Despite us complaining about the cost of living, no Italian city is in the ranking of the ten most expensive cities in the world. According to the 2024 edition of the study Cost of Living City Ranking published by Mercer, the top ten is dominated by the Far East and some Swiss cities. The survey involved 226 cities around the world and serves to measure the cost of living by comparing over 200 services and products, including transport, food, clothing, household items and entertainment.
What are the most expensive cities in the world
There Mercer rankings it is dominated by Hong Kong, which confirms its position in first place again this year, as in 2023, followed by Singapore. The high cost of living is mainly due to housing rental prices. These major economic centers also attract large numbers of expats, further increasing the cost of goods. The Swiss cities of Zurich, Geneva, Basel and Bern are among the top six most expensive cities in the world. As perhaps some would expect, in the top 10 we also find New York which ranks seventh, followed by London, which is also not an unexpected surprise. However, the two cities that close the ranking are: Nassau, capital of the Bahamas, and Los Angeles.
Costs in Europe
In the global top ten there are therefore five European cities, including four Swiss ones and London, which gained nine positions reaching eighth place. Although the cost of living in Europe varies between different cities, the European Central Bank (ECB) predicts that the annual inflation rate in the eurozone will continue to decline, meaning that costs could stabilize as European economies recover from the latest backlashes.
Costs in North American cities
Two American cities make the top 10. The cost of living in the United States remains a significant challenge in 2024, with all U.S. cities ranked in the top one hundred and seven of these making the top 20. Canadian cities are at the bottom of the North American ranking, as the Canadian economy has demonstrated some resilience and is exceeding expectations. Toronto is the most expensive city in Canada (92nd), followed by Vancouver (101st). The cost of living in urban centers in Mexico increased significantly compared to the previous year due to the strengthening of the Peso in 2023. Mexico City is ranked 33rd (compared to 79th in 2023) and Monterrey is ranked 115th (compared to 155th last year).
Dear life in South America
In South America, the capital of Uruguay, Montevideo (42nd place in the Mercer ranking) is the most expensive location for expats. Several cities in this region have seen significant movements compared to 2023 due to fluctuations in exchange rates and rental housing costs: Santiago, Chile, fell 73 places to 160th place in the ranking, while Bogota , in Colombia, rose 40 places to 174th place.
Australia and the Pacific most convenient
In the Pacific region, rising inflation is expected to put pressure on expatriate employees this year. Sydney, Australia, is the most expensive city in the Pacific region (58th place), surpassing Noumea, New Caledonia, which rose ten places to 60th place in the global ranking.
The African cities that ranked highest in the ranking are Bangui, in the Central African Republic (14th place), Djibouti, the capital of the country of the same name (18th place) and N’Djamena, in Chad (21st place). Notably, Lagos, Nigeria fell 178 places to 225th in the world, the most significant change internationally since 2023, largely due to currency fluctuations, including repeated devaluations of the Nigerian Naira.
The cost of living in the East and Middle East
In the Middle East, the most expensive city is certainly Dubai, in the United Arab Emirates, which ranks 15th in the world. Mumbai, the city with the highest cost of living in India, finally ranks 136th.
Where is Italy at?
Looking at Italy, Milan it loses eight positions compared to the 2023 survey, placing itself in 57th place. It also drops in the rankings Rome, which ranks 67th (compared to 59th in 2023). Rising housing costs in many cities around the world have made talent mobility a challenge for employers, while inflation and exchange rates erode employees’ purchasing power and create further pressure on their compensation packages. compensation. These factors, in fact, can make it difficult for companies to attract and retain the best talent and contribute to increased expenses for pay and benefits; Furthermore, they can limit employee mobility and increase operating costs.
