The international consulting company Mercer has published a new annual Cost of Living City Ranking. Learn more about the ranking of the most expensive cities in the world for expats in 2024

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Mercer has published its annual Cost of Living City Ranking, which identifies the most expensive cities for expats in 2024. The ranking includes 226 cities ranked from the most expensive to the cheapest to live in. 

The cities' positions were determined based on the average cost of utilities, housing, transportation, and food. Hong Kong, Singapore and Zurich topped the list of the most expensive cities for expats in 2024.

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The most expensive cities in the world in 2024

Of the ten most expensive cities in the world, half are located in Western Europe, including four in Switzerland. However, Southeast Asia is the leader in the ranking. The high cost of living in the cities at the top of the list, such as Hong Kong, Singapore, and Zurich, is due to expensive goods, services, transportation, and the housing market.

The following cities were recognized as the most expensive in the world:

1. Hong Kong, China

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

The last places in the Mercer ranking were taken by the Nigerian cities of Lagos and Abuja. Dubai has become the most expensive city in the Middle East, ranking 15th, up three positions since 2023. 

In South America, Montevideo became the most expensive city for international workers, ranking 42nd, while in North America, New York remained the leader. In the Pacific region, Sydney became the most expensive city, ranking 58th in the overall ranking.

How was the Mercer rating compiled?

Mercer is an international human resources consulting firm that provides human resources management and related financial services. 

To compile the rankings, Mercer assessed the comparative cost of more than 200 items and services in each city, including housing, transportation, food, clothing, household goods, and entertainment. The comparison was based on New York, and currency movements were measured against the US dollar.

In particular, Mercer analyzed the cost of a food basket and some services in the cities studied:

1. 12 eggs;

2. 1 liter of olive oil;

3. Espresso coffee in a popular cafe;

4. 1 liter of gasoline;

5. Blue men's jeans;

6. Women's shampoo, haircut and styling.

The company notes that cost-of-living issues and global inflation have had a significant impact on multinational organizations and their employees, including on compensation.

Some employees are finding it harder to meet their basic needs, making it harder for companies to attract and retain the best talent. Therefore, organizations should look for innovative solutions to address these challenges to ensure the well-being of their employees and increase efficiency.

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