Hong Kong is taken into account the costliest city for expats in 2024.
Are you occupied with living abroad or taking a job out of the country? There are many aspects that go into a global move – considerations similar to which countries are the safest on this planet and the way a rustic’s tourism economy compares to the remaining of the world. The cost of living can be a heavily weighted consideration for most individuals. But which countries are the costliest for expats? Mercer, a number one human resources and financial services consulting firm, released its Cost of Living Survey 2024which shows that Hong Kong stays the costliest city on this planet for international employees.
“The comprehensive ranking serves as a valuable compass and provides guidance through the complex landscape of cost of living in cities around the world,” said Mercer. This 12 months’s methodology evaluated 226 cities and compared costs for greater than 200 items in each location, including housing, transportation, food, clothing, household goods and entertainment.
Singapore, Marina Bay, Garden By the Bay, Botanical Garden, Supertree Grove and Cloud Forest
According to Mercer, half of the ten most costly cities for expats are in Western Europe, 4 of them in Switzerland. However, the list of the costliest places to live for international employees is topped by Southeast Asian cities, with Singapore following Hong Kong.
Factors affecting internationally mobile employees or those deployed abroad include inflation and exchange rate fluctuations. Increased geopolitical volatility, in addition to local conflicts and emergencies, also result in additional expenses within the housing, utilities and tax categories.
Aerial view of Zurich city centre with the famous Fraumünster church and the river Limmat on Lake Zurich … [+]
In general, the higher-ranked cities similar to Hong Kong, Singapore and Switzerland have expensive housing markets, high transportation costs and better prices for goods and services, which together drive up the associated fee of living.
Seven U.S. cities are among the many 20 most costly cities for expats this 12 months, with New York City and Los Angeles in the highest 10. The biggest year-on-year changes in North America, nevertheless, were in Mexico: The country’s capital, Mexico City, jumped 46 places to thirty third place, and Monterrey in northeastern Mexico climbed 40 places to one hundred and fifteenth place.
The Mexican flag flies over the Zocalo, the important square in Mexico City. Mexico City has one in every of the … [+]
Dubai, a preferred spot for expats, has moved up the rankings barely to grow to be the costliest city within the Middle East, rising from 18th on the list of the world’s most costly cities in 2023 to fifteenth on this 12 months’s list.
Dubai is the costliest city within the Middle East for expats, in response to Mercer’s 2024 ‘Cost of … [+]
High inflation has led to the sharpest increases in the associated fee of living in Istanbul (ranked a hundred and thirtieth) and African cities similar to Accra (ranked 98th), Addis Ababa (ranked 138th) and Cairo (168th).
These are the costliest cities for expats in 2024:
No. 1: Hong Kong, China
2nd place: Singapore
No. 3: Zurich, Switzerland
No. 4: Geneva, Switzerland
No. 5: Basel, Switzerland
No. 6: Bern, Switzerland
No. 7: New York City, New York, USA
No. 8: London, United Kingdom
No. 9: Nassau, Bahamas
No. 10: Los Angeles, California, USA
No. 11: Copenhagen, Denmark
No. 12: Honolulu, Hawaii, USA
No. 13: San Francisco, California, USA
No. 14: Bangui, Central African Republic
fifteenth place: Dubai, United Arab Emirates
No. 16: Tel Aviv, Israel
No. 17: Miami, Florida, USA
No. 18: Djibouti
No. 19: Boston, Massachusetts, USA
No. 20: Chicago, Illinois, USA
