Singapore is ranked as the 8th highest in the most expensive destinations for expats living in Asia

Singapore is ranked as eighth as the costliest location for people living abroad in Asia and is in 13th in the world in accordance with study by ECA International, a consultancy that handles the benefits and compensation for foreign workers for firms.
Hong Kong retains the top place as the costliest place for expats worldwide, then followed by Tokyo, Japan and Geneva, Switzerland, in third place.
Some other cities of Asia that are ranked in the in the top 10 worldwide are Seoul, South Korea in eighth position in eighth place, then followed by Shanghai in ninth place, followed by Shanghai and Guangzhou in China with 10th and 9th places globally. Both Chinese cities climbed from the 10th and 13th positions to the 13th position in 2020.
“Despite falling rental prices and the Hong Kong dollar weakening against currencies such as the euro and yuan, the city has retained its spot as the most expensive location in the world for expatriates,” says Lee Quane, Regional Director, Asia at ECA International.
“While New York was a strong competitor to Hong Kong — having placed 2nd in last year’s global rankings — the struggling US dollar allowed Hong Kong to retain its top spot among the global rankings, while bumping New York to 4th place,” Quane says.
“The Pearl River Delta continues to be an attractive option for many international businesses while Guangzhou and Shenzhen remain expensive for overseas workers due to high rental costs and the growing demand for property in these cities,” the expert states.
In other cities, Thailand in Thailand and Vietnam continue to drop in the rankings, as their economies are affected by the impact of the pandemic on tourism. Bangkok dropped 11 places to rank 34th, and Hanoi dropped 20 spots to be ranked 115th in the most expensive destination in the world.
Additionally, Australian locations have shown an improvement in their rankings in 2020. Sydney gained 17 positions to the top 50 spots in the world while Perth had the highest leap of all cities by increasing 51 places to 74th position globally.
“Australia has experienced a dramatic increase in its economy from the time of last year, when residents were under strict restrictions in the wake covid-19, a pandemic. With the ease of these restrictions and Australia has seen a significant improvement in its economy. Australian economy has seen a significant improvement due to a high demand for its exports of commodities,” notes Quane.
“This has boosted it to strengthen the Australian dollarand has pushed all Australian cities higher in global rankings since the currency has expanded overseas. But, since the country is remaining closed to many foreign visitors, it’s not been feasible for many people to enjoy these advantages.”

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