Singapore overtakes London, New York, Zurich in the 10 ‘most expensive cities in the world’

Singapore has overtaken London, New York and Zurich in the world’s 10 most expensive cities for expat workers based on a global index.

London has moved up nine places since last year and is now ranked eighth in Mercer’s cost of living city ranking for 2024, the German News Agency (dpa) reported as quoted by Bernama.

Factors such as cost of living and rental prices contribute to this rating.

Hong Kong retained the top position this year followed by Singapore and Zurich, Switzerland.

Paris is in 29th place and Dublin in 41st place.

The index covers 226 locations worldwide and is measured based on 200 factors including transport, food, clothing, household goods and entertainment.

Mercer, a Marsh McLennan business compiled this rating to help multinational employers plan compensation packages for employees.

Rising housing costs in many cities around the world have been a challenge for employers, with volatile inflation trends also putting pressure on workers’ compensation packages, according to Mercer.

Here is Mercer’s ranking of the cities with the highest cost of living in 2024
1. Hong Kong
2. Singapore
3. Zurich, Switzerland
4. Geneva, Switzerland
5. Basel, Switzerland
6. Bern, Switzerland
7. New York, United States
8. London, United Kingdom
9. Nassau, Bahamas
10. Los Angeles, United States