Turkmenistan’s capital Ashgabat has been ranked the world’s most expensive city for expatriates, according to a 2021 cost-of-living survey by a consultancy firm, Mercer.
The annual survey, in determining its results, evaluated the cost of more than 200 goods and services, including the price of housing, food, and transportation.
It also considered factors such as currency fluctuation, cost of inflation, and the likes.
“This survey provides key insights for employers, employees, governments, and city authorities looking to improve their attractiveness to entice foreign talent, businesses, and investments,” Mercer said.
Mercer ranked the city second on its list of most expensive cities to live in, beaten by Hong Kong in 2020.
In 2018, however, Ashgabat was ranked 111 in the survey, meaning it rose 110 places in a single year.
Being viable economic hubs, which naturally increases the general cost of living earned these cities a top 10 place on the list
Ashgabat, however, earned its status as a result of economic depression and “high local inflation” as described by Jean-Philippe Sarra of Mercer.
Turkmenistan’s dependence on natural gas exports might be another likely reason for Ashgabat’s economic troubles which has led to hyper-inflation.
The COVID-19 pandemic can not be excused as well. Human Rights Watch reports that “drastically exacerbated Turkmenistan’s pre-existing food crisis”.
Some other cities in the top 10 include Beirut, Zurich, Shanghai, Beijing, and Singapore.
Bishkek, the capital of Kyrgyzstan, was ranked as the least expensive city for expatriates.
