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PremiumHong Kong, Singapore and Zurich are the costliest cities for expats in 2024, according to Mercer’s Cost of Living City rankings.
These three cities have maintained their position since last year. The cities ranked lowest in terms of living costs are Islamabad, Lagos and Abuja.
Mumbai ranks the highest in India, at 136th place, up 11 spots from last year. This makes it the costliest city in India for expats. The national capital, Delhi, closely follows, moving up four points to 165.
Chennai slipped five points, and Bengaluru slipped six points to 189 and 195, respectively. Hyderabad maintained its position since last year at 202; Pune (205) moved up eight spots, and Kolkata four points (207) in the list of the world's most expensive cities for expats.
Mercer’s Cost of Living City Ranking 2024 list analysed 226 cities worldwide to provide information on global mobility. It assessed the costs of over 200 items, including housing, transport, food, clothing, and entertainment. New York City was chosen as the base city, and the currency was measured in dollars to maintain consistency.
Multiple factors have contributed to the increase in the cost of living. Inflation and exchange rate variations have directly impacted the salaries and savings of internationally mobile employees. Large-scale economic and geopolitical volatility and increasing conflicts have added additional expenses in housing, taxes, education, and utilities.
In cities such as Hong Kong, Singapore, and Zurich, expensive housing, high transportation costs, and expensive goods and services contribute to the high living costs here.
For cities such as Islamabad, Lagos and Abuja, currency depreciation has lowered the cost of living.
In terms of regions, European cities largely feature in the top 10 most expensive cities to live in. London ranks 8th. Other expensive cities are Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30).
Dubai is the costliest city in the Middle East for international employees at 15th rank. In South America, Uruguay is the most expensive place for international workers at 42nd rank. In North America, New York City tops the list at 7th rank.
Bangui is the most expensive city in Africa, ranked 14th. Sydney tops the list in the Pacific region.
High living costs have impacted people in multiple ways. According to the report, people have had to adjust their lifestyles and cut down on discretionary spending, and some even struggled to meet their basic needs.
Businesses are finding it difficult to retain top talent due to high salaries and benefits and limited mobility options.
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