Singapore, which has moved rapidly up the global ranking to 31st place in recent years, has firmly secured its position among Asia“s top ten, moving from 8th to 6th position over the last year. Not only has the Singapore dollar continued to strengthen against major currencies but the actual price of goods and services in ECA“s cost of living basket has gone up by around 5.7 per cent on average over the last twelve months.

The most expensive locations in mainland China are Beijing, in 35th position globally, and Shanghai in 41st. Of the Asian locations surveyed, Chinese provincial capitals have experienced the largest climbs up the global rankings: Chengdu rose 21 places to 144th place and Wuhan up 20 places to 146. On average, the actual prices of goods and services commonly purchased by international assignees have risen by nine per cent in China in the last 12 months.

A strong won means that Korean locations have maintained their positions towards the top of the global ranking. While Seoul has only risen one place to 21 in the last year, this is still significantly higher than its position two years ago in 56th place. Within the region it ranks as the 5th most expensive location for international assignees, ahead of Singapore, Shanghai and Hong Kong.