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Hong Kong, Singapore and Zurich are the costliest cities in the world, Mumbai tops in India: Mercer report

 

Hong Kong, Singapore and Zurich are the costliest cities in the world, Mumbai tops in India: Mercer report

According to Mercer’s Cost of Living City rankings for 2024, Hong Kong, Singapore, and Zurich retain their positions as the most expensive cities for expatriates. Conversely, Islamabad, Lagos, and Abuja are ranked as the least costly cities to live in globally.

In India, Mumbai has risen 11 spots to 136th place, emerging as the most expensive city for expats in the country. Delhi follows closely, climbing four spots to 165th. Chennai and Bengaluru have slipped five and six places respectively, with rankings at 189th and 195th. Hyderabad maintained its position at 202nd, Pune moved up eight spots to 205th, and Kolkata rose four places to 207th on the global list of costly cities for expatriates.

Mercer’s 2024 rankings analyzed 226 cities worldwide, evaluating over 200 items including housing, transport, food, clothing, and entertainment, using New York City as the base for comparison in US dollars.

Several factors have contributed to the rising cost of living, including inflation, exchange rate fluctuations impacting salaries, and economic volatility. Cities like Hong Kong, Singapore, and Zurich are noted for expensive housing, transportation, and goods and services.

Conversely, currency depreciation has lowered living costs in cities like Islamabad, Lagos, and Abuja.

In Europe, cities dominate the top 10 expensive places to live, with London at 8th place, followed by Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30). Dubai is the most expensive city in the Middle East (15th), New York City leads in North America (7th), and Bangui tops the list in Africa (14th). Sydney is the most expensive in the Pacific region.

The high cost of living has necessitated lifestyle adjustments and reduced discretionary spending for many residents, impacting businesses’ ability to attract and retain top talent due to high salary demands and limited mobility options.

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