Asia-Pacific Cost of Living – 2010

Posted on August 14, 2010 by Xpatulator

Asia-Pacific has the top 2, most expensive cities in the world, as at 1 July 2010. Tokyo is first and Hong Kong the second most expensive location in the world (and most expensive in greater China), whilst Sydney is the third most expensive city in Asia-Pacific (ranked 13 in the world). The Australian economy has seen stable growth compared to many weakening economies, while the Australian Dollar has strengthened 11% against the United States Dollar, and by 24% against the Euro in the past year. Cities in mainland China remain relatively cheap, mainly due to the pegging of the Chinese Yuan to the US Dollar which has kept costs down. Within mainland China, Beijing (ranked 100 in the world) is the twentieth most expensive city in Asia-Pacific, followed by Shanghai (ranked 107 in the world), and Wuhan (ranked 200 in the world). The cheapest city surveyed in China is Tianjin (ranked 256 in the world) with a cost of living index of 64.07 (New York = 100). The cheapest city in Asia-Pacific is Dushanbe in Tajikistan (ranked 279 in the world) with a cost of living index of 56.64 (New York = 100).

Most expensive cities in Asia-Pacific (Global rank in brackets)
1. Japan, Tokyo (1)
2. China, Hong Kong (2)
3. Australia, Sydney (13)
4. Australia, Canberra (17)
5. Papua New Guinea, Port Moresby (23)
6. Vanuatu, Port Vila (26)
7. New Caledonia, Noumea (31)
8. Korea Republic of, Seoul (32)
9. Australia, Melbourne (37)
10. Australia, Perth (38)

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Latvia, Riga – Cost of Living

Posted on August 14, 2010 by Xpatulator

The economy of Latvia was until the middle of 2008 the fastest growing economy in Europe. It has had high GDP growth since 2000. In 2003, GDP growth was 7.5% and inflation was 2.9%. Unemployment was 8.8% in 2003, almost unchanged compared to the previous two years. Privatization is mostly complete, except for some of the large state-owned utilities. In May 2004, Latvia joined the European Union.

Riga is the capital and largest city of Latvia. Riga is a major industrial, commercial, cultural and financial centre of the Baltics, and an important seaport.

Riga has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Laos, Vientiane – Cost of Living

Posted on August 14, 2010 by Xpatulator

The economy of Laos is heavily dependent on investment and trade with its neighbors, Thailand, Vietnam, and, especially in the north, China. Much of the country lacks adequate infrastructure. Subsistence agriculture still accounts for half of the GDP and provides 80 percent of employment.

Vientiane is the capital and largest city of Laos. Vientiane is situated on a bend of the Mekong river, which forms the border with Thailand at this point. A short link connects Vientiane with Thailand over the Thai-Lao Friendship Bridge.

Vientiane has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Kyrgyzstan, Bishkek – Cost of Living

Posted on August 14, 2010 by Xpatulator

The economy of Kyrgyzstan was severely affected by the collapse of the Soviet trading block. Despite the backing of major Western lenders, including the International Monetary Fund (IMF), the World Bank and the Asian Development Bank, Kyrgyzstan has had economic difficulties following independence. Agriculture is an important sector of the economy in Kyrgyzstan. Kyrgyzstan is rich in mineral resources but has negligible petroleum and natural gas reserves.

Bishkek is the capital and the largest city of Kyrgyzstan. The economy in Bishkek is primarily agricultural with the mass amounts of fruits, vegetables and livestock providing a co-existing system of bartering in the outlying regions.

Bishkek has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Why are Expatriates paid differently to local people?

Posted on August 14, 2010 by Xpatulator

Most countries have a two tier Pay Market. The two distinct pay markets are typically an Expatriate Market and a Local Market.

 

The Expatriate Market is largely determined by the origin of each Expatriate. It is quite normal to have considerable differences between Expatriates doing exactly the same job, in the same country. These differences are largely caused by three factors:

  • The Cost of Living difference between the Home Country (country of origin) and Host Country (where they work)
  • The Relative Hardship difference between Home and Host Country. For example, ,moving to a country where more day to day hardship will be experienced, would normally result in more pay to compensate for the hardship
  • The Exchange Rate difference between the Home and Host Country

 

On the other hand the Local Market is largely determined by local supply and demand for skills.

 

Depending on a number of factors, such as the availability of skills, rate of economic growth, and the type of economy, the percentage of expatriates versus locally employed people will vary.

 

Expatriate Pay is typically calculated by using the Expatriates salary in their Home Country as the start point and by calculating an appropriate salary in the Host Country using the Cost of Living difference, relative hardship, and exchange rate. This is either done using a company in-house policy or using an international relocation calculator.

 

Local Pay is typically determined by the prevailing market salary levels. These salary levels are typically reported in salary surveys run by independent Remuneration Consultancies.

 

We can conclude therefore that Expatriate Pay is primarily determined by factors outside the host country as well as differences between the host country and the Expatriate’s home country.  Local Pay is primarily determined by factors within the country, such as strength of the economy and the supply and demand for skills.

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Kuwait, Kuwait City – Cost of Living

Posted on August 14, 2010 by Xpatulator

The economy of Kuwait is a small, relatively open economy with proven crude oil reserves of about 96 billion barrels, i.e. about 10% of world reserves. Petroleum accounts for nearly half of GDP, 90% of export revenues, and 95% of government income.

Kuwait City is the capital and largest city of Kuwait. Kuwait city is home to Kuwait’s parliament, most governmental offices, and the headquarters of most Kuwaiti corporations and banks. It is the political, cultural and economic center of the emirate. Kuwait?s booming economy has allowed many international hotel chains to enter agreements to open hotels in the country.

Kuwait City has an overall cost of living index which equates it with middle cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Asia-Pacific Cost of Living – 2010

Posted on August 13, 2010 by Xpatulator

Asia-Pacific has the top 2, most expensive cities in the world as at 1 July 2010. Tokyo is first and Hong Kong the second most expensive location in the world (and most expensive in greater China), whilst Sydney is the third most expensive city in Asia-Pacific (ranked 13 in the world). The Australian economy has seen stable growth compared to many weakening economies, while the Australian Dollar has strengthened 11% against the United States Dollar, and by 24% against the Euro in the past year. Cities in mainland China remain relatively cheap, mainly due to the pegging of the Chinese Yuan to the US Dollar which has kept costs down. Within mainland China, Beijing (ranked 100 in the world) is the twentieth most expensive city in Asia-Pacific, followed by Shanghai (ranked 107 in the world), and Wuhan (ranked 200 in the world). The cheapest city surveyed in China is Tianjin (ranked 256 in the world) with a cost of living index of 64.07 (New York = 100). The cheapest city in Asia-Pacific is Dushanbe in Tajikistan (ranked 279 in the world) with a cost of living index of 56.64 (New York = 100).

Most expensive cities in Asia-Pacific (Global rank in brackets)
1. Japan, Tokyo (1)
2. China, Hong Kong (2)
3. Australia, Sydney (13)
4. Australia, Canberra (17)
5. Papua New Guinea, Port Moresby (23)
6. Vanuatu, Port Vila (26)
7. New Caledonia, Noumea (31)
8. Korea Republic of, Seoul (32)
9. Australia, Melbourne (37)
10. Australia, Perth (38)

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Kosovo, Pristina – Cost of Living

Posted on August 13, 2010 by Xpatulator

The economy of Kosovo is one of the poorest in Europe. Despite substantial development subsidies Kosovo was the poorest province of the former Yugoslavia. Over the course of the 1990s, poor economic policies, international sanctions, weak access to external trade and finance, and ethnic conflict severely damaged the already weak economy.

Pristina is the capital and largest city of the disputed territory of Kosovo. The city is developing with many new roads being built in Pristina. The national government is taking part in modernising the roadways as well, building motorways linking the city.

Pristina has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Korea Republic of, Seoul – Cost of Living

Posted on August 13, 2010 by Xpatulator

The economy of South Korea is a developed, largely free-market economy that is the fourth largest in Asia and 15th largest in the world. An extremely competitive education system and a highly skilled and motivated workforce are two key factors driving this knowledge economy that has the world’s highest scientific literacy and second highest mathematical literacy.

Seoul is the capital and largest city of South Korea. Seoul, is a major global city and a leading international financial centre in Asia. Although Seoul accounts for only 0.6 percent of South Korea’s land area, it generates 21 percent of the country’s entire GDP.

Seoul has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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Korea Democratic Republic of, Pyongyang – Cost of Living

Posted on August 13, 2010 by Xpatulator

The economy of North Korea is an industrialised, highly centralized command economy. The role of market allocation is sharply limited – mainly in the rural sector where peasants sell produce from small private plots. There are almost no small businesses.

Pyongyang is the capital of North Korea. Pyongyang has been completely redesigned since the Korean War (1950?1953). It is designed with wide avenues, imposing monuments, and monolithic buildings. The city also has regular international train services to Beijing and Moscow. A journey to Beijing takes about 25 hours and 25 minutes; a journey to Moscow takes 6 days.

Pyongyang has an overall cost of living index which equates it with low cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups.

The latest cost of living rank for each of the 13 Basket Groups is now available.

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