Hong Kong has once again been named the most expensive city for expats to live in, according to Mercer’s Cost of Living City Ranking 2024. Following closely behind Hong Kong are Singapore and Zurich. These cities continue to maintain their positions as Asia’s biggest financial hubs, making them costly for international workers.
Cities in Switzerland, such as Zurich, Geneva, Basel, and Bern, secured four out of the top 10 spots on the list. This dominance highlights the high cost of living in Switzerland, known for its quality of life but also its expensive lifestyle. New York City also made it to the top 10, ranking at number 7.
The Cost of Living City Ranking 2024 compared the prices of over 200 items in each of the 226 cities studied. These items include housing, transportation, food, clothing, household goods, and entertainment. Using New York City as the benchmark, the survey also took into account currency fluctuations against the U.S. dollar.
On the other end of the spectrum, cities in Nigeria, Pakistan, and Kyrgyzstan were identified as the least expensive for expats to live in. Lagos and Abuja in Nigeria, in particular, saw significant drops in their rankings, falling to the bottom two spots on the list, at 225 and 226 respectively.
Overall, the Cost of Living City Ranking 2024 sheds light on the varying expenses that expats may face when living and working abroad. From the high costs of living in Asian financial hubs like Hong Kong to the more affordable options in African and Central Asian countries, the ranking provides valuable insights for international workers planning their next move. As the world continues to globalize, understanding the financial implications of living in different cities becomes increasingly crucial for expats seeking to make informed decisions about their lifestyles and careers.
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