What is the Number 1 Most Expensive City to Live In?
According to the 2024 Cost of Living City Ranking published by Mercer, the number 1 most expensive city to live in is Hong Kong.
Hong Kong consistently ranks at the top globally for its high cost of living, making it a significant consideration for expatriates and residents alike. This bustling metropolis, renowned for its dynamic economy and densely populated urban landscape, incurs substantial expenses, particularly in housing, but also across various daily necessities, services, and transportation.
Understanding Cost of Living Rankings
Mercer's annual survey is a comprehensive assessment that evaluates the comparative cost of over 200 different items in numerous cities across five continents. These items span various categories crucial to daily life, including:
- Housing: Rental costs for residential properties, which often represent the largest expense.
- Transportation: Public transport fares and vehicle-related costs.
- Food: Prices for groceries and dining out.
- Clothing: Apparel and footwear.
- Household Goods: Essentials for home maintenance.
- Entertainment: Leisure activities and recreational services.
The 2024 ranking highlights global economic trends and local market dynamics that influence these costs.
Top 10 Most Expensive Cities in 2024
Here's a detailed look at the ten most expensive cities for 2024, based on Mercer's analysis:
| Rank | City | Country/Region |
|---|---|---|
| 1 | Hong Kong | Hong Kong SAR |
| 2 | Singapore | Singapore |
| 3 | Zurich | Switzerland |
| 4 | Geneva | Switzerland |
| 5 | Basel | Switzerland |
| 6 | Bern | Switzerland |
| 7 | New York City | United States |
| 8 | London | United Kingdom |
| 9 | Nassau | Bahamas |
| 10 | Los Angeles | United States |
The consistent high ranking of cities such as Hong Kong, Singapore, and several Swiss cities reflects unique local factors—including limited land availability, robust economic activity, strong currencies, and high demand for goods and services—that contribute to their elevated cost of living.
For more in-depth information regarding the methodology and full scope of the ranking, you can explore the Mercer Cost of Living City Ranking 2024.
