Regional finance hubs Hong Kong and Singapore have topped the list of the world’s most expensive cities for expatriates in 2024.
They maintain their lead over Swiss cities for the second consecutive year.
According to Mercer’s 2024 Cost of Living report, high rental costs in these rival cities pushed Zurich, Geneva, Basel, and Bern out of the top spots.
“Cost-of-living challenges have had a significant impact on multinational organizations and their employees”
New York fell one position to seventh place, while London climbed nine spots to secure eighth place.
Mercer’s report highlights that rising housing costs and volatile inflation trends pressure expatriate workers’ compensation packages.
Yvonne Traber, Mercer’s global mobility leader, said: “Cost-of-living challenges have had a significant impact on multinational organizations and their employees.
“High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs”
“To offset these challenges, employers can offer compensation packages that include housing allowances or subsidies or provide other support services.”
The list also features seven US cities in the top 20, including Los Angeles (10), Honolulu (12), and San Francisco (13).
Sydney is the most expensive city in the Pacific region, ranking 58, while Toronto is Canada’s priciest city at 92.
Mumbai leads in India at 136th place.
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Due to currency fluctuations, Nigeria’s Lagos (225th) and Abuja (226th) dropped to the bottom.
Mercer measured the comparative cost of more than 200 items and services, including housing, transport, food, clothing, and household goods, to compile its ranking of 226 cities.
Here are the top 30 most expensive cities for expats in 2024:
1. Hong Kong, China
2. Singapore
3. Zurich, Switzerland
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York, US
8. London, UK
9. Nassau, Bahamas
10. Los Angeles, US
11. Copenhagen, Denmark
12. Honolulu, US
13. San Francisco, US
14. Bangui, Central African Republic
15. Dubai, United Arab Emirates
16. Tel Aviv, Israel
17. Miami, US
18. Djibouti, Djibouti
19. Boston, US
20. Chicago, US
21. N’Djamena, Chad
22. Washington, D.C., US
23. Shanghai, China
24. Vienna, Austria
25. Beijing, China
26. Conakry, Guinea
27. Atlanta, US
28. Seattle, US
29. Paris, France
30. Amsterdam, Netherlands
