Moving to a new city can be expensive, but if one is a foreigner, the cost of living in a new city will increase dramatically. Mercer’s 2023 cost-of-living ranking reveals the most expensive cities in the world, and here’s everything you need to know.
According to Mercer’s 2023 Cost of Living Cities Ranking, Hong Kong holds the top spot, while Islamabad in Pakistan is the cheapest city at 227.
Here is a list of the 25 most expensive cities:
City name | Earth |
Hong Kong | Hong Kong Search and Rescue) |
Singapore | Singapore |
Zurich | Switzerland |
Geneva | Switzerland |
Basel | Switzerland |
New York City | USA |
Berne | Switzerland |
Tel Aviv | Israeli |
Copenhagen | Denmark |
Nassau | Bahamas |
Los Angeles, CA | USA |
Shanghai | China |
Beijing | China |
San Francisco, CA | USA |
Honolulu, HI | USA |
Seoul | Korea |
London | UK |
dubai | United Arab Emirates |
Tokyo | Japan |
Shenzhen | China |
Boston, USA | USA |
Miami, Florida | USA |
Washington DC | USA |
Chicago, Illinois | USA |
Vien | Shirt |
India’s seven largest cities are ranked between 147 and 213 on the list. Mumbai is ranked 147, followed by New Delhi at 169, Chennai at 184, Bengaluru at 189, Hyderabad at 202, Kolkata at 211 and Pune at 213.
Rahul Sharma, India Mobility Manager at Mercer said “We have observed a change in the relative positions of Indian cities in the global rankings, which can be attributed to many factors.
“Specifically, the change in rankings was influenced in part by currency fluctuations and inflation that increased the prices of goods and services in other regions, such as Europe, which played a role in lowering the ranking. of Indian cities.”
According to Mercer’s website “High inflation and market volatility are affecting the cost of living worldwide, affecting our purchasing power and standard of living.”
Why is life in a new city expensive for expats?
Moving to a new city can be exciting and rewarding, but it comes with significant costs. Expats face a higher cost of living due to a number of factors:
Housing: When moving to a new place, expats need a shelter and rent in big cities can be quite high, making it difficult to find affordable housing.
Food: Compared to rural areas, restaurants and shops have higher food prices.
Transportation: Foreigners often have no option to bring their personal vehicles to life and so they have to rely on public transport, which can make a big hole in the pocket .
Utilities: Utilities, such as electricity, water, and gas, can also be more expensive in larger cities.
Other expenses: Other costs, such as clothing, entertainment, and healthcare, can also be higher in large cities.
Finally, being aware of the most expensive cities for expats in 2023 is essential for individuals or businesses planning to relocate or expand abroad. Mercer’s extensive research provides valuable insights into the cost of living and the factors that influence these cities’ rankings.
Categories: Trends
Source: HIS Education