As we continue to navigate the complex global landscape post-pandemic, the cost of living for expats has remained a crucial factor for those looking to move abroad. Economic trends, geopolitical conflicts, and currency fluctuations continue to shape the financial landscape in 2024. Here, we take a look at seven of the most expensive countries for expats in 2024, according to Mercer’s Cost of Living Survey.
Hong Kong
2024 ranking: Hong Kong – 1st
2023 ranking: Hong Kong – 1st
Hong Kong continues to hold the top spot as the most expensive city for expats in 2024. Despite being a small island, its status as a global financial hub drives up living costs, particularly in housing and education. The limited availability of space, coupled with high demand, means that real estate prices remain challenging for many.
Hong Kong’s real estate market in 2024 is experiencing significant fluctuations. While it remains costly, property prices are expected to drop by 5 percent to 10 percent this year due to high interest rates and an oversupply of housing. This marks the ninth consecutive quarterly decline, reflecting broader economic challenges. Even the luxury market, traditionally resilient, is seeing a downturn, with values expected to fall by as much as 20 percent.
Nevertheless, the city’s infrastructure continues to develop, with improvements in public transport and urban connectivity likely to enhance property values in well-connected areas. The job market is also showing signs of recovery, particularly in sectors such as finance and technology, though competition remains fierce.
Hong Kong offers an excellent quality of life, world-class amenities and a vibrant expat community. However, it’s essential to secure a well-paying job before relocating, as the cost of living can be overwhelming without a substantial income.
Learn more about moving to this bustling city in our expat guide to Hong Kong.
Singapore
2024 ranking: Singapore – 2nd
2023 ranking: Singapore – 2nd
Singapore retains its position as the second most expensive city for expats in 2024. Known for its efficient public transport, clean streets, and exceptional healthcare, Singapore offers a high standard of living. Yet, this comes at a significant cost of living, particularly in housing, which remains a major expense for expats.
In 2024, rental costs in Singapore have continued to rise, especially for HDB flats, with annual increases reaching concerning levels. Expats often face challenges in securing affordable housing, as they do not qualify for the government subsidies available to citizens. The Singaporean government has responded by introducing new measures, such as reducing the loan-to-value limit for HDB loans, in an effort to stabilise the market, but the impact on expat housing options remains limited.
Additionally, while inflation has moderated somewhat, the cost of essential goods and services remains elevated, with the core inflation rate hovering around 5 percent in mid-2024. This ongoing pressure on living costs makes it essential for expats to secure a competitive salary to manage their expenses comfortably.
On the brighter side, certain industries in Singapore, particularly finance, technology, and healthcare, are actively seeking expat talent. The city-state’s strategic position as a financial hub and its growing focus on digital transformation and healthcare make it an attractive destination for professionals in these fields.
Interested in exploring this dynamic city-state? Read more in our expat guide to Singapore.
Switzerland
2024 ranking: Zurich (3rd), Geneva (4th), Basel (5th), Bern (6th)
2023 ranking: Zurich (3rd), Geneva (4th), Basel (5th), Bern (7th)
Switzerland remains a stronghold in the top five most expensive expat destinations. With Zurich, Geneva, Basel, and Bern all making the top 10, Switzerland's high cost of living is driven by a combination of factors, including its strong currency, high wages, and the rising cost of goods and services.
Zurich and Geneva continue to be among the priciest cities globally, with living costs in Zurich approximately 80 percent higher than in Brussels and 28 percent higher than in New York. Geneva isn’t far behind, with living costs in Geneva around 59 percent higher than in Brussels. Even Bern, while slightly less expensive, still sees high living expenses, particularly in housing.
Inflation remains a concern, particularly with rising rents and energy costs putting additional pressure on household budgets. The Swiss National Bank’s tight monetary policy aims to control inflation, but this has also led to higher borrowing costs, impacting those looking to purchase property or secure loans.
Despite these challenges, Switzerland’s stable economy, low unemployment rate, and strong demand for skilled professionals make it an attractive destination for expats. Sectors like finance, technology, and pharmaceuticals continue to thrive, offering numerous opportunities for those with the right skills. However, the job market is competitive, and knowledge of one of the national languages can be a significant advantage.
Want to know more? Read our expat guide to Switzerland.
United States
2024 ranking: New York City (7th), Los Angeles (10th), San Francisco (13th), Honolulu (12th), Miami (17th), Boston (19th), Chicago (20th), Washington, DC (22nd), Seattle (28th)
2023 ranking: New York City (6th), Los Angeles (11th), San Francisco (14th), Honolulu (15th), Miami (22nd), Boston (21st), Chicago (24th), Washington, DC (23rd), Seattle (31st)
The United States remains a costly destination for expats, with multiple cities featured prominently in Mercer’s 2024 survey. New York City leads the way as the most expensive, followed closely by Los Angeles and San Francisco. These cities are known for their soaring housing costs, high local taxes, and overall expensive living conditions.
In New York City, housing costs continue to dominate the budget, with over half of all households spending more than 30 percent of their income on rent. Property taxes also add a significant burden, making homeownership particularly costly. Los Angeles and San Francisco face similar challenges, with sky-high rents and a state income tax that’s the highest in the country. Recent local tax measures, such as Los Angeles’s 'mansion tax', further increase the cost of living, particularly for those in higher income brackets.
Other cities like Honolulu, Miami, and Boston have seen a rise in their rankings, driven by high demand and limited housing availability. These cities, alongside Chicago, Washington, DC, and Seattle, are becoming increasingly expensive in terms of housing, healthcare, and education, which are all key considerations for expats.
For expats considering a move to these dynamic urban centres, it’s crucial to secure a competitive salary and carefully plan your budget. The cost of living in these cities is significant, and without proper financial planning, it can be challenging to maintain the standard of living you may expect.
Discover more about living in the United States in our expat guide to the USA.
United Kingdom
2024 ranking: London (8th), Edinburgh (53rd), Glasgow (68th), Birmingham (78th), Aberdeen (82nd), Belfast (87th)
2023 ranking: London (17th), Edinburgh (86th), Glasgow (109th), Birmingham (118th), Aberdeen (119th), Belfast (125th)
London has made a significant leap in the rankings, moving into the top 10 as the 8th most expensive city for expats in 2024. The UK capital’s status as a major financial and cultural hub continues to drive up costs, particularly in housing, transport, and education.
In 2024, London’s housing market has seen sharp increases in rental costs, with annual rent hikes reaching nearly 7 percent. This surge is largely driven by rising interest rates, which have pushed many potential homebuyers into the rental market, further intensifying demand. Inflation, particularly in energy prices, also continues to impact the overall cost of living, making careful financial planning essential for expats considering a move to London.
Despite these challenges, London remains a vibrant and attractive destination for expats, offering a wealth of job opportunities, especially in finance, technology, and creative industries. However, navigating the city’s competitive rental market and high living expenses requires a solid income and a strategic approach to budgeting.
Other UK cities, such as Edinburgh, Glasgow, Birmingham, Aberdeen, and Belfast, have also seen substantial increases in the cost of living rankings. These changes reflect the growing demand for housing and services driven by economic recovery and urban development initiatives. For expats, these cities offer diverse job markets and rich cultural experiences, but the rising costs underscore the need for careful financial management.
Explore more about moving to the UK in our expat guide to London.
Bahamas
2024 ranking: Nassau – 9th
2023 ranking: Nassau – 10th
The Bahamas has climbed the ranks to become the 9th most expensive place for expats in 2024, with Nassau leading the charge. This Caribbean paradise is celebrated for its beautiful beaches, luxury resorts, and vibrant culture, but it’s also known for its high cost of living, particularly in the capital city.
Nassau’s housing market is characterised by high prices, especially in prime locations like Paradise Island. The limited availability of luxury homes has driven up competition among buyers, further inflating prices.
The Bahamian economy heavily relies on tourism, which significantly impacts the cost of living. Much of the food and goods in Nassau are imported, leading to higher prices due to taxes and shipping costs. The high demand for rental properties from tourists also contributes to the increased housing costs. However, the lack of income tax in the Bahamas provides some financial relief, making it an attractive destination for expats, particularly those with a high net worth.
Despite the high costs, the Bahamas’ stunning surroundings and relaxed lifestyle make Nassau a unique and appealing place to live. The government has also taken steps to address housing shortages, which may offer some relief in the future. As the economy continues its recovery post-pandemic, Nassau remains a sought-after destination for those looking to invest in property or enjoy the benefits of island life.
Find out more about living in the Bahamas in our expat guide to Nassau.
Denmark
2024 ranking: Copenhagen – 11th
2023 ranking: Copenhagen – 9th
Copenhagen, the capital of Denmark, ranks as the 11th most expensive city for expats in 2024. Known for its high standard of living, excellent public services, and pioneering green initiatives, Copenhagen also comes with a high cost of living. Housing, food, and transport costs are particularly steep, reflecting the city’s popularity and the pressures of a growing population.
The housing market in Copenhagen is challenging, with high demand and limited supply driving up prices, particularly in central areas. Many residents find themselves needing to look further afield to find affordable options, contributing to the city’s well-documented urban sprawl. This situation is compounded by ongoing price fluctuations, which can add financial uncertainty for homeowners and renters.
Public services in Copenhagen are expected to become more expensive as the population ages, increasing demand for welfare and healthcare services. This could lead to higher local taxes or co-payments, making it even more critical for expats to negotiate a good salary to maintain a comfortable lifestyle. Additionally, a new property taxation system being introduced in 2024 aims to align tax levels more closely with market values, which could result in higher costs for property owners.
On the brighter side, Copenhagen’s commitment to sustainability is unwavering. The city is investing heavily in green initiatives, including expanding its public transport network with electric buses and a new light rail system set to open in 2025. These projects, along with the enhancement of urban green spaces and the promotion of cycling, are designed to improve quality of life and reduce environmental impact, making Copenhagen an attractive destination for those who prioritise eco-friendly living.
Discover more about living in Copenhagen in our expat guide to Denmark.
