Switching cities for better life prospects isn’t a cakewalk. Especially if you’re planning to settle in places like Hong Kong or Singapore – which continue to remain the most expensive cities for overseas workers in 2024.
After being named the world’s most ‘impossibly unaffordable’ city of 2024, Hong Kong also topped Mercer’s annual cost of living survey to become the most expensive city in the world for international employees. That too, for the third time in a row. Following Hong Kong in the top five list were Singapore as well as Swiss cities Zurich, Geneva, and Basel. Further, US cities like New York and Los Angeles completed the top 10 rankings. Keep reading to know all about the most expensive cities for expats in 2024.
Hong Kong tops the list of most expensive cities for expats in 2024
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The Mercer report examined 226 cities, comparing the cost of more than 200 items including housing, transportation, food, clothing, household goods and entertainment. According to the report, expensive housing markets, inflationary pressures, as well as exchange-rate fluctuations are some of the factors impacting the pay and savings of international workers. They’re eroding the purchasing power of international assignees, therefore straining their compensation packages.
“High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs,” mentioned Yvonne Traber, Mercer’s Global Mobility Leader. Traber further mentioned the ways employers can offset these challenges. He said that companies can offer “compensation packages that include housing allowances, subsidies as well as provide other support services”. Moreover, they can also explore alternative talent-sourcing strategies.
Most expensive cities for expats in 2024: Top 10 list
- Hong Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York
- London, United Kingdom
- Nassau, The Bahamas
- Los Angeles
It was only last week that Hong Kong was named the most unaffordable property market in the world. Sydney clinched the second spot. Meanwhile, Vancouver stood third.
Hong Kong was also the only Asian city in the top 10 list, with Singapore closing at the 11th spot. Again, the worsening housing affordability situation was reported to be the main reason behind the cost-of-living crisis affecting the middle as well as working classes.
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(Hero and feature image credit: discoverhongkong/ Instagram)
This article first appeared on Lifestyle Asia Hong Kong
