Fancy the idea of working abroad? Or are you being relocated by your company? Whatever your reasons, arming yourself with knowledge, such as the most expensive cities to live in as an expat, can prepare you for what’s to come.
In this article, we reveal the top most expensive cities in the world for expats to live in based on Mercer’s updated Cost of Living Index.
Beijing, China
Beijing drops a place in the latest ranking, but this business and tourist hub is one of the world’s most expensive cities to live in for expats. Accommodation and education are two of the highest costs in Beijing, with rents rising by 22% yearly.
Tokyo, Japan
Tokyo is another Asian city that ranks high in the list of most expensive cities to live in for expats. The city’s reputation of being a costly city results from some of the most expensive lands in the world being found in central Tokyo.
There are also some expenses associated with owning a car in Japan due to the mandatory biannual inspections (shaken), compulsory insurance, the automobile tax, and the cost of parking in large cities.
Singapore, Singapore
Singapore has been consistently ranked as one of the world’s most live able cities and one of the world’s biggest expat hubs.
Ranked the world’s 8th most expensive, Singapore draws many well-established firms, including financial firms.
Like most cities on this list, accommodation prices greatly influence why Singapore is expensive.
New York City, United States
New York has five districts: the Bronx, Brooklyn, Manhattan, Queens, and Staten Island. Expats who live in high-brow areas like Manhattan will find the cost of living much higher than those living in surrounding boroughs. Regardless, living in New York is expensive.
Tel Aviv, Israel
The appreciation of the Israeli shekel in recent years has significantly contributed to the increased cost of living. As a result, the price of local products and services is high, making this area one of the most expensive in the world to live as an expat.
Bern, Basel, Geneva, & Zurich Switzerland
Mercer’s updated list sees the quartet of Swiss cities rank among the most expensive in the world for expats. Bern comes 5th, Basel 4th, Geneva 3rd, and the capital 2nd.
The quality of life in Switzerland is among the highest in the world, but it comes at a price. There is a price to pay for the peaceful Alpine lifestyle, political stability, excellent healthcare, and high quality of living.
Despite the high average household expenditure in Switzerland, Swiss wages and living standards support the cost of living – an advantage many expats find particularly attractive.
Hong Kong, China
Completing the Asian domination on this list is Hong Kong. The expat market in Hong Kong has been hit hard this year by rising living costs and worsening macroeconomic trends.
After falling to second place to Ashgabat, Turkmenistan, in 2021, the city rose one spot in Mercer’s 2022 Cost of Living index. Hong Kong’s resurgence can be attributed to increasing global inflationary pressures and living costs.
There you have it. These are 10 of the most expensive cities to live in as an expat. So, before you pack up your things and head off to your new destination for work, make sure you’ve done your research and know what to expect to make living in the city easier.
