In 2024, Hong Kong maintained its title as the most expensive city for expats to live in. The survey conducted by Mercer revealed that Asia’s major financial centers, including Singapore and Zurich, also made it to the top of the list. Notably, cities in Switzerland – Zurich, Geneva, Basel, and Bern – claimed four out of the top 10 positions. New York City secured the 7th spot, while London saw a significant jump from 17 to 8 in the rankings.
The Cost of Living City Ranking 2024 took into account the prices of over 200 items in each of the 226 cities studied. These items included housing, transportation, food, clothing, household goods, and entertainment. To standardize the comparison, New York City was used as the benchmark, and fluctuations in currency were measured against the U.S. dollar.
On the opposite end of the spectrum, cities in Nigeria, Pakistan, and Kyrgyzstan were ranked as the least expensive for expats to live in. Lagos and Abuja in Nigeria, in particular, dropped significantly in the rankings, landing at the 225th and 226th spots, respectively.
When analyzing the rankings, it becomes evident that the cost of living can vary significantly from one city to another. Factors such as currency strength, market demand, and government policies all play a role in determining the expenses that expats incur in different parts of the world.
Overall, the Mercer survey serves as a useful tool for multinational corporations, government agencies, and individuals seeking to understand the financial implications of living in various cities. By highlighting the stark differences in cost of living across the globe, the survey underscores the importance of careful financial planning for expatriates and international workers.