A new cost of living survey has revealed Hong Kong to be the world’s most expensive city for expatriates, followed by Tokyo, Zurich, Singapore and Seoul.
The survey by consultancy group Mercer ranked 209 cities on different costs including rent, bread and milk to find that four of the five most expensive cities are in Asia.
Hong Kong also topped the list in the 2016 survey.
London jumped ten places and is ranked as the 19th most expensive city in the world. The UK capital made the top 20 this year due to the strengthening of the pound against the dollar.
“UK cities’ rise in this year’s ranking is mainly due to a strengthening of the pound against the US dollar,” said Kate Fitzpatrick, the UK head at Mercer.
London was not the only UK city to make it’s way up the list. Birmingham climbed 19 places to 128th, Aberdeen moved 12 places to 134th place and Belfast increased by eighteen places to 152th.
At the top of the list, expats in Hong Kong pay an average of £5,486 per month for a two-bedroom unfurnished apartment. This is compared to the £3,100 a month paid in London.
Cities in Germany climbed significantly in this year’s survey. Frankfurt, currently number 68, and Berlin, which has taken the 71st spot, both climbed 49 places.
According to the survey, a cup of coffee will set you back £5.54 in Hong Kong, £4.52 in Zurich, £2.80 in London and £1.75 in New York.