Hong Kong retained its pole place because the world’s most costly metropolis for expats in 2024, in line with Mercer.
Chunyip Wong | E+ | Getty Pictures
Asia’s greatest monetary hubs have as soon as once more clinched the highest spots for being the most costly cities for worldwide employees to stay in, in line with Mercer.
Hong Kong was ranked as the costliest metropolis for expats to stay in, adopted by Singapore and Zurich, in line with the Price of Dwelling Metropolis Rating 2024.
Cities in Switzerland — Zurich, Geneva, Basel and Bern — snagged 4 out of 10 spots. New York Metropolis ranked No. 7.
The highest 5 spots had no change from the 12 months earlier than, however London climbed 9 positions from No. 17 to eight.
High 10 most costly cities for expats:
- Hong Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York Metropolis, United States
- London, United Kingdom
- Nassau, Bahamas
- Los Angeles, United States
The survey in contrast the prices of greater than 200 gadgets in every of the 226 cities studied — together with the value of housing, transportation, meals, clothes, family items and leisure.
New York Metropolis was used because the benchmark and forex fluctuations have been measured towards the U.S. greenback.
Cities in Nigeria, Pakistan and Kyrgyzstan have been the least costly cities for expats to stay in, with Lagos and Abuja in Nigeria falling 178 and 86 spots respectively to No. 225 and 226.
Sky-high housing markets
Excessive inflation and rising financial and geopolitical tensions have pushed up housing costs, utilities, native taxes and training, the Mercer report stated.
“Excessive residing prices could trigger assignees to regulate their life-style, in the reduction of on discretionary spending and even battle to satisfy their fundamental wants,” Yvonne Traber, Mercer’s international mobility chief, highlighted within the press launch.
Aside from Nassau, Bahamas, all different cities within the prime 10 reported an increase in housing prices from 2023, with an 8% worth bounce in Hong Kong and Singapore, 7% in New York Metropolis and 6% in Zurich.
“Between 2023 and 2024, there was quite a lot of volatility on this price all over the world, with housing rental costs various considerably between cities,” the report stated.
Costs have additionally risen as housing provide didn’t sustain with demand.
“Such prices might be notably difficult in areas with excessive inhabitants development or with restricted land obtainable for improvement. Different elements, similar to building prices and land costs, can even have an effect on housing affordability,” the report famous, including that this would depart staff with much less disposable revenue for different bills.
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