Living costs soar: Hong Kong remains priciest as Europe
According to the annual ranking prepared by the Mercer firm, the most expensive cities in the world are Asian metropolises, namely Hong Kong and Singapore. The next four places were taken by cities from a single European country.
The Mercer firm, in creating the annual ranking, analyses over 200 factors affecting the standard of living in various places around the world. Considerations include housing prices, food, entertainment, and the macroeconomic environment, such as inflation readings.
Housing prices were the most heavily weighted factor determining a city's place on the list. Other points included transportation costs, food, and essential services.
According to the ranking, Hong Kong was the most expensive city in the world in 2024. This is the third consecutive year that it has been recognised as the most financially challenging place to live. Singapore took the next place on the list.
Living costs in Europe are increasingly high
The cost of living is also very high in several cities in Switzerland. Zurich, Geneva, Basel, and Bern took positions 3 to 6, respectively.
New York, London, Nassau (Bahamas), and Los Angeles also held high positions in the ranking. Copenhagen, Vienna, Paris, Amsterdam, and Berlin are also listed in the second ten.
