S’pore ranks as 2nd most expensive city for expats for 2nd year in a row

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.

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:

1. Hong Kong
2. Singapore
3. Zurich, Switzerland
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York, USA
8. London, UK
9. Nassau, Bahamas
10. Los Angeles, USA
11. Copenhagen, Denmark
12. Honolulu, USA
13. San Francisco, USA
14. Bangui, Africa
15. Dubai, UAE
16. Tel Aviv, Israel
17. Miami, USA
18. Djibouti
19. Boston, USA
20. Chicago, USA

Notably, Hong Kong and Singapore are the sole Asian cities to make it into the Top 20.

Also read: S’pore ranks as 34th happiest city in the world, only SEA city to clinch gold in index

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Featured image adapted from rabbit75_cav on Canva.