Hong Kong will continue to lead the world as the most expensive city for expats to live in by 2024, according to consultancy Mercer.
Huang Junye | Electronic+ | Getty Images
Asia’s largest financial hub is once again the most expensive city to live in for international workers, Mercer said.
According to statistics, Hong Kong is rated as the most expensive city for expats to live in, followed by Singapore and Zurich. 2024 city cost of living rankings.
Swiss cities – Zurich, Geneva, Basel and Bern – hold four of the 10 seats. New York City ranks seventh.
The top five remains unchanged from last year, but London moves up nine places, from 17th to 8th.
Top 10 most expensive cities for expats:
- Hongkong
- Singapore
- Zurich Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York City, USA
- london, united kingdom
- Nassau, Bahamas
- Los Angeles, USA
The survey compared the costs of more than 200 items in 226 cities, including prices for housing, transportation, food, clothing, household goods and entertainment.
Currency fluctuations are measured in U.S. dollars, using New York City as the benchmark.
Cities in Nigeria, Pakistan and Kyrgyzstan are the least expensive cities for expats to live in, with Lagos and Abuja in Nigeria falling 178 and 86 places respectively to 225th and 226th.
Sky-high real estate market
Mercer reported that high inflation and rising economic and geopolitical tensions are driving up the price of home prices, utilities, local taxes and education.
Yvonne Traber, head of Mercer’s global mobility business, emphasized in a press release that “the high cost of living may cause expatriates to adjust their lifestyles, cut back on discretionary spending, and even struggle to meet basic needs.”
With the exception of Nassau, Bahamas, all other cities in the top 10 reported rising housing costs starting in 2023, with prices rising by 8% in Hong Kong and Singapore, by 7% in New York City, and by 6% in Zurich.
“This cost will fluctuate widely around the world between 2023 and 2024, with rental prices varying significantly between cities,” the report states.
Prices are also rising as the supply of housing fails to keep up with demand.
“Such costs are particularly challenging in areas with high population growth or limited land available for development. Other factors such as construction costs and land prices also affect housing affordability,” the report states, adding that this will leave employees Disposable income minus other expenses.
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