Every year, Mercer rank the world’s most expensive cities to live in; the criterium is based off of things like rent, transportation costs and food. This year we’ve had a lot of volatility in the economy, exacerbated by the war, inflation rate and interest rate hikes. So, how did this affect the listings this year? Let’s take a closer look:
Beijing is still a lot more affordable than the other cities on this list, but the main reason it has become increasingly more expensive is due to its population size. The city’s increasing population has caused rental prices to double over the past ten years.
Tokyo is in this list year after year. Japan in general is a country with high cost of living expenses, such as rent, owning a car and transport in general.
Here we are, Singapore. No one is shocked to this here- over the past year rental prices have shot up astronomically and the lack of land will always mean that property purchase is expensive in comparison to other countries. Speaking from personal experience, going out for food and drinks can be particularly expensive, taxis, whilst cheaper than the UK, have increased over the past year and we all know owning a car is pricey in Singapore.
7. New York City
NY has always been more expensive than other places in the US, particularly rent. If you haven’t read my article, ‘Sex and The City, and Broke’, please do! I have always been baffled by how people on low to mid salaries can live comfortably in this city
8. Tel Aviv
A common theme on this list is rental; this seems to be the main reason cities land here, and the same goes for Tel Aviv. Whilst the city has a tonne of stuff to do for tourists, including bars and restaurants, this comes with a price tag. This means that rent for a one-bed, on average, is about 1725 USD a month!
We’re getting to the part of the list now where most of the cities are in Switzerland. A week-long holiday to the capital city would cost a family of four approximately $6000!
This city has a great art and history scene; Switzerland’s oldest university city is home to beautiful modern architecture and the world’s biggest art fair. This comes with a whopping price tag of living expenses of approximately $3000 a month.
Similar to the previous Swiss city on this list, living in the luxury city of Geneva would cost you approximately $3500 a month. Very pricey!
The financial capital of Switzerland sits at the second spot. It’s the most expensive Swiss city to rent, and the city itself is choc a block full of high shopping and decadent restaurants, so it’s very difficult to escape the high cost of living in Zurich.
1. Hong Kong
Are we shocked? HK has over 7 million people living in the city, meaning that the demand for housing is incredibly high. Not only that, food, transport and nightlife is also very expensive in Hong Kong. One thing I will always remember is watching a documentary showing people in HK living in literal cages, with a bed, TV and all their stuff. These types of housing have a shared bathroom and small kitchenette and can cost about 500 USD a month! That’s so expensive for such a small, cramped space.
In my opinion, I’m not shocked that the vast majority of these cities are European (40% of this list are in Switzerland!) and I’m actually surprised that London wasn’t now in the top 10 (it’s 15th). I did think that where we live, Singapore, would be higher because of the high cost of alcohol & rental, but I guess our lower taxes and the fact that the government are able to stop inflation and utility bills from getting out of control helps. All in all, this list is very useful when it comes to someone making a decision to move overseas.
Did this list shock you? Is your city an expensive place to live?