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Bern, Switzerland lands first place position for quality of life, after Copenhagen’s three-year reign at the top
The ringgit's weakness against the US dollar has offset the impact of inflation in Kuala Lumpur, causing it to drop in the global rankings.
Singapore rose four places from last year to become the 8th most expensive location in the world for expatriates, driven primarily by surging accommodation costs.
Hong Kong is the second most expensive location in the world for expatriates
Workers in Hong Kong are expected to receive a salary increase of 4% in 2023, 0.5% higher than 2022.
While workers in Singapore will see a salary increase of 3.8%, inflation will set salaries back by 1.7% in real terms this year.
Record real-terms salary decrease is a result of 9.1 percent annual average inflation, the highest in 40 years.
Expat salary and benefits packages in Singapore rose by a modest 4% in 2021 in local currency terms despite the city’s fall to 22nd place in the rankings of the costliest places to employ expatriates globally.
Expat pay and benefits packages in Hong Kong rose by a modest USD 3 800 in 2021, to a total of USD 283 000, a rate of growth which was amongst the lowest of all locations in Asia.
A 20% rent increase cements London’s position within top five most expensive cities in the world, while a 12% increase in rental costs sees New York overtake Geneva to secure second place.