Synopsis:
- Hong Kong retains its position as the most expensive city for expats in Mercer’s 2024 Cost of Living Ranking.
- Singapore follows closely behind, highlighting Asia’s dominance in expat living costs.
- Rising housing costs pose a challenge for companies relocating employees and impact disposable income levels.
- Mercer’s ranking considers various factors like housing, transportation, and food to determine expat living costs.
New York, June 20, 2024: Expats preparing for international assignments might want to adjust their budgets. According to the latest Mercer Cost of Living City Ranking for 2024, Hong Kong remains the priciest city globally for international employees. This marks the fifth time Hong Kong has secured the top spot.
Asia Dominates Top Rankings
Following closely behind Hong Kong is Singapore, another Asian financial hub, solidifying Asia’s dominance in terms of living expenses for expats. European cities also feature prominently, with Zurich, Geneva, and Basel (all in Switzerland) rounding out the top five most expensive destinations.
Rising Costs Strain Affordability
Mercer’s report highlights the significant impact of rising housing costs in many major cities worldwide. This trend presents a challenge for companies relocating employees, as it can affect talent mobility and disposable income levels.
Key Factors Influencing Rankings
Mercer’s ranking considers various factors that impact expatriate living costs, including housing, transportation, food, clothing, household goods, entertainment, and more. The ongoing global economic factors continue to influence costs of living in major cities around the world.
