, followed by Singapore. Zurch jumped three places to rank fith, followed by Geneva in sith, Tokyo dropped four spots to rank seventh Mercer's authoritative surveyis one of the world’s most comprehensive, and is designed to help multinational companies and governments determine compensation allowances for their expatriate employees. New York's used as the base city, and all cities are compared against it Currency movements are measured against the US dollar. The survey covers 211 cities across five continents and measures the comparative cost of over 200 items in each location, including housing, transportation, food, clothing, household goods, and entertainment. ‘Rankings in many regions were afeted by recent world evens, including economic and politcal upheaval, which resulted in currency fluctuations ost inflaion for goods and services, and volatility ln accommodation prices,” sald Ed Hannibal, Partner and Global Leader for Mercer's Mobily bnipuhwwamercercomrens-conveeet-of-tiing-survyinl w mao 2014 Cost of ivng suney racic. While Luanda and N'Djamena are relatively inexpensive cites, they are quite costly for expatriates since imported goods come ata premium. In dalton, finding secure living accommodations that meet the standards of expatriates can be challenging and gute costly as wel This is generally why some African cities rank high in our survey: Other cities appearing in the top 10 of Mercer's costliest cites for expatriates are Bern, Moscow, and Shanghai. Karachi, ranked 211, Is the world’s least expensive city for expatriates, and the survey found that Luanda is more than three times as costlyas Karachi ‘According to Mz. Hannibal, “While multinationals cone 1 recognize the importance of having a global workforce and corporate assignments remain prevalent, they must beable to monitor and balance the cost oftheir expatriate programs. Employers need to evaluate the impact ofeurreney ‘uctuations, inflation, and politcal instability when sending employees on overseas assignments while ensuring they retain talented employees by offering competitive compensation packages. Currency fuctuations and the impact of inflation on goods and services have influenced the cost of expatriate programs as well as the cityrankings Nathalie Constantin-Métral, Principal at Mercer with responsibiltyfor compiling the survey ranking, sald, “Interesting, several cities Jumped up the lit hi year following large increases in both accommodation cost and demand, coupled wih strong local currencies, Dhaka and Nairobi (oth 117) and Dubai (67) soared thirty seven, thirty and svenp-three spots, respectively. ne Americas: Cities in the United States have climbed in the ranking due tothe relative stability of the US dollar against other major currencies, in addition tothe significant drop of cites in other regions which resulted in US cities being pushed up the list. Arise in the rental accommodation market pushed New York up 8 places to rank 16, the highestranked ctyin the region. Los Angeles (62) climbed 10, Places from last year while San Francisco (74) jumped eighteen places. Among other major US cities, Honolulu (97) up twenty places, Mami (98), Is up sheen places, and Boston (109) is up fourteen spots. Cleveland (167) and Winston Salem, North Carolina (182) remain the least expensive surveyed cities for expatriates Me. Hannibal added, “Even shough we saw US cities risen the rankings ths year due in part tothe strength ofthe US dolar, it's important to note tha relative casts shift with currency volailiy, making overseas assignment costs sometimes greater and sometimes smaller. In South America, S80 Paolo (49) ranked as the costiest city, followed by Rio de Janeiro (65). Yet, both cities dropped thirty and thity-six positions, respectively, as a result of the Brazilian real weakening against the US dollar despite increases in rental prices. Buenos Aires also dropped significantly this year to rank 86, following the devaluation ofits currency, and despite a stong price increase for goods and senices. Other cities in South America that fell on the lst of costliest cles {or expatriates were Santiago, Chile, dropping twenty-five places to rank 88 and Bogota falling thity-eight places to rank 98, Managua, Nicaragua (207) is the least expensive cityin South America, bnipuhwwamercercomrens-conveeet-of-tiing-survyinl mao 2014 Cost of ivng suney ‘As explained, the exchange rate has a major impact on a city ranking. This year Mercer le Caracas out ofthe ranking due to the ‘multiple, complexexchange rate situation; its ranking would have varied greatly depending on the offcial exchange rate selected. Canadian cies dropped in this year's ranking with the countrys highest-ranked city, Vancouver, falling thirty-two places to rank 96. Toronto (101) dropped thirty-three spots, while Montreal (123) fell twenty-eight spots. Calgary's ranking dropped to rank 125. “The Canadian dollar weakened significantly against the US dollar, which accounts for the major slips we saw in this year's ranking,” explained Mr. Hannibal Europe, the Middle East, and Africa Four European cities remain in the top 10 list of most expensive cies. Zurich (6) is the most costly European city on thelist, followed by Geneva (6) and Bern (8). Switzerland remains one of the most expensive locations for expatriates following the slight strengthening ofthe Swiss franc against the US dollar. Moscow (8) and St. Petersburg (35) dropped seven and wee spots, respectively. due to a dramatic depreciation of the ruble against the US dollar. (Overall, Western European cities have all risen in the rankings mainly due tothe strengthening of local currencies against the US dollar. n particular, cities in the United Kingdom and Germany experienced some of this year’s biggest surges in the ranking, with Glas gow (108) rising fortynine places from 2013, while Aberdeen (94) and Birmingham (80) jumped thirty-four and forty-five spots, respectively. Munich (55) rose twenly-sixplaces from last year, Franklurt (69) jumped twenty-four spots, and Berlin (68) soared thirty tone places from its previous ranking. Dusseldorf and Hamburg also rose significantly. (Other cities that jumped in the ranking include Paris (27), up ten places from last year, Mlan (30), up eleven spots, Rome (31), up thirteen and Vienna (32) up sixteen spots Ms. Constantin-Métral explained, "Despite moderate price increases i most ofthe Buropean cites, European currencies for the most part slightly strengthened against the US dollar, which pushed most Western Buropean cites up in the ranking. There have been some increases in accommodation costs, due to strong demand for rentals, which has also been behind upward movement in rankings for some European cles ~ most notably Copenhagen, Amsterdam, and Frankf.” Mosteities in Eastern and Central Europe, however, fell in the ranking as a result oflocal currencies depreciating against the US dollar. Prague (82), Almaty (111), and Minsk (191) fell nineteen, sisteen, and four spots, respectively, despite there being stable accommodations in these locations. Tel xiv (18) continues to be the most expensive cilyin the Middle East for expatiates, folowed by Beirut (63), Dubai (67), and Abu Dhabi (68). Jeddah, Saudi Arabia, (175) continues to rank as the least expensive cityin the region. “Several cites inthe Middle Fast experienced a jump inthe ranking, a they are being pushed up by other locations’ decline, as wells the strong increase for expatriate rental accommodation costs, particularlyin Abu Dhabi and Dubai,” saié Ms. Constantin- Métal Quite a few African cites continue to rank high in the 2014 survey, relecting high living costs and prices of goods for expattiate Inipuhwwamercercominens-convect-of-tiing-survyinl mao 2014 Cost of ivng suney employees. Luanda (1) remains the most expensive city for expatriates across AMtica and globally, and Ndjamena follows in second place. Victoria, Seychelles (13) s the next costliest city in Africa followed by Librevile, Gabon (19). In South fica, Cape Town (205) fell eight places in the ranking, reflecting the weakening the South African rand has suffered against te US dollar. Asia Pacific Four ofthe top 10 cities in this year's ranking are in Asia. The most expensive city, Hong Kong (3), jumped three places from last year. Singapore (4) s the next most expensive ciy in te region, gaining one position trom last year, followed by Tokyo, which ranked 7

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