As living costs rise, some cities feel the squeeze more than others, with sharp increases in rent, food prices, and utility costs. Inflation and geopolitical tensions have also made things more challenging, especially as many major markets are still recovering from the pandemic, which hit the tourism industry hard.
In its 2024 cost-of-living report, consulting firm Mercer has ranked the ten most expensive cities for foreign workers globally. This ranking considers factors like housing, transportation, food, and other essential expenses, highlighting the financial pressures faced by residents, VisaGuide.World reports.
Mercer’s ranking points out that when housing costs rise, employees often allocate a significant portion of their income to rent or mortgage payments, resulting in less income for other expenses.
Among the ten most expensive cities, most experienced moderate increases in housing costs compared to the previous years, ranging from three percent to eight percent. However, the only exception was Nassau, Bahamas, which reported no change in accommodation rental prices.
Cities With the Most Expensive Cost of Living in 2024
Half of the cities on the list are in Western Europe, with four in Switzerland. Southeast Asia also takes the lead, with Hong Kong and Singapore maintaining their positions at the top.
In contrast, Nigeria’s Lagos (ranked 225) and Abuja (226) are noted as the most affordable cities. The list also includes major global hubs like New York City (7th), London (8th), San Francisco (13th), and Dubai (15th).
Here is the full list of the top ten countries with the highest cost of living for foreign workers in 2024:
- Hong Kong
- Singapore
- Zurich
- Geneva
- Basel
- Bern
- New York City
- London
- Nassau
- Los Angeles
Hong Kong: A Lasting Favorite
Once again, Hong Kong tops the list as the most expensive city for expats. Its compact size makes affordable housing a rare find, and keeping a car is often impractical due to limited parking and high costs. However, despite these challenges, Hong Kong offers an exceptional quality of life, thanks to its efficient public transport, diverse culinary scene and stunning attractions such as Hong Kong Walk and Victoria Peak.
Singapore: The Garden City
Singapore follows closely behind, with rental prices among the highest globally. Living costs for a single person can soar to around $3,000 per month. Fortunately, the city-state’s healthcare and tax systems ensure a high standard of living. Many signs are in English, easing the transition for newcomers. Singapore is also home to Changi Airport, frequently lauded as one of the best in the world, along with vibrant landmarks like the Buddha Tooth Relic Temple and the Supertree Grove.
Zurich: Swiss Sophistication
Zurich, another Swiss heavyweight, has an average monthly cost of living of around $3,380, which makes it a pretty expensive place for foreign workers who claim a living in this city. While eating out can be pricey—expect to pay around $18.50 for a fast-food meal—the efficient public transportation and excellent healthcare make living there worth it. Residents can enjoy stunning locations such as Lake Zurich and the historic Grossmünster.
Geneva: The Diplomatic Hub
Geneva, just as expensive, sees the average cost of living around $3,266. Eating out is a splurge, with a meal for two costing upwards of $124. However, the city’s robust public transport system and eco-friendly policies make life here enjoyable. Geneva is also rich in history, being the birthplace of watchmaking and the home of the European headquarters of the United Nations.
Basel & Bern: Cultural Gems
Basel, with an average of $2,820 per month, offers a slightly cheaper option among Swiss cities, enriched by its vibrant culture and over 30 museums. Meanwhile, Bern, the capital, is the most affordable Swiss trio, with monthly costs of around $2,569, a charming old town, and extensive cycling paths.
New York City: American Giant
Moving on to the USA, New York City stands out as one of the most expensive places in the world. A modest one-bedroom apartment costs about $2,597 on average, excluding utilities. However, the city’s iconic attractions, from Broadway shows to Central Park, make it a vibrant hub of activity.
London: The UK’s Costly Capital
London is the most expensive city in the United Kingdom, with living costs exceeding $3,321 for a single person. Its excellent public transport and world-renowned cultural landmarks – such as Buckingham Palace and the British Museum – offset the financial burden for many residents.
Nassau: Caribbean Charm
Nassau is the only Caribbean city on the list, with an average cost of living of about $2,311. Despite the high costs, the lure of pristine beaches and lively activities make it a sought-after destination.
Los Angeles: City of the Sun
Finally, Los Angeles presents its challenges, with one-bedroom apartments averaging over $2,215. High taxes and traffic jams cannot be preferred, but the city rewards residents with its diverse cuisine, beautiful beaches and famous attractions such as Griffith Park and the Hollywood Walk of Fame.
As living costs continue to change, these rankings provide valuable insights for expats and global workers considering their next destination.