The major financial centers of the region, Hong Kong and Singapore, have topped the chart in the recent global list of the world’s most expensive cities for expatriates, maintaining their positions ahead of Swiss cities for the second consecutive year.
According to Mercer’s 2024 Cost of Living report, Expensive rents helped the competing cities surpass Zurich, Geneva, Basel, and Bern to secure the top position in the chart.
New York dropped one position to secure seventh place while London climbed upto eighth place, rising nine spots since last year’s ranking.
Mercer’s report highlighted that increasing housing expenses and unpredictable inflation patterns were putting pressure on the compensation packages of expat workers.
Mercer’s global mobility leader, Yvonne Traber said in a press release, “Cost-of-living challenges have had a significant impact on multinational organizations and their employees.High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs,” Traber said. “To offset these challenges, employers can offer compensation packages that include housing allowances or subsidies or provide other support services.”
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Mercer conducted a comparative analysis of more than 200 items and services – including housing, transport, food, clothing and household goods – to come up with its ranking of 226 cities.
These are Mercer’s top 10 most expensive cities for expats:
- Hong Kong
- Singapore
- Zurich
- Geneva
- Basel
- Bern
- New York
- London
- Nassau
- Los Angeles – Bloomberg
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