The capital of the Dominican Republic, Saint Dominicis in position 167 in the 2024 International Cost of Living City Rankings. It loses seven positions compared to the previous year in the overall ranking, of 226 cities evaluated to help multinational employers plan compensation strategies for their assignees international.
This movement makes Santo Domingo much more attractive for organizations considering international worker assignments. The change is occurring mainly because cities in Eastern Europe and Africa have raised their cost of living in the last year and in the case of Latin America the repositioning of Rio de Janeiro and Lima.
This ranking is prepared by Mercera global leader in redefining the world of work, reshaping retirement and investment outcomes, and promoting real health and well-being, and a Marsh McLennan company (NYSE: MMC), with the goal of helping multinational employers plan compensation strategies for your international assignees.
“Santo Domingo is positioning itself as one of the most attractive destinations for expatriate workers in the Caribbean, given its strategic location and its economy that remains stable against the dollar, which makes the cost of living for this population favorable. ”, explained Zulma Santamaría Sánchez, Rewards Leader for the Andean Region, Central America and the Caribbean at Mercer.
The study evaluates the comparative costs of more than 200 items in each location, from housing and transportation to food, clothing, household items and entertainment.
Hong Kong It maintained first place in this year’s ranking in the ranking prepared by Mercer, followed by Singapore. With Zurich, Geneva and Basel rounding out the five most expensive cities, Switzerland’s high cost of living may correlate with its superior quality of life.
In South America, Uruguay’s capital, Montevideo, ranks most expensive for international employees (42nd), while several cities in the region saw significant changes compared to 2023: Santiago, Chile, fell 73 places to 160th in ranking, while Bogotá, Colombia, rose 40 places to 174th place.
Of North American cities (excluding cities in the United States and Canada), Nassau remains the most expensive city in the region, followed by Mexico City. The cost of living in Mexican cities increased significantly compared to the previous year. Mexico City ranked 33rd, up from 79th in 2023, and Monterrey ranked 115th, up from 155th last year.
São Paulo has risen 28 positions in the ranking and continues to be the most expensive city in Brazil, which has a total of cities listed: Rio de Janeiro (150th place), Brasilia (179th place), Manaus (182nd place) and Belo Horizonte (ranked 185). Lima, in Peru, has practically remained in the same position, rising only one position to be placed at 166. On the other hand, Santo Domingo has experienced a decrease in its position in the ranking, placing itself at 167.
Mercer explains in the report that rising housing costs in many cities around the world have made mobility difficult for employers. Inflation is also eroding purchasing power and putting additional pressure on compensation packages. These factors can make it difficult for employers to attract and retain top-tier talent, and can increase compensation and benefits expenses, limit talent mobility, and increase operating costs.
“The cost of living crisis has had a significant impact on multinational organizations and their employees,” said Yvonne Traber, Global Mobility Leader at Mercer, adding that it is important for organizations to stay informed about trends. cost of living and inflation rates and seek employee input on these issues to effectively manage their impact.
He added that high costs of living may require assignees to adjust their lifestyle, reduce discretionary spending and even struggle to meet their basic needs.
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