According to a report released by the human resources consulting firm Mercer titled “2024 City Cost of Living Rankings,” Hong Kong, Singapore, and Zurich have once again clinched the top three spots as the cities with the highest cost of living for international employees worldwide.
The survey conducted in March this year targeted international assignees and assessed over 200 items and services for comparative costs, including housing, transportation, food, clothing, and household goods among others, to rank 226 cities. The results revealed that due to the exorbitant housing prices, Hong Kong and Singapore secured the top two spots on the list.
The report noted that among Asian cities, Tokyo in Japan fell 30 places to rank 49, likely impacted by the depreciation of the Japanese yen. Seoul, South Korea also saw a decline, dropping 16 places to rank 32. Shanghai and Beijing secured the 23rd and 25th positions respectively, experiencing an annual decrease of 11 and 12 spots. Shenzhen, on the other hand, dropped to the 34th position, falling 14 spots compared to the previous year.
In overseas regions with a significant Chinese population, New York and London took the 7th and 8th spots respectively, while Canadian cities Toronto and Vancouver were ranked 92nd and 101st. The cities with the lowest cost of living globally were identified as Islamabad in Pakistan (ranked 224th), Lagos in Nigeria (ranked 225th), and Abuja (ranked 226th).