The annual Cost of Living Survey or Survey of Living Costs created by Mercer investment consultants has been announced and generates a list of the world's most expensive living cities, including Asia.
Here are five of the most expensive cities in Asia according to Mercer:
- Beijing, China
The capital of China is known as a city with high smoke levels. At the beginning of this year Beijing was a "Red Alert" because the level of air pollution reached dangerous levels.
However, it did not dampen Beijing as one of the most expensive living cities in Asia.
- Shanghai, China
Shanghai is the most populous city in China with nearly 24 million inhabitants. Shanghai became the most expensive city in mainland China in the Mercer list.
- Tokyo, Japan
The strength of the yen currency is a major factor why Tokyo placed Mercer in third position.
Recently Property Report placed Tokyo in second place as a luxury retail destination in Asia, only to lose to Hong Kong.
Globally, for the same category, Tokyo is number four and New York is ranked first as a top-end shopping city.
- Singapore
Singapore is famous for its strict garbage disposal rules and transportation hub and being the only island, city, and country in the world.
The World Bank has dubbed Singapore the easiest place to do business. It then explains why so many global companies are headquartered there.
Nevertheless, recent reports suggest that individual income in Singapore is temporarily relocated from the banking world so that in the following years Singapore may fall as the most expensive city in Asia.
Singapore is also the number one residence for Asian expatriates thanks to ensuring quality of life there, ranging from good health services, year-round sunshine, and clean air quality.
- Hongkong
Hong Kong is not only the most expensive city in Asia, but also in the world. Hong Kong is a leading financial center because of its extremely free market practices.
Hong Kong City also holds the status of the most visited city in the world.
The most expensive status in the world is also followed by the rising population in Hong Kong. Tall and super high buildings continue to be built to meet demand.
Hong Kong is also listed as Asia's most expensive city in terms of construction but for the global category Hong Kong was third behind New York and London.
Here are 10 cities with the most expensive living expenses in Asia:
- Hongkong
- Singapore
- Tokyo, Japan
- Shanghai, China
- Beijing, China
- Shenzhen, China
- Seoul, South Korea
- Guangzhou, Chin