Emigrating in search of new opportunities is a dream shared by many people, especially when they face social, economic or political challenges in their home country. However, there are also those who decide to venture to new destinations simply to enrich their experiences and expand their personal horizons.
Although the desire to move to another country may be strong, making this change requires more thorough planning than it might seem at first glance. A crucial element in this process is to research the cost of living in the destination and assess whether it is compatible with the available income. This assessment is key to ensuring that your new life abroad is sustainable and does not create unexpected financial difficulties.
And this is because, as can be seen from the International cost of living ranking 2024 According to Mercer’s report, several key factors have influenced the global economy in recent years. In 2024, these factors are still having an impact on the cost of living in major cities. “Increased economic and geopolitical volatility, as well as local conflicts and emergencies, have led to additional spending in areas such as housing, utilities, local taxes and education,” the document notes.
The 10 most expensive and cheapest cities in the world
According to the study, Hong Kong (China), Singapore (Singapore) and Zurich (Switzerland) are currently the most expensive cities for international workers. These three cities hold the same positions in the rankings made in previous years by Mercer. At the bottom of the list, the cities that ranked lowest in terms of living costs are: Islamabad (Pakistan), Lagos (Nigeria) and Abuja (Nigeria) are prominent cities in their respective countries.
Of the 10 most expensive cities for international assignees, half are located in Western Europe, with Switzerland hosting four. However, Hong Kong and Singapore remain in first and second place, respectively. The two most affordable cities are Lagos (225) and Abuja (226), both located in Nigeria (on the African continent).
The European cities largely feature in the top 10 most expensive places to live. In addition to the four Swiss cities, London joined the top 10, in eighth place. Other expensive cities in the region include Copenhagen (11), Vienna (24), Paris (29) and Amsterdam (30).
Dubai is in the running to become the most expensive city in the world. Middle East For international assignees, it is ranked 15th in the global rankings, up three places from 2023. The next most expensive city in this region is Tel Aviv, despite having dropped eight places to rank 16th. Then, Abu Dhabi (United Arab Emirates), Riyadh (Saudi Arabia) and Jeddah (Saudi Arabia) also feature on the list.
Latin America: the cities
In Latin America, Nassau (Bahamas) remains the most expensive city in the region, followed by Mexico City (Mexico). The cost of living in Mexican cities increased significantly compared to the previous year. Mexico City (Mexico) ranked 33rd, up from 79th in 2023, and Monterrey (Mexico) ranked 115th, up from 155th the previous year.
In Brazil, São Paulo rose 28 positions and remains the most expensive city in the country, which has several cities in the ranking: Rio de Janeiro (150), Brasilia (179), Manaus (182) and Belo Horizonte (185). The city of Lima (Peru) practically maintained its place in the ranking, moving up one position and reaching 166th place.
In Latin Americathe capital of UruguayMontevideo is the most expensive city for international employeesranking 42nd. Several cities in the region experienced significant changes compared to 2023: Santiago de Chile fell 73 places to 160th place, while Bogotá (Colombia) rose 40 positions to 174th place.
Montevideo Uruguay
In Africa, the cities that ranked highest in the international cost of living rankings are Bangui, Central African Republic, at 14th, up 12 places; Djibouti, at 18th; and N’Djamena, Chad, at 21st. The least expensive cities in the region include Blantyre, Malawi, at 221st; Lagos, Nigeria, at 225th, down 178 places; and Abuja, Nigeria, at 226th.
In Asia, in addition to Hong Kong (China) and Singapore (Singapore), the most expensive cities include Shanghai (China) at 23rd, Beijing (China) at 25th and Seoul (South Korea) at 32nd. Some of the least expensive cities in the region are Karachi (Pakistan) at number 222, Bishkek (Kyrgyzstan) at number 223 and Islamabad (Pakistan) at number 224.
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Finally, in the Pacific region, Sydney (Australia) tops the list at 58th, followed by Noumea (New Caledonia) at 60th, Melbourne (Australia) at 73rd and Brisbane (Australia) at 89th. New Zealand cities Auckland and Wellington remain the least expensive in the region, ranking 111th and 145th respectively.
Source: Ambito
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