In 2024, Hong Kong retained its title as the most expensive city for expats to live in, according to the Mercer Cost of Living City Ranking. This comes as no surprise, as Asia’s major financial hubs, such as Singapore and Zurich, also clinched top spots on the list. Cities in Switzerland dominated the rankings, with Zurich, Geneva, Basel, and Bern taking four out of the top 10 spots. Interestingly, New York City was the only American city to make it to the top 10, ranked at No. 7.
The survey conducted by Mercer compared the costs of over 200 items in 226 cities worldwide. These items included housing, transportation, food, clothing, household goods, and entertainment. The prices were measured against the U.S. dollar, with New York City serving as the benchmark. It was evident from the findings that living expenses in these major financial centers were significantly higher compared to other cities globally.
While cities like Hong Kong and Singapore topped the list as the most expensive for expats, cities in Nigeria, Pakistan, and Kyrgyzstan were identified as the least expensive. For instance, Lagos and Abuja in Nigeria fell 178 and 86 spots, respectively, making them the most affordable cities for international workers. This highlights the drastic differences in cost of living across the globe and the challenges faced by expats seeking to relocate to new countries.
The Cost of Living City Ranking for 2024 offers valuable insights for expats planning to move abroad for work. It underscores the importance of conducting thorough research on living expenses and budgeting accordingly. Expats must consider various factors such as housing affordability, transportation costs, and general cost of goods and services in their chosen destination. Additionally, currency fluctuations play a significant role in determining the overall cost of living for expats, as evidenced by the comparison against the U.S. dollar.
The Mercer Cost of Living City Ranking for 2024 sheds light on the disparity in living costs across different cities worldwide. While financial hubs like Hong Kong and Singapore remain the most expensive for expats, there are also more affordable options in countries like Nigeria and Pakistan. Expats are advised to be diligent in their research and financial planning to ensure a smooth transition when moving to a new city for work.