Hong Kong and Singapore have topped a new global list of the world’s most expensive cities for expatriates, surpassing Swiss cities for the second consecutive year, according to Mercer’s 2024 Cost of Living report.
High rental costs in these regional finance hubs pushed Zurich, Geneva, Basel, and Bern down the rankings. Moving down the list, New York fell to seventh place, while London rose nine spots to eighth.
Mercer's report highlighted that rising housing costs and volatile inflation trends are impacting expat workers' compensation packages.
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In India, Mumbai retained its position as the most expensive city for expats, followed by New Delhi.
Mumbai moved up six spots to 136th rank, and New Delhi moved up two spots to 164th rank. Other Indian cities in the ranking include Chennai at 189, Bengaluru at 195, Hyderabad at 202, Pune at 205 and Kolkata at 207.