Singapore retains position as second most expensive city for expats, Hong Kong in first place
Singapore has solidified its status as the world’s second most expensive city for expatriates for the second consecutive year, according to the latest Mercer 2024 Cost of Living City Ranking.
Source: Mike Enerio on Unsplash
Topping the list is Hong Kong, with Zurich, Switzerland trailing closely behind the Lion City in third place.
This ranking underscores a persistent trend where these two Asian financial hubs outpace traditionally high-priced Swiss cities.
Global survey assessed costs of more than 200 items over 226 cities
Mercer’s comprehensive assessment encompassed more than 200 items across 226 cities, evaluating expenses ranging from housing and transportation to food, clothing, and household essentials.
Notably, the top three cities have all maintained their positions from last year.
The report is essential for global businesses managing workforce mobility, emphasising Asian cities’ continued dominance in expatriate living costs.
Despite high expenses, Singapore and Hong Kong remain attractive to international professionals due to strong economic opportunities and a dynamic business environment.
Changes in global rankings are significant, with New York dropping to seventh place and London rising nine spots to eighth.
These shifts reflect ongoing economic changes affected by inflation, currency fluctuations, and geopolitical factors.
Singapore & Hong Kong the only Asian cities in the top 20
The study indicated that factors such as an expensive housing market, high transportation costs, and higher costs of goods and services contributed to the ranking of its top costliest cities.
Additionally, the survey noted key factors influencing living costs in major cities, including inflation, exchange rate fluctuations, and global economic and geopolitical volatility.
Here’s a glance at the top 20 from Mercer’s list of most expensive cities for expatriates:
- Hong Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York, USA
- London, UK
- Nassau, Bahamas
- Los Angeles, USA
- Copenhagen, Denmark
- Honolulu, USA
- San Francisco, USA
- Bangui, Africa
- Dubai, UAE
- Tel Aviv, Israel
- Miami, USA
- Djibouti
- Boston, USA
- Chicago, USA
Notably, Hong Kong and Singapore are the sole Asian cities to make it into the Top 20.
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S’pore ranks as 34th happiest city in the world, only SEA city to clinch gold in index
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