In 2024, Hong Kong once again secured its position as the world’s most expensive city for expats, according to Mercer. Following closely behind were Singapore and Zurich, making them Asia’s biggest financial hubs. Surprisingly, cities in Switzerland, such as Zurich, Geneva, Basel, and Bern, also claimed spots in the top rankings. Additionally, New York City managed to secure the 7th position, while London saw a significant climb from 17th to 8th place.
Factors Considered in the Ranking
Mercer’s Cost of Living City Ranking 2024 took into account the expenses associated with over 200 items in each of the 226 cities studied. These items included housing, transportation, food, clothing, household goods, and entertainment. The survey used New York City as the benchmark and measured currency fluctuations against the U.S. dollar to provide an accurate comparison.
Least Expensive Cities for Expats
On the flip side, cities in Nigeria, Pakistan, and Kyrgyzstan emerged as the least expensive for expats to live in. Lagos and Abuja in Nigeria saw a significant drop in rankings, falling 178 and 86 spots respectively to claim the 225th and 226th positions on the list.
Ultimately, the cost of living for expats varies significantly depending on the city they choose to reside in. Factors such as housing prices, transportation costs, and overall expenses play a crucial role in determining the overall affordability of a city for international workers. As the world continues to evolve, it is essential for expats to carefully consider the financial implications of living in different cities before making a decision.