Hong Kong, Singapore, Zurich: Top Spots Retained
According to Mercer’s Cost of Living City rankings for 2024, Hong Kong, Singapore, and Zurich maintain their status as the world’s most expensive cities for expatriates. These rankings have stayed consistent from the previous year. Conversely, cities like Islamabad, Lagos, and Abuja are noted as the least expensive for living costs globally.
Indian Cities in the Rankings
Mumbai leads the pack among Indian cities, securing the 136th position globally, marking an increase of 11 spots from last year. This places Mumbai as the costliest city in India for expatriates. Delhi follows at the 165th position, advancing by four points. Chennai slipped five places, Bengaluru six, securing ranks at 189 and 195, respectively. Hyderabad, Pune, and Kolkata are positioned at 202, 205, and 207, respectively.
Insights from Mercer’s Cost of Living Analysis
Mercer’s survey analyzed 226 cities worldwide, assessing over 200 items including housing, transport, food, clothing, and entertainment. New York City served as the base city for comparisons. Factors contributing to increased living costs globally include inflation, exchange rate fluctuations, economic instability, geopolitical tensions, and rising conflicts.
Factors Behind Hong Kong’s High Living Costs
In cities like Hong Kong, the high cost of living is attributed to expensive housing, steep transportation expenses, and the overall high prices of goods and services. Conversely, currency depreciation has contributed to lower living costs in Islamabad, Lagos, and Abuja.
Other Expensive Cities Worldwide
European cities prominently feature among the top 10 most expensive places to reside. London ranks 8th, followed by Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30). Dubai leads as the costliest city in the Middle East, securing the 15th position. In South America, Uruguay stands out as the most expensive place for international workers at the 42nd rank, while New York City tops North America’s list at the 7th rank.