As the world becomes increasingly interconnected, more and more people are choosing to relocate abroad for work, education or personal reasons. For expats, uprooting their lives and moving to an entirely different city for work is not always an easy decision. Living in a new city can be a big challenge as there are many factors to consider and the cost of living is definitely a high priority issue.
So which international cities are the most expensive in the world for expatriates? Mercer's recently released report, “2024 Cost of Living Cities Index,” assessed the costs of housing, transportation, food, clothing, household items, entertainment and more in 226 cities to reveal the most expensive cities in the world to live in 2024.
Hong Kong is undoubtedly the most expensive city in the world for expatriates, regaining the top spot for the fifth time. Asia's economic hub, Singapore, is a close second. Europe, London and Swiss cities, as well as US cities such as New York and Los Angeles, round out the top 10.
In a notable change, neither New Delhi (165th) nor Bengaluru (195th) emerged as among the most expensive cities in India. Mumbai has risen to 136th in the global rankings, a significant jump of 11 places since last year.
Dubai also makes a big leap in the global rankings, rising to 15th place, making it one of the most expensive cities in the Middle East, while Sydney, Australia, secures the top spot in the Pacific region with a global ranking of 58th.
“Cost of living issues have a significant impact on multinational companies and their employees,” said Yvonne Traver, global mobility leader at Mercer. Conversely, Islamabad (224th), Lagos (225th) and Abuja (226th) emerged as the three cheapest cities for expatriates to live in.
The high cost of living in these cities is mainly due to the rising housing market and the rising cost of transportation, goods and services. Check out the top 10 most expensive cities to live in for expatriates in 2024.
Top 10 most expensive cities to live in worldwide for expatriates in 2024:
Source: Mercer
1. Hong Kong:
Hong Kong (Source: Wikipedia Commons)
For the fifth consecutive year, Hong Kong has topped the list of the world's most expensive city for expatriates. In a city that offers a vibrant cosmopolitan lifestyle and attracts a large influx of overseas workers, a shortage of living space has made it increasingly difficult for expatriates to find affordable accommodation, leading to its status as the most expensive destination.
2. Singapore:
Singapore (Source: Wikipedia Commons)
Maintaining its position behind Hong Kong, Singapore has emerged as the second most expensive city for expats. The city-state attracts talent from around the world due to its strategic location, stable political environment and business-friendly policies. However, this popularity also brings higher costs of living, especially in the residential sector, where limited land space and strict urban planning regulations mean expats are forced to spend a significant portion of their income on rent and mortgage payments.
3. Zurich, Switzerland:
Zurich, Switzerland (Photo: Wikimedia Commons)
Zurich, the financial capital of Switzerland, has once again ranked third on the list of the world's most expensive cities for expatriates. The city's affluence, high standard of living and strong economy all contribute to the high cost of living.
4. Geneva, Switzerland:
Geneva, Switzerland (Photo: Wikimedia Commons)
Geneva, home to international organizations and diplomacy, has once again emerged as the fourth most expensive city for expats. Being a center of wealth and luxury, plus limited land area, has led to a high cost of living. Expats in Geneva suffer from high rent prices, especially in the city center, and overall high prices for goods and services. However, the city's strategic location, multilingual environment, and access to world-class amenities make it an attractive destination for international professionals.
5. Basel, Switzerland:
Basel, Switzerland (Photo: Wikimedia Commons)
Another Swiss city, Basel, ranked in the top five most expensive destinations for expats last year. As a hub for the pharmaceutical and chemical industries, Basel attracts many foreign workers. A well-developed infrastructure, a high-quality healthcare system and a vibrant cultural scene not only enhance Basel's appeal but also contribute to its high prices, further pushing up the cost of living.
6. Bern, Switzerland:
Bern, Switzerland (Photo: Wikimedia Commons)
The Swiss capital, Bern, has risen to sixth place this year as the most expensive city for expats, pushing New York into seventh place. With developed infrastructure and high-quality public services, Bern is also home to a vibrant diplomatic community and a robust financial sector, which contributes to the city's high cost of living, with expats facing high housing costs.
7. New York City:
New York City, USA (Photo: Condé Nast Traveler)
New York City, the financial and cultural capital of the United States, ranks seventh on the list of the world's most expensive cities for expats. The city's iconic skyline, diverse neighborhoods, and global influence make it a highly attractive destination for international professionals. However, this popularity has led to a rise in the cost of living, with expats in particular spending a significant portion of their income on rent due to the high cost of transportation (especially taxis) and daily necessities.
8. London, United Kingdom:
London, UK (Photo: Wikimedia Commons)
The UK capital, London, has jumped significantly in the rankings this year, from 17th to 8th place, making it one of the most expensive cities for foreign workers. London's status as a global financial centre, its rich cultural heritage and diverse population make it a costly place to live, especially for expats in London who face rising housing costs.
9. Nassau, Bahamas:
Nassau, Bahamas (Photo credit: Wikimedia Commons)
Nassau, the capital of the Bahamas, makes it into the top 10 list as the 9th most expensive city for expats. Nassau's reputation as a popular tourist destination and international business hub has led to a rising cost of living. Expats in Nassau should prepare to pay high prices for housing, goods, and services.
10. Los Angeles, USA:
Los Angeles, USA (Photo: Wikimedia Commons)
Rounding out the top 10 is Los Angeles, the second-highest ranked US city. As a global center of entertainment, technology and finance, Los Angeles is an increasingly attractive destination for international workers. However, the city's high housing costs, combined with the cost of transportation, goods and services, make it one of the most expensive cities for foreigners to live in.
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First uploaded on: June 19, 2024 14:08 IST
