Hong Kong Is the Most Expensive City for Expats: Report

Those looking to move abroad might think twice if their dream locale is on this list.  

A new 2024 Cost of Living report by consulting firm Mercer has ranked the costliest cities around the world for expats. While some places are cheaper than others, Hong Kong came out on top as the most expensive place for expatriates to settle down. Asia’s World City topped the list in 2022 and 2023, followed by Singapore, which took second place this year. 

The report examined data across 226 cities and considered factors such as transportation, food, clothing, household goods, and entertainment for each location. According to the survey, inflation, exchange-rate fluctuations, expensive housing markets, and heightened economic volatility have all contributed to higher costs of living.  

Zurich joined Hong Kong and Singapore at the front of the ranking, joined by three other Swiss cities—Geneva, Basel, and Bern. New York was the highest-ranked U.S. city on the list, landing in seventh place, followed by London. The British capital bumped up to the eighth spot after coming in 17th last year. Rounding out the top 10 were Nassau, Bahamas, and Los Angeles, respectively.  

Interestingly, there were only seven U.S. cities that fell into the top 20, including Honolulu and San Francisco. “As U.S.-based companies continue to source talent globally, inflationary pressures may give some inbound foreign nationals pause to accept a position in some of the high-cost cities and metro areas in the U.S.,” Vince Cordova, partner and mobility advisory leader at Mercer US, explained to CNN Travel.  

At the same time, Toronto was named the most expensive city in Canada, while Sydney was the Pacific region’s costliest place for expats. Dubai, which landed in 15th place, jumped up three spots this year as the priciest city in the Middle East. The biggest differences compared to Mercer’s 2023 ranking were in Mexico. Mexico City climbed 46 spots to its current position at 33, while Monterrey went up 40 places to 115.  

Conversely, the survey found that cities with the lowest costs of living were Pakistan’s Islamabad and Nigeria’s Lagos and Abuja due to “currency depreciations.”

You can find the top 30 global rankings below: