Hong Kong toppled as Ashgabat becomes the world’s costliest city

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Ashgabat, the capital of energy rich Turkmenistan has emerged as the most expensive city for expatriates, toppling Hong Kong from its three-year perch, according to Mercer’s 2021 cost of living survey.</p>
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Known for its stately white marble buildings and ornate statues of its leaders, Ashgabat took the top spot “primarily due to a continuing socio-economic crisis which has led to food shortages and hyperinflation,” said Mercer Asia-Pacific’s global mobility leader Julia Radchenko, as quoted by the <em>South China Morning Post</em> (SCMP).</p>
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<strong>South China Morning Post Reort: </strong> <a href="https://www.scmp.com/business/article/3138335/ashgabat-wrecked-inflation-shoves-aside-hong-kong-worlds-costliest">Ashgabat, wrecked by inflation, shoves aside Hong Kong as world’s costliest expatriate city</a></p>
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Hong Kong, had topped the ranking for the costliest city, mainly on account of its stratospheric property prices and rentals. That has taken a hit after fewer people began to travel to the metropolis due to Covid-19 and unprecedented political restrictions after the city became part of China. Lebanon’s capital Beirut occupied the third spot, jumping 42 points.</p>
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Mercer’s annual report ranks 209 cities globally, measuring their comparative costs of housing, transport, food and entertainment, with New York City serving as the baseline for comparison.</p>
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