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According to Mercer, the rise of Brussels in the list results, among other things, from high inflation and the weakening of the euro against the dollar (the study takes the American city of New York as a reference). “Life has become considerably more expensive for expatriates, and without an adjustment in the indexation of their remuneration, this will be at the expense of their purchasing power”, it seems. Foreign workers are usually reimbursed through their home country for living expenses in the country where they live and work.
Changed priorities
The rise of teleworking and flexible working can also have consequences. “Many employees have reconsidered their priorities, their work-life balance and their choice of residence. Expats will reconsider more often whether it is still worth working in Brussels under these circumstances,” says Mercer.
The fact that Brussels has become more expensive may also have an impact on its attractiveness. “In the long run, this increased cost may induce a company to pull its international workers out of Brussels and relocate them to cheaper cities,” Mercer says.
Hong Kong is the most expensive city in the 227 city rankings for the fourth time in five years. Last year, Ashgabat in Turkmenistan won this title. Hong Kong is followed by four Swiss cities: Zurich, Geneva, Basel and Bern. The top ten is completed by Tel Aviv (Israel), New York (USA), Singapore (Singapore), Tokyo (Japan) and Beijing (China).
The cost of living index compares prices and services across cities, including housing, transportation, food, clothing, household items, and entertainment.
