• Tue. Nov 5th, 2024

    Mumbai most expensive city in India for expatriates; Hong Kong tops global list

    mumbai

    According to Mercer’s Cost of Living, Mumbai is the most costly city in India for expats. According to the survey, after Mumbai, places such as New Delhi and Bengaluru rank second and third in India’s most costly list for foreigners. The Mercer’s Cost of Living survey was carried out in 227 cities on five continents.

    Mumbai was ranked 147 in the world in Mercer’s 2023 Cost of Living assessment, followed by New Delhi at 169, Chennai (184), Bengaluru (189), Hyderabad (202), Kolkata (211), and Pune (213).

    Globally, Hong Kong, Singapore and Zurich are the most expensive cities for international employees this year, the report shows.

    The survey measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods and entertainment.

    The data collected provides all of the key information employers need to design efficient and transparent compensation packages for international assignees. It helps international employers design efficient and equitable compensation packages for over 400 assignment locations worldwide.

    According to the research, the least costly locations in the ranking were Havana, which slid 83 spots due to major currency devaluations in the middle of last year, and two cities in Pakistan, Karachi and Islamabad.

    Apart from Mumbai, the other Indian cities evaluated – Chennai, Hyderabad, Kolkata, and Pune – provide lodging costs that are more than 50% lower than Mumbai. According to the survey, Kolkata has the lowest cost of expatriate housing among these cities, making it a more reasonable alternative for both citizens and expatriates.

    “We have observed a change in the relative positioning of Indian cities in the global ranking, which can be attributed to multiple factors.

    “In particular, the shifting order is partly influenced by currency volatility and the inflationary increase in prices of goods and services in other regions, such as Europe, that has played a role in pushing down the overall rankings of Indian cities,” said Rahul Sharma, India Mobility Leader, Mercer.

    The report further noted that Mumbai (147) and Delhi (169), offer a cost-efficient destination for global multinational corporations (MNCs) looking to set up operations overseas, with a lower cost of living and expat accommodation costs compared to major cities in the Asia Pacific region like Shanghai, Beijing and Tokyo.

    Mumbai and Delhi rank among the top 35 most expensive cities in Asia for expatriates, among those surveyed in 2023. However, Mumbai moved down one spot within Asian cities to 27th position from the previous year (2022), the report said.

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