📷 Image Credits: India Today
Mumbai, the financial hub of India and home to the Bollywood film industry, has been ranked as the most expensive city in the country for expatriates according to Mercer’s 2024 Cost of Living survey. Globally, Mumbai ranks 136th in terms of cost of living, showcasing a significant increase in expenses for expats. The survey highlights that Mumbai is particularly costly in areas like personal care, energy and utilities, transportation, and housing rentals.
On a global scale, Hong Kong maintains its position as the most expensive city, emphasizing the high cost of living across major metropolitan areas. Mumbai’s rise in the rankings is reflective of the overall trend seen in other Indian cities like Delhi, Chennai, Bengaluru, and Pune.
In the survey, Mumbai has made a notable jump of 11 places to secure the 136th position, while Delhi has also climbed four spots to reach 164. Conversely, cities like Chennai, Bengaluru, and Hyderabad have seen a decline in their rankings, indicating a fluctuating cost of living scenario within the country. Pune, on the other hand, has seen a notable improvement by moving up eight spots to 205, with Kolkata following closely by rising four spots to 207.
Rahul Sharma, India Mobility Leader at Mercer, highlighted the strength of the Indian economy in the face of global challenges. He mentioned that despite the rise in Mumbai’s ranking, Indian cities remain an attractive destination for international assignments due to their overall affordability. Factors like a strong domestic demand, a robust services sector, and improving living standards make India an appealing choice for multinational organizations looking to attract global talent.
The report also sheds light on specific cost categories within Indian cities. For instance, Delhi has witnessed the highest increase in housing rentals, followed by Mumbai, Bengaluru, Pune, Hyderabad, and Chennai. Transportation costs, including automobiles and auto parts, are most expensive in Mumbai, while Kolkata offers the most economical prices for various food items.
Globally, cities like Hong Kong, Singapore, Zurich, and Geneva continue to rank among the top five most expensive cities, showcasing the overall high cost of living in major economic hubs. The survey provides a comprehensive analysis of cost trends across different regions, helping organizations make informed decisions regarding international assignments and expatriate compensation packages.
