The world’s most expensive cities for expats – According to Mercer, Hong Kong retained its pole position as the most expensive city in the world for expats in 2024.
Chunyip Wong | E+ | Getty Images
According to Mercer, Asia’s largest financial centers have once again taken the top spot as the most expensive cities for international workers to live in.
Hong Kong was ranked as the most expensive city for expats to live in, followed by Singapore and Zurich Cost of Living City Ranking 2024.
Cities in Switzerland – Zurich, Geneva, Basel and Bern – achieved four out of ten places. New York City is at number 7.
The top five spots did not change from the year before, but London climbed nine positions from number 17 to 8.
Top 10 most expensive cities for expats:
- Hong-Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York City, United States
- London, United Kingdom
- Nassau, Bahamas
- Los Angeles, United States
The study compared the costs of more than 200 items in each of the 226 cities surveyed – including the price of housing, transportation, food, clothing, household goods and entertainment.
New York City was used as a benchmark and currency movements were measured against the US dollar.
Cities in Nigeria, Pakistan and Kyrgyzstan were the least expensive for expats to live in, with Lagos and Abuja in Nigeria falling 178 and 86 places to numbers 225 and 226 respectively.
Sky-high housing markets
High inflation and rising economic and geopolitical tensions have pushed up housing prices, utilities, local taxes and education, the Mercer report said.
“High costs of living can cause assigned employees to adjust their lifestyles, cut back on discretionary spending or even struggle to meet their basic needs,” Yvonne Traber, Mercer’s global mobility leader, pointed out in the press release.
With the exception of Nassau, Bahamas, all other cities in the top 10 reported an increase in housing costs from 2023, with price increases of 8% in Hong Kong and Singapore, 7% in New York City and 6% in Zurich.
“Between 2023 and 2024, there was a lot of volatility in these costs around the world, with residential rental prices varying significantly between cities,” the report said.
Prices have also risen as housing supply has not kept up with demand.
“Such costs can be especially challenging in areas with high population growth or where little land is available for development. Other factors, such as construction costs and land prices, could also affect housing affordability,” the report said, adding that this would leave workers struggling. less disposable income for other expenses.
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