New York has dethroned Hong Kong as the world’s most expensive city for expats in a new survey conducted by ECA International. The study, which looked at cost-of-living in 207 cities based on a basket of goods and services that are commonly purchased by assignees, revealed that Hong Kong’s four-year reign as the most expensive city has ended. However, the city still retained its spot as the most expensive location in Asia. Singapore followed closely as the second most expensive location in Asia and the fifth globally, a rise of eight places from last year’s ranking due to rapidly rising accommodation costs. Almost all Asian locations surveyed dropped in rankings, indicating relatively lower rates of inflation as compared to other regions. Nevertheless, the report aims to help companies calculate cost-of-living allowances for assignees.
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