Bangkok has entered the top-50 most expensive cities of the world, the ECA International reports said. The Thai capital has leapt 43 places and entered the rating for the first time. The city ranks 47th in the annual ECA Cost of Living survey.
Bangkok left behind its status of a cheap destination for holidaymakers and expatriates. The capital and most populous city of Thailand is now in the top fifty locations where daily life is rather expensive. According to the experts, that quality leap became possible largely due to the strong baht.
The ECA International normally advises on management and compensation for employees being assigned around the world. Its accountants say that Bangkok has seen a huge jump in its ranking, moving the most out of all Asian cities surveyed
Lee Quane, regional director for Asia with ECA International, added that Thai capital has moved up 75 places in the last two years. Up to date, Bangkok ranks 47th in the annual ECA Cost of Living survey thanks to the strengthening the national currency, baht.
Among other Asian countries, Ashgabat, the capital of Turkmenistan (former Soviet Republic), remains the most expensive city in region and the world for expats. The reason for that is the most unlucky combination like the high inflation and a black market currency rate far weaker than the official exchange rate.
Vice versa, Japan’s Tokyo shows a different situation. The capital ranks second in Asia, followed by China’s Hong Kong, and Japan’s Yokohama, Nagoya and Osaka cities. Singapore is the seventh most expensive location in Asia for expat workers to live, and the 13th most expensive in the world.
Over the years, the countries of the Middle East show the trend of increasing the cost of living because of the strength of their currencies. Traditionally, their currencies are tied to the USD. For the first time, Israel’s Tel Aviv and Jerusalem sit on the 9th and 12th places respectively.
ECA International noted that most European cities have fallen in the rankings since last year. The only exception is Switzerland, indeed.
Since 1974, ECA International has been researching the cost of living through the surveys. It carries out two main surveys per year to help firms calculate cost of living allowances so their employees’ spending power is protected while on an international assignment.