These Are the World’s 20 Most Expensive Cities for Expats

According to a new study, Hong Kong is the most expensive city to live in as an expatriate for the second year in a row. Second and third place went to New York andGeneva.

The Asian city was at the top of the tree due to higher prices and a stronger currency.

Rent in London and New York went up 20% and 12%, respectively, which made them the top five in the world.

Despite increases in rent, petrol prices and utilities, Singapore remained in 13th place in the cost of living report. The Singapore dollar weakened against other regional currencies during the last part of the survey. Japanese cities fell down the rankings as the yen weakened, while Chinese cities rose as the yuan strengthened.

The results of the survey are here.

• Petrol prices climbed on average 37% compared to a year earlier across all cities, while Beirut recorded a 1,128% increase 
• Turkey’s Ankara is the cheapest city in the world for expats, after falling five spots to 207th place
• War in Ukraine saw cooking oil prices rise an average of 25% last year across cities in the ranking
• Tehran’s fuel prices were cheapest, with a liter of petrol costing just $0.09  
• A cup of coffee at $5.21, a liter of petrol at $3.04 and a kilo of tomatoes at $11.51 were just a few of the prices that took Hong Kong to the top of the list

Despite rising global inflation less than other regional and global locations in the past year, Hong Kong remains the most expensive location in the world.

The strength of the Hong Kong dollar, which is pegged to the US dollar, has allowed it to maintain its position as the most expensive location in the world.

ECA International compares the cost of consumer goods and services in more than 490 locations around the world, while also taking into account the cost of housing in over 410 locations. 207 cities are ranked in the report.

The world's top 20 most expensive places for expatriates are listed.

1. Hong Kong (2021 ranking: 1)
2. New York, US (4)
3. Geneva, Switzerland (3)
4. London, UK (5)
5. Tokyo, Japan (2)
6. Tel Aviv, Israel (7)
7. Zurich, Switzerland (6)
8. Shanghai, China (9)
9. Guangzhou, China (10)
10. Seoul, South Korea (8)
11. San Francisco, US (15)
12. Shenzhen, China (12)
13. Singapore (13)
14. Beijing, China (16)
15. Jerusalem, Israel (18)
16. Bern, Switzerland (17)
17. Yokohama, Japan (11)
18. Copenhagen, Denmark (14)
19. Oslo, Norway (19)
20. Taipei, Taiwan (21)