Top 10 most expensive places to live: 2 cities in Southeast Asia top the list
If you’re planning to move and want to know which places to avoid to save money, these are the most expensive cities to live.
The global consulting firm Mercer analyzed the cost of living in 226 cities worldwide, taking into account over 200 factors — from housing, food and transportation to clothing and entertainment.
“The comprehensive ranking serves as a valuable compass, providing guidance through the intricate landscape of living expenses in cities worldwide,” Mercer stated.
According to Mercer’s 2024 cost-of-living survey, skyrocketing inflation and housing prices are some of the factors that make these cities across Southeast Asia, the United States and Western Europe the most expensive places to live.
10 most expensive places to live in 2024
10. Los Angeles, United States
If you think it costs a lot to call Los Angeles home, you are absolutely right. Famed for its sunny weather, beaches, picnic spots and Hollywood scene, the City of Angels is known for its high cost of living and skyrocketing home prices.
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9. Nassau, Bahamas
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Nassau, the capital of the Bahamas, has gained popularity as a tourist spot, attracting international workers. As a financial hub and luxury tourist destination, the cost of living is high, driven by steep home prices.
For instance, homes in exclusive gated communities can fetch up to $45 million, while a modest apartment costs around $490,000.
8. London, UK
Known for its rich culture and history, the bustling capital of the UK also has a sky-high cost of living. With an average monthly rent of £2,264 ($3029), London is not for the budget-conscious.
7. New York City, United States
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The city’s high cost of living is due to a combination of factors, including its status as a global economic and cultural hub, high demand for housing and a range of other economic and social factors. New York City’s housing market is considered to be one of the least affordable in the country.
6. Bern, Switzerland
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Bern’s position as the political center of Switzerland and its role as a hub for international organizations and diplomatic missions contribute to its high living expenses
5. Basel, Switzerland
A hub for life sciences, chemical industries and pharmaceuticals, Basel is home to top-tier science professionals. Swiss wages are among the highest globally, but so are living expenses.
4. Geneva, Switzerland
Switzerland’s second-largest city, Geneva is an international center for diplomacy. Its limited housing market and the city’s picturesque location on Lake Geneva drive the high home prices. Geneva offers world-class education, healthcare and public services that come with a high cost of living.
3. Zurich, Switzerland
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With its acute housing shortage, Zurich’s home prices continue to soar. It boasts of low crime rates, a vigorous financial sector and a legendary reputation for cleanliness, but its charm comes with a financial commitment.
2. Singapore
The country’s small size and status as an international financial powerhouse make it the second most expensive place to live in 2024.
Home prices continue to soar due to high demand and limited housing availability.
1. Hong Kong
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Reigning supreme as the most expensive place to live, Hong Kong is a densely populated city with a limited amount of land. This has led to high property prices and a housing affordability crisis, with small apartments priced at an average of HK$134,020 (US $17,154) per square meter.
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