The most expensive cities in the world for expats in 2024 Mercer, a Marsh McLennan (NYSE: MMC) company and a global leader in redefining the world of work, reshaping retirement and investing, and improving health and well-being, today released its ranking of cities with the highest cost of living in 2024. This ranking provides information for multinational employers to plan compensation strategies for their international employees.
High rental costs have allowed rival cities to overtake Zurich, Geneva, Basel and Bern at the top of the rankings, according to Mercer’s 2024 cost of living report.
Regional financial hubs Hong Kong and Singapore have topped a new global list of the most expensive cities for expats, preventing Swiss destinations from reaching the top spots for the second year in a row.
High rental costs have helped these rival cities edge out Zurich, Geneva, Basel and Bern at the top of the rankings, according to Mercer’s 2024 Cost of Living Report.
New York fell one spot to seventh. London took eighth place, moving up nine places from last year’s ranking.
Mercer’s report says rising housing costs and “volatile inflationary trends” are putting pressure on expatriate workers’ compensation packages.
“Cost of living challenges have had a significant impact on multinational organizations and their employees,” said Yvonne Traber, global head of mobility at Mercer, in a press release.
“High living costs can cause expats to adjust their lifestyle, reduce discretionary spending, or even struggle to meet basic needs,” Traber added. “To offset these challenges, employers can offer compensation packages that include housing allowances or subsidies, or provide other support services. »
Elsewhere in the ranking:
Seven U.S. cities made the top 20, including Los Angeles (10th place), Honolulu (12th) and San Francisco (13th).
Sydney is the most expensive city in the Pacific region (58th).
Toronto is the most expensive city in Canada (92nd).
Mumbai is the most expensive destination in India (136th).
The Nigerian cities of Lagos (225th) and Abuja (226th) fell to the bottom of the rankings due to currency fluctuations.
Mercer measured the comparative cost of more than 200 items and services — including housing, transportation, food, clothing and household goods — to compile its rankings of 226 cities.
The 30 most expensive cities for expats: Hong Kong, Chine Singapore Zurich, Suisse Geneva, Switzerland Basel, Switzerland Bern, Switzerland New York, United States London, United Kingdom Nassau, Bahamas Los Angeles, United States Copenhague, Danemark Honolulu, United States San Francisco, United States Bangui, Central African Republic Dubai, United Arab Emirates Tel Aviv, Israel Miami, United States Djibouti, Djibouti Boston, United States Chicago, United States N’Djamena, Chad Washington, DC, United States Shanghai, Chine Vienna, Austria Beijing, China Conakry, Guinea Atlanta, United States Seattle, United States Paris, France Amsterdam, Pays-Bas Hong Kong remains most expensive city in the world for international employees, according to Mercer’s 2024 Cost of Living Ranking
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