Are you thinking about moving abroad or taking a job assignment in another country? When planning an international move, it’s important to consider factors like safety, the local economy, and especially the cost of living. According to Mercer’s 2024 cost of living survey, Hong Kong is the priciest city for expats.
Mercer, a top consulting firm in HR and financial services, assessed 226 cities worldwide. They compared the costs of over 200 items in each city, including housing, transportation, food, clothing, household goods, and entertainment.
Key Findings:
1. Hong Kong, China – The most expensive city for international employees.
2. Singapore – Right behind Hong Kong.
3. Zurich, Switzerland – One of four Swiss cities in the top 10.
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York City, United States
8. London, United Kingdom
9. Nassau, Bahamas
10. Los Angeles, United States
What Drives These Costs?
- Inflation and Exchange Rates: These economic factors greatly impact living expenses for expats.
- Geopolitical Issues: Political instability and local conflicts can increase costs for housing, utilities, and taxes.
Notable Changes:
- United States: Seven cities, including New York City and Los Angeles, are in the top 20.
- Mexico: Mexico City jumped to No. 33 and Monterrey to No. 115.
- Dubai: Now the most expensive city in the Middle East, moving up to No. 15.
The Complete List of the 20 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 City, New York, United States
8. London, United Kingdom
9. Nassau, Bahamas
10. Los Angeles, California, United States
11. Copenhagen, Denmark
12. Honolulu, Hawaii, United States
13. San Francisco, California, United States
14. Bangui, Central African Republic
15. Dubai, United Arab Emirates
16. Tel Aviv, Israel
17. Miami, Florida, United States
18. Djibouti
19. Boston, Massachusetts, United States
20. Chicago, Illinois, United States
High inflation has particularly driven up living costs in Istanbul and several African cities like Accra, Addis Ababa, and Cairo.
Mercer’s survey provides valuable insights into the costs of living in various cities, helping expats make informed decisions about their international relocations.