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Hong Kong and Singapore will become the most expensive expat cities in 2024


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Hong Kong and Singapore will become the most expensive expat cities in 2024

What’s the story

Hong Kong and Singapore, two major regional financial centers, have been identified as the most expensive cities in the world for expats in 2024.

This ranking comes from Mercer’s 2024 cost of Living reportin which these Asian cities surpassed Swiss destinations such as Zurich, Geneva, Basel and Bern for the second year in a row.

High rental costs in both Hong Kong and Singapore were a key factor contributing to their top positions.

New York and London’s rankings shift in the 2024 report

New York dropped to seventh position on Mercer’s list, while London rose nine places from the previous year to secure eighth place.

The report attributes these shifts to rising housing costs and “volatile inflation trends” affecting expat workers’ compensation packages.

According to Yvonne Traber, global mobility leader at Mercer, cost of living challenges have had a major impact on multinational organizations and their employees.

High living costs affect expats’ lifestyles and expenses

Traber further explained that high costs of living could force expats to adjust their lifestyles, cut back on discretionary spending or even struggle to meet basic needs.

To alleviate these challenges, she suggested that employers could offer compensation packages that include housing benefits or subsidies, or provide other support services.

This advice comes in light of the significant impact that cost of living challenges have had on multinational organizations and their employees.

Other cities were in Mercer’s top 20

The report also highlighted other cities in the top 20 list.

Seven American cities made the cut, including Los Angeles at 10th, Honolulu at 12th and San Francisco at 13th.

In the Pacific region, Sydney was ranked 58th as the most expensive city.

Toronto and Mumbai were named the most expensive cities in Canada and India respectively, ranking 92nd and 136th on the list.

Nigerian cities are falling to the bottom

The report ended with Nigeria’s Lagos (225th) and Abuja (226th) having fallen to the bottom of the table due to currency fluctuations.

Mercer’s ranking of 226 cities was based on a comparative cost analysis of more than 200 items and services.

These include housing, transportation, food, clothing and household goods.

This comprehensive analysis provides a detailed insight into the cost of living for expats in various global destinations.