Asian cities dominate as world's priciest; Swiss cities close behind
1:09 PM EDT, June 22, 2024
According to the annual ranking prepared by Mercer, the most expensive cities in the world are Asian metropolises, namely Hong Kong and Singapore. Cities in a single European country took the following four places.
Mercer analyzes over 200 factors affecting the standard of living in various places around the world to create the annual ranking. Considerations include housing prices, food, entertainment, and the macroeconomic environment, such as inflation readings.
The most heavily weighted factor determining a city's place on the list was primarily housing prices. Other factors included transportation costs, food, and essential services.
According to the ranking, Hong Kong was the most expensive city in the world in 2024. This is the third consecutive year it has been recognized as the most financially challenging place to live. Singapore took the next place on the list.
Living costs in Europe are increasingly high
The cost of living is also very high in several cities in Switzerland. Zurich, Geneva, Basel, and Bern took positions 3 to 6, respectively.
New York, London, Nassau (Bahamas), and Los Angeles also held high positions in the ranking. Copenhagen, Vienna, Paris, Amsterdam, and Berlin are also listed in the second ten.
