By Vivek Dubey
CNBC-TV18.com
Published June 19, 2024
Hong Kong and Singapore top the list as the most expensive cities for expatriates, maintaining their lead over Swiss cities for the second consecutive year.
Mumbai is India's priciest city for expatriates, ranked 136th, followed by New Delhi, Chennai, Bengaluru, Hyderabad, Pune, and Kolkata.
Sky-high rental costs helped Hong Kong and Singapore surpass Zurich, Geneva, Basel, and Bern in Mercer's 2024 Cost of Living report.
New York City dropped to seventh place, while London climbed nine spots to secure eighth, reflecting changing economic dynamics.
Mercer highlights rising housing costs and volatile inflation trends as major factors squeezing expat compensation packages.
High living costs force expatriates to adjust lifestyles, cut discretionary spending, or struggle with basic needs, according to Mercer.
Employers can offset expat cost-of-living challenges by offering housing allowances, subsidies, or additional support services.
Seven US cities feature in the top 20, including Los Angeles (10th), Honolulu (12th), and San Francisco (13th), highlighting high living costs.
Sydney ranks as the most expensive city in the Pacific region, placing 58th overall in the global ranking.
Toronto is Canada's most expensive city for expatriates, standing at 92nd on the list, reflecting its high cost of living.
Lagos and Abuja fell to the bottom of the table, ranked 225th and 226th respectively, due to significant currency fluctuations.