Planning a move abroad? This guide explores the most and least expensive cities for expats in 2024, based on Mercer’s Cost of Living City Ranking. From bustling Hong Kong to charming Havana, find your dream destination that fits your budget.
Navigating the complexities of the cost of living can be a daunting task, especially for those relocating or managing global mobility operations. Mercer’s 2024 Cost of Living Survey offers valuable insights into the most and least expensive cities worldwide.
In this article, we explore the top 10 priciest and most affordable cities, shedding light on the factors driving these costs.
The 10 Most Expensive Cities in the World
1. Hong Kong
Known for its sky-high property prices and expensive consumer goods, Hong Kong tops the list. High costs in transportation and dining also contribute significantly to the city’s steep living expenses.
2. Singapore
The island nation ranks second due to its costly housing market and premium prices for goods and services. Limited space and high demand drive up real estate prices, making Singapore a pricy destination.
3. Zurich, Switzerland
Zurich’s reputation as a leading financial centre contributes to its high living costs. Luxury housing, premium healthcare, and pricey goods and services define this affluent Swiss city. The city’s robust financial sector contributes to its high ranking.
4. Geneva, Switzerland
As a centre for international diplomacy, Geneva boasts a high standard of living with costly housing, luxurious amenities, and expensive dining options, reflecting its cosmopolitan status.
5. Basel, Switzerland
Basel, with its thriving pharmaceutical industry, faces high costs due to its strong economy, expensive housing, and a high price index for consumer goods and services.
6. Bern, Switzerland
The Swiss capital combines political importance with high living costs. Expensive housing, high taxes, and premium services contribute to Bern’s position among the costliest cities.
7. New York City, USA
NYC’s vibrant lifestyle comes with steep costs. Sky-high real estate prices, expensive dining, and entertainment make it the priciest city in North America.
8. London, UK
London’s economic and cultural significance drives its high cost of living. London’s real estate market is one of the most expensive in the world. Coupled with high costs in dining and transportation, it maintains a top spot in the rankings.
9. Nassau, Bahamas
Nassau, a luxury destination in the Caribbean, has high living costs driven by upscale real estate, imported goods, and premium services catering to tourists and expatriates.
10. Los Angeles, USA
LA’s appeal as a cultural and entertainment capital comes at a price. High housing costs, expensive lifestyle options, and significant transportation expenses contribute to its place among the top ten.
The 10 Least Expensive Cities in the World
1. Havana, Cuba
Cuba’s capital, Havana, offers low living costs due to subsidized housing and government-controlled pricing, making it one of the most affordable cities globally.
2. Windhoek, Namibia
Windhoek’s affordability stems from low real estate prices and inexpensive basic goods and services, providing a budget-friendly environment in Southern Africa.
3. Durban, South Africa
Known for its beautiful beaches, Durban maintains low living costs thanks to affordable housing and reasonable prices for goods and services, attracting budget-conscious residents.
4. Dushanbe, Tajikistan
Dushanbe, the capital of Tajikistan, remains one of the cheapest cities due to low costs for housing, utilities, and local goods, despite being a cultural and economic centre.
5. Blantyre, Malawi
Blantyre offers a low-cost living environment with affordable housing, basic goods, and services, reflecting its position as an economic hub in Malawi with minimal living expenses.
6. Karachi, Pakistan
Karachi, Pakistan’s economic powerhouse, is marked by its low cost of living, with affordable housing and essential goods contributing to its rank among the least expensive cities.
7. Bishkek, Kyrgyzstan
The Kyrgyz capital, Bishkek, is one of the most affordable cities globally, with low costs for housing, food, and transportation, making it budget-friendly for residents.
8. Islamabad, Pakistan
Islamabad offers low living costs due to affordable housing and everyday essentials, benefiting from currency devaluations and lower local costs compared to global standards.
9. Lagos, Nigeria
Despite being a bustling economic center, Lagos’s living costs are kept low by currency depreciation and affordable housing, making it one of the most economical cities in Nigeria.
10. Abuja, Nigeria
Abuja, Nigeria’s capital, provides a low-cost living environment influenced by inexpensive housing and local goods, driven by economic factors including currency fluctuations.