📷 Image Credits: Mint
Hong Kong, Singapore, and Zurich have retained their positions as the costliest cities for expats in 2024, according to Mercer’s Cost of Living City rankings. These cities have maintained their status from the previous year. In contrast, the cities with the lowest living costs include Islamabad, Lagos, and Abuja. Mumbai has secured the top spot in India, ranking at 136, a notable 11-spot increase from the previous year, making it the most expensive city in India for expats. Following closely behind is the national capital, Delhi, which has moved up by 4 points to secure the 165th spot. On the other hand, Chennai has declined by 5 spots, Bengaluru by 6 spots, Hyderabad has maintained its position at 202, Pune has climbed 8 spots to rank 205, while Kolkata has moved up by 4 points to secure the 207th position.
The Mercer’s Cost of Living City Ranking 2024 list meticulously analyzed 226 cities globally to provide comprehensive insights into the global mobility scenario. It examined over 200 items including housing, transport, food, clothing, and entertainment. The analysis was based on New York City as the reference location, with currency measured in dollars to ensure consistency in the comparison. Various factors have contributed to the rise in the cost of living, with inflation and exchange rate fluctuations directly impacting the salaries and savings of expats. Additionally, large-scale economic and geopolitical uncertainties, coupled with increasing conflicts, have led to additional expenses related to housing, taxes, education, and utilities.
Expensive housing, high transportation costs, and pricey goods and services are major contributors to the steep living costs in cities like Hong Kong, Singapore, and Zurich. Conversely, currency depreciation has resulted in lower living costs for cities like Islamabad, Lagos, and Abuja. When it comes to the regional breakdown of the costliest cities, European cities dominate the top 10 list. London secures the 8th position, with other expensive cities like Copenhagen, Vienna, Paris, and Amsterdam also featuring in the list. Dubai emerges as the most expensive city in the Middle East for international employees, ranking 15th overall. Uruguay leads in South America as the most expensive destination for international workers at 42nd place, while New York City tops the list in North America at 7th rank. Bangui, the capital of the Central African Republic, is positioned as the costliest city in Africa, ranking 14th globally. Lastly, Sydney clinches the top spot in the Pacific region, showcasing the high living costs faced by its residents.
The escalating living costs have impacted individuals in multiple ways, prompting lifestyle adjustments, cuts in discretionary spending, and even challenges in meeting basic needs. Furthermore, businesses are encountering difficulties in retaining top talent due to the high salary and benefits demands, coupled with limited mobility options. Stay tuned for more updates from HeadlineFly.com.
