In the latest update of Mercer’s Cost of Living City rankings for 2024, unveiling the financial landscape for people living in these cities- Hong Kong, Singapore, and Zurich have yet again emerged as the most expensive destinations for expats worldwide.
On the flip side, Islamabad, Lagos, and Abuja are marked as the most affordable cities in terms of living costs.
Mumbai claims the top spot in India, rising 11 places to 136th position, establishing itself as the priciest city in the country for expats. Delhi closely follows suit, climbing four places to secure 165th position.
The comprehensive Mercer’s Cost of Living City Ranking 2024 analysed 226 cities globally, covering over 200 expense items such as housing, transportation, food, clothing, and entertainment. The assessment utilised New York City as the reference point and standardised currency in dollars for consistency.
The escalating cost of living is attributed to various factors, including inflation and fluctuating exchange rates impacting salaries and savings for expatriates. Economic and geopolitical uncertainties, alongside rising conflicts, have contributed to additional expenses in housing, taxes, education, and utilities.
Cities like Hong Kong, Singapore, and Zurich witness high living costs due to pricey accommodation, transportation, and goods and services.
Most expensive cities of the world
1. Hong Kong 2. Singapore 3. Zurich 4. Geneva 5. Basel 6. Bern 7. New York 8. London 9. Nassau 10. Los Angeles
Conversely, currency devaluation has alleviated living expenses in cities like Islamabad, Lagos, and Abuja.
Least expensive cities of the world
1. Havana, Cuba (217) 2. Windhoek, Namibia (218) 3. Durban, SA (219) 4. Dushanbe, Tajikistan (220) 5. Blantyre, Malawi (221) 6. Karachi, Pak (222) 7. Bishkek, Kyrgyzstan (223) 8. Islamabad, Pakistan (224) 9. Lagos, Nigeria (225) 10. Abuja, Nigeria (226)
Dubai stands out as the costliest Middle Eastern city for expats at 15th place, while Uruguay leads in South America at 42nd. New York City is the most expensive North American city, securing the seventh spot.
The surge in living costs has forced individuals to adapt by cutting down on discretionary spending and adjusting their lifestyles to make ends meet. Businesses are struggling to retain top talent due to high salary expenses, limited mobility choices, and stringent benefit provisions.