Achi news desk-
Placed just below New York on the list, London jumped up the list thanks to factors including the overall cost of living and rental prices, according to those behind the list.
Hong Kong retained the top spot in this year’s ranking, followed by Singapore. The Swiss cities of Zurich, Geneva and Basel round out the top five most expensive cities.
Edinburgh was placed 53rd, Glasgow 68th, Birmingham 78th, Aberdeen 82nd, and Belfast 87th.
Paris was ranked 29th and Dublin 41st.
The index includes 226 locations across the world. It measures the relative cost of more than 200 items in each location, including transport, food, clothing, household goods and entertainment.
Abuja in Nigeria was the least expensive in the survey, number 226.
Mercer, a Marsh McLennan business, puts together the site to help international employers plan workers’ compensation packages.
Rising housing costs in many cities around the world have been a challenge for employers, with fluctuating inflation trends also putting a strain on workers’ compensation packages, Mercer said.
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These factors can make it difficult for employers to attract and retain top talent and can increase compensation and benefits costs, limit talent mobility and raise operational costs, the report added.
Yvonne Traber, Mercer’s global mobility leader, said: “Cost-of-living challenges have had a significant impact on international organizations and their employees.
“It is important for organizations to keep abreast of cost of living trends and inflation rates and seek input from employees on these issues to effectively manage their effects.
“High living costs can cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs.”
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He said some employers may wish to offer compensation packages that include housing allowances or subsidies, or provide support services.
Here are Mercer’s 2024 cost-of-living city rankings:
1. Hong Kong
2. Singapore
3. Zurich, Switzerland
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York, United States of America
8. London, United Kingdom
9. Nassau, Bahamas
10. Los Angeles, United States of America
