A New York human resources company surveys 211 cities around the world to find the most expensive place to get transferred to, and it turns out to be in northern Africa.
Thu, 08/14/2014 | BY Kent McDill
Many Americans, including those in financial jobs, find themselves sent overseas to work. Wherever they end up, there is an adjustment period, and part of that adjustment is finding out just how much things cost in a foreign land in comparison to what they cost in the United States.
Mercer, a human resources company out of New York, surveyed expatriate workers to find out the most expensive cities in the world for non-natives to live, and the winners are not what one might expect.
Luanda, the capital of Angola, ranks No. 1 and N’djamena, the capital of Chad, ranks No. 2, according to the survey. The reasons, in most cases, relate to the fact that getting goods to those countries is expensive, and the expense is passed down to the consumer.
The survey looks at the cost of 200 everyday items that an expatriate worker would purchase, including store items like groceries as well as housing and entertainment.
The survey said the costs for north African nations are high because there is so much oil money there, and the expatriate workers usually live high on the hog, in comparison to the low-level workers who live in squalor.
For instance, a three-bedroom home in Luanda goes for $15,000 a month. The good news is that things like beer and cigarettes are actually cheaper in Africa than they are in the United States.
The purpose of the survey is to offer the information to multinationals and conglomerates that are looking for staffers who are willing to move and to compensate those people according to the prices they will pay for goods and services.
“Rankings in many regions were affected by recent world events, including economic and political upheaval, which resulted in currency fluctuations, cost inflation for goods and services, and volatility in accommodation prices,’’ said Mercer’s Partner and Global Leader Ed Hannibal. “While multinationals continue to recognize the importance of having a global workforce, they must be able to monitor and balance the cost of their expatriate programs.”
Here is a closer look at the results of the 2014 Cost of Living Survey:
Following Luanda and N’djamena, the rest of the top 10 most expensive cities for expatriates are Hong Kong, Singapore, Zurich (which is moving up the list), Geneva, Tokyo (which is moving down), Bern, Moscow and Shanghai.
Although there are no American cities on the top 10, New York ranks 16th, and Mercer said many U.S. cities are moving up the list as the other cities drop down. Los Angeles is ranked 62nd, San Francisco 74th, Chicago 85th, Honolulu 97th and Miami is 98th among 211 cities monitored.
Due to a devaluation of currency, South American cities dropped significantly on the list. Sao Paolo ranked as the costliest South American city and ranked 49th overall.
The most expensive Canadian city was Vancouver, which finished 96th in the overall rankings.
Among the most desired cities in Europe, Paris ranked 27th, Milan 30th, Rome 31st and Vienna 32nd.
The least expensive major city for expatriates, according to the survey, is Karachi, Pakistan. The least expensive American city on the list is Winston-Salem, ranked 182nd.
http://millionairecorner.com/Content_Free/The-Worlds-Priciest-Cities.aspx
Mercer, a human resources company out of New York, surveyed expatriate workers to find out the most expensive cities in the world for non-natives to live, and the winners are not what one might expect.
Luanda, the capital of Angola, ranks No. 1 and N’djamena, the capital of Chad, ranks No. 2, according to the survey. The reasons, in most cases, relate to the fact that getting goods to those countries is expensive, and the expense is passed down to the consumer.
The survey looks at the cost of 200 everyday items that an expatriate worker would purchase, including store items like groceries as well as housing and entertainment.
The survey said the costs for north African nations are high because there is so much oil money there, and the expatriate workers usually live high on the hog, in comparison to the low-level workers who live in squalor.
For instance, a three-bedroom home in Luanda goes for $15,000 a month. The good news is that things like beer and cigarettes are actually cheaper in Africa than they are in the United States.
The purpose of the survey is to offer the information to multinationals and conglomerates that are looking for staffers who are willing to move and to compensate those people according to the prices they will pay for goods and services.
“Rankings in many regions were affected by recent world events, including economic and political upheaval, which resulted in currency fluctuations, cost inflation for goods and services, and volatility in accommodation prices,’’ said Mercer’s Partner and Global Leader Ed Hannibal. “While multinationals continue to recognize the importance of having a global workforce, they must be able to monitor and balance the cost of their expatriate programs.”
Here is a closer look at the results of the 2014 Cost of Living Survey:
Following Luanda and N’djamena, the rest of the top 10 most expensive cities for expatriates are Hong Kong, Singapore, Zurich (which is moving up the list), Geneva, Tokyo (which is moving down), Bern, Moscow and Shanghai.
Although there are no American cities on the top 10, New York ranks 16th, and Mercer said many U.S. cities are moving up the list as the other cities drop down. Los Angeles is ranked 62nd, San Francisco 74th, Chicago 85th, Honolulu 97th and Miami is 98th among 211 cities monitored.
Due to a devaluation of currency, South American cities dropped significantly on the list. Sao Paolo ranked as the costliest South American city and ranked 49th overall.
The most expensive Canadian city was Vancouver, which finished 96th in the overall rankings.
Among the most desired cities in Europe, Paris ranked 27th, Milan 30th, Rome 31st and Vienna 32nd.
The least expensive major city for expatriates, according to the survey, is Karachi, Pakistan. The least expensive American city on the list is Winston-Salem, ranked 182nd.
http://millionairecorner.com/Content_Free/The-Worlds-Priciest-Cities.aspx
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