The global cost of living continues to rise, and large metropolises continue to lead the list of the most expensive cities to live in.
A recent report from financial services company Mercer, based on the analysis of 200 factors in 226 locations, reveals which are the most expensive cities for international workers in 2024.
The study considers aspects such as transportation, food, clothing and entertainment, highlighting housing prices and inflation as the main drivers of the increase in the cost of living.
The 10 most expensive cities in the world in 2024
1) Hong Kong
The Asian city maintains its position as the most expensive city in the world for the fifth consecutive year. Its extremely expensive real estate market, combined with high prices on goods and services, make living here a significant economic challenge. However, its vibrant economy and job opportunities continue to attract professionals from around the world.
2) Singapore
This Southeast Asian city-state comes in second place due to its high cost of living. Like Hong Kong, Singapore combines high housing prices with a highly competitive labor market. Its status as a global financial center and its excellent quality of life contribute to its position in the ranking.
3) Zurich
The most populated Swiss city is in third place. Known for its banking and finance sector, Zurich offers high salaries, but also comes with a high cost of living. Prices for housing, food and services are significantly higher than the European average.
4) Gin
Another Swiss city on the list; Geneva is home to numerous international organizations and multinational companies. This demand drives up housing and utility prices, contributing to its high cost of living.
5) Basel
The third Swiss city in the top 5 owes its position to its important pharmaceutical and chemical industry. High salaries in these sectors have raised the overall cost of living in the city, especially in housing and services.
6) Bern
The capital of Switzerland completes the quartet of Swiss cities on the list. Although less internationally known than Zurich or Geneva, Bern maintains a high cost of living due to its status as the country’s political and administrative center.
7) New York
The first American city on the list. New York is known for its high housing costs and fast-paced lifestyle. As a global center of finance, media and culture, the Big Apple attracts high-end professionals, keeping prices constantly rising.
8) London
The British capital remains one of the most expensive cities in the world. Despite Brexit, London maintains its status as a global financial center, with an extremely expensive property market and high prices for transport and entertainment.
9) Nassau
The capital of the Bahamas surprises on the list due to its high cost of living for expatriates. The high prices are mainly due to the need to import most goods and the focus on luxury tourism, which raises overall costs.
10) Los Angeles
Closing the top 10, the Californian city stands out for its high cost of housing and transportation. The entertainment and technology industries attract high-end professionals, keeping prices high throughout the region.
The Mercer report also highlights that international mobility is influenced not only by career opportunities, but also by economic considerations. For those looking to move to cities with better working conditions, these types of studies offer valuable data on the cost of living and help make informed decisions.
Importantly, despite high costs, these cities continue to attract global talent due to the abundant job opportunities and career growth potential they offer. Multinational companies use this data to adjust the salaries and benefits of their expatriate employees, ensuring fair compensation and avoiding significant financial losses when relocating.
In the United States, in addition to New York and Los Angeles, other cities such as Honolulu, San Francisco and Miami are also among the most expensive in the country. Miami, for example, has seen a significant increase in the cost of living since the Covid-19 pandemic, with a 13% increase in average rental prices and annual inflation of 4.90%.
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