A number of key factors have influenced the world’s economy in recent years, making some popular cities around the world among some of the most expensive to live in. In 2024, these factors continue to have an impact on the cost of living in major cities.
Inflation and exchange-rate fluctuations have significantly impacted the cost of living in several countries globally, impacting prices and the ability to save. Greater economic and geopolitical volatility in addition to local conflicts and emergencies have also played a major role in raising living expenses such as housing, utilities, local taxes, and education.
For the higher-ranking cities, factors such as expensive housing markets, high transportation costs, and higher costs of goods and services have all contributed to high living costs.
Conversely, in the lowest-ranking cities like Islamabad, Lagos and Abuja, currency depreciations have driven the decline in costs of living for international visitors.
With that being said, the latest 2024 Mercer Annual Cost of Living City Ranking reveals the top 10 most expensive cities in the world for international workers:
Top 10 most expensive cities in the world
1. Hong Kong SAR, China
2. Singapore
3. Zurich, Switzerland
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York City, United States
8. London, United Kingdom
9. Nassau, Bahamas
10. Los Angeles, United States
Other notable mentions
Of the 10 most expensive cities in the world for international workers, half are in Western Europe, with Switzerland being home to four. However, it is Southeast Asian cities that lead the list, with Hong Kong and Singapore remaining in the first and second positions, respectively.
The two most affordable cities are Lagos (225th place) and Abuja (226th place), both in Nigeria.
Europe
European cities feature heavily in the top 10 most expensive places to live for international workers. In addition to the four Swiss cities, London has joined the top 10 ranking in 8th place. Other expensive cities in Europe include Copenhagen in 11th place, Vienna in 24th place, Paris in 29th place and Amsterdam in 30th place.
North and South America
In South America, Montevideo in Uruguay ranks as the most expensive location at number 42. Buenos Aires declined from 32nd to 77th place in 2024 while Sao Paulo ranked 124th. Notably, Santiago in Chile also fell 73 places to 160th on the list.
In North America, New York City remains the most expensive city. Honolulu ranked 12th and San Francisco came in 13th place. Mexico is another notable mention with Mexico City rising 43 places to 33rd and Monterrey rising 40 places to 115th.
Read: 10 poorest countries in the world in 2024 by GDP per capita
Africa and Asia
African cities that placed among the most expensive globally include Bangui in 14th place, up 12 places. Djibouti ranked 18th and N’Djamena ranked 21st. The least expensive cities in Africa include Blantyre, Lagos, and Abuja.
In addition to Hong Kong and Singapore, the other most expensive cities in Asia include Shanghai (23rd), Beijing (25th) and Seoul (32nd). Some of the least expensive cities in the region are Karachi (222nd), Bishkek (223rd) and Islamabad (224th).
Pacific
Finally, in the Pacific region, Sydney topped the list at 58th place, followed by Noumea, New Caledonia in 60th place, Melbourne in 73rd place, and Brisbane in 89th place.
New Zealand’s Auckland and Wellington remain the least expensive Pacific locations, coming in at 111th and 145th, respectively.
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