Global HR firm Mercer conducts an annual ‘Cost of Living Survey 2015’ in 207 cities across five continents and measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods and entertainment.
Internationally, Angola’s capital Luanda is the costliest city to live in for the third year in succession. Among Asian cities, Hong Kong, Singapore along with Geneva, Zurich top the list of most expensive cities for expatriates. Tel Aviv continues to be the most expensive city in the Middle East for expatriates.
In India, Mumbai the financial capital of the country is the most expensive city. It is ranked above Dallas, Munich, Luxembourg, Frankfurt and Vancouver. It went up by 66 places in ranking because of the rapid economic growth, inflation and services basket and a stable currency against the U.S. dollar. Higher cost of fuel, food items, home services and rentals have raised the cost of living.
Mumbai is followed by New Delhi, Chennai, Bengaluru and Kolkata. The survey also revealed that South Africa, the United Arab Emirates, the U.K. and the U.S. are expected to witness the highest increase in the number of Indian international assignees.