According to Mercer, the rise of Brussels on the list is the result of, among other things, rising inflation and the weakening of the euro against the dollar (the study takes the US city of New York as a reference). It appears that “living has become much more expensive for expatriates, and without adjusting their compensation measure, this will be at the expense of their purchasing power.” Foreign workers are usually reimbursed through their home country for living expenses in the country in which they live and work.
The rise of telecommuting and flexible working can also have consequences. “Many employees have reconsidered their priorities, work-life balance and choice of where to live. Expats will often reconsider whether working in Brussels is still attractive in these circumstances, Mercer says.
The fact that Brussels is becoming more expensive may also have an impact on its appeal. “In the long term, this increase in costs may prompt the company to withdraw its international workers from Brussels and relocate them to less expensive cities,” Mercer says.
Hong Kong is the most expensive city in the 227 rankings for the fourth time in five years. Last year, Ashgabat in Turkmenistan received this title. Hong Kong follows four Swiss cities: Zurich, Geneva, Basel and Bern. The top ten is completed in Tel Aviv (Israel), New York City (US), Singapore (Singapore), Tokyo (Japan), and Beijing (China).
The Cost of Living Index compares prices and services in cities, including housing, transportation, food, clothing, household items, and entertainment.
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