Ashgabat, wrecked by inflation, shoves aside Hong Kong as world’s costliest expatriate city
- The capital of Turkmenistan, where inflation accelerated by 13.3 per cent in 2018, unseated Hong Kong from its three-year perch as world’s costliest city
- Hong Kong fell to second spot while the Lebanese capital Beirut jumped 42 spots to third place, according to Mercer’s 2021 cost of living survey
Ashgabat, the Turkmen capital with the world’s largest concentration of white marble-finished buildings, has unseated Hong Kong from its three-year perch as the most expensive urban centre on earth for expatriates, according to Mercer’s 2021 cost of living survey.
The central Asian capital, where inflation slowed to 7.6 per cent last year from 13.3 per cent in 2018, surpassed Hong Kong in the top spot “primarily due to a continuing socio-economic crisis which has led to food shortages and hyperinflation,” said Mercer Asia-Pacific’s global mobility leader Julia Radchenko.
Hong Kong, which topped the ranking for three consecutive years due to the city’s costly property prices, slipped to second place. The Lebanese capital Beirut jumped 42 spots to third place.
Mercer’s annual report ranks 209 cities worldwide based on the comparative cost of expenses including housing, transport, food and entertainment, with New York City used as a baseline comparison.
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Hong Kong loses crown to Turkmenistan’s Ashgabat as world’s most expensive city
