In 2024, this metropolis claims the top spot as the priciest metropolis for foreign residents.
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Expensive cities for expats to live in worldwide? That's what we're addressing today. As per the 2024 Mercer Cost of Living Survey, Hong Kong reclaimed its title as the costliest city for foreign workers. Singapore trailed closely in second place. Swiss cities dominated the rest of the top 10, with Zurich, Geneva, Basel, and Bern snatching the third, fourth, fifth, and sixth spots.
The report took into account the comparative costs of 200+ items across 226 cities, such as transportation, food, clothing, household goods, and entertainment. New York managed to make it to seventh place, while London, previously in 17th, jumped to eighth. Nassau, The Bahamas, secured ninth place, and Los Angeles completed the top 10.
The report cited expensive housing markets and higher transportation, goods, and service costs as primary contributors to the skyrocketing living expenses in top-ranked cities. The cost of housing emerged as a key factor, with employees rent or mortgage expenses leaving fewer funds for other expenses.
The report also mentioned that global rental prices experienced considerable fluctuations, and factors like inflation and exchange-rate fluctuations significantly impacted the earnings and savings of international workers.
In Canada, Toronto topped the list of expensive cities for expats, followed by Vancouver.
Although the top cities remained relatively unchanged compared to the previous year, some cities witnessed significant jumps down the list. Mexico City jumped 46 places to 33rd, while Monterrey moved up 40 places to 115th.
The study highlighted that the living cost in the US was a pressing concern in 2024, with 7 US cities making it to the top 20. Soaring inflationary pressure might deter some foreign nationals from taking up positions in high-cost cities and metro areas in the US. Employers are advised to share cost of living and net pay info with potential employees to help them make informed decisions.
The cities with the lowest living costs were Islamabad, Pakistan, and Lagos and Abuja, Nigeria. However, this could be attributed to currency depreciations. Common items like a dozen large eggs, a liter of olive oil, and an espresso coffee from a popular cafe were some of the products used to determine the living cost in each city. Olive oil prices registered the most significant increase, on average.
The study concluded that cost-of-living challenges pose significant consequences for multinational organizations and their employees. Organizations should stay updated on cost-of-living trends and inflation rates and gather employee opinions to effectively manage the impact of these challenges.
2024 cost of living city ranking
- Hong Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York
- London, United Kingdom
- Nassau, The Bahamas
- Los Angeles
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In light of the 2024 Mercer Cost of Living Survey, some international employees may find travel expensive to cities like New York, which ranked seventh, or even to lower-ranked cities with high living costs, such as Toronto in Canada or Vancouver. To make informed decisions, employers should share cost of living and net pay information with potential employees.
After a long day of work in one of the expensive cities, some international workers might choose to unwind with a cup of espresso coffee from a popular cafe. This simple pleasure could cost more in top-ranked cities like Hong Kong, first on the list, or Singapore, second, compared to cities with lower living costs, such as Islamabad, Pakistan, or Lagos or Abuja, Nigeria.
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