This is the No. 1 most expensive city in the world (it’s NOT in the U.S.)

In today’s global economy, a growing number of people are choosing to move across the world for work. But depending where you end up, your cost-of-living could be radically different.

Hong Kong was rated the most expensive city in the world for the second straight year, according to the annual Cost of Living Survey from human resource consulting firm Mercer MMC, +0.42% Overall, East Asia was the costliest region for expatriate workers, representing eight of the 20 most expensive cities.

Mercer’s survey examined the cost of living in 2,089 cities across the world, based on the cost of housing, transportation, food, clothing, household goods and entertainment. New York City, which ranked No. 9, was used as the baseline for comparison. The survey also took into consideration currency movements against the U.S. dollar DXY, +0.21%

Also see: This city has the best quality of life in the world, according to Deutsche Bank ranking (it’s not in the U.S.)

Besides New York, the only U.S. cities to crack the top 20 were San Francisco (16) and Los Angeles (18). However, most U.S. cities rose in the rankings compared wit last year, largely on the relative strengthening of the U.S. dollar BUXX, +0.11%

The survey found Zurich (No. 5) to be the most expensive city in Europe. However, the weakening of European currencies relative to the U.S. dollar prompted many cities in the continent to drop in the rankings.

Unlike in Europe, Middle Eastern cities became comparatively more expensive over the past year. “Many currencies in the Middle East are pegged to the U.S. dollar, which pushed cities up in the ranking, as well as steep increases for expatriate rental accommodations,” Yvonne Traber, global mobility product solutions leader at Mercer, said in the report.

And the cheapest cities globally for expat workers? Tunis, Tunisia, came in at No. 1, followed by Tashkent, Uzbekistan, and Karachi, Pakistan.

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