Singapore ranks as fifth costliest city for expats

Hong Kong is the most expensive in Asia.

Singapore remained as one of the most expensive cities for expatriates, Mercer's annual Cost of Living Survey revealed.

Five of the top 10 cities in this year’s ranking are in Asia. Hong Kong (2), which dropped from the top spot, is the most expensive city in Asia as a result of its currency pegged to the US dollar, which drove up the cost of accommodations locally. This global financial center is followed by Tokyo (3), Singapore (5), Seoul (6), and Shanghai (8).

“Although a number of Asian cities remain amongst the world’s most expensive cities, key financial hubs such as Hong Kong and Singapore still continue to attract talent and remain a top choice for relocation. Although this year’s movements were due mainly to currency fluctuations, in particular against the US dollar, we did see cities – such as Mumbai – move up the ranks due to their strengthening economy and growing opportunities,” Mercer global leader for Asia, Middle East and Africa Mario Ferraro said.

Check out the table below for the rankings: