Ashgabat, the most expensive city in the world to live in (for expats)

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The capital of Turkmenistan, in Central Asia, was listed as the most expensive city in the world for foreign workers.

Ashgabat, a city of about one million people, topped a 2021 cost of living survey by consultancy Mercer.

The ranking places Ashgabat above last year’s most expensive city, Hong Kong, which ranked second, followed by Beirut in Lebanon and Tokyo in Japan.

The annual report ranks 209 cities based on cost of expenditures as housing, transportation and food.

Mercer said it evaluated more than 200 goods and services for the report, which is designed to help businesses and governments around the world determine how much they should pay expatriate employees.

Most of the cities in the top ten on the list are economic centers where growth has led to an increase in house prices and other costs of living.

But Ashgabat owes its position to economic problems rather than prosperity, which makes it an outlier.

Mercer’s Jean-Philippe Sarra told AFP news agency that “the high inflation local “explains Ashgabat’s rise to the top spot.

Turkmenistan, known for its autocratic rule and large gas reserves, has been grappling with a long-term economic crisisthey which has plunged many citizens into poverty.

Article source: https://es-us.finanzas.yahoo.com/

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