Chennai slipped five points, and Bengaluru slipped six points to 189 and 195, respectively. Hyderabad is at 202; Pune is at 205 and Kolkata is at 207 in the list of the world’s most expensive cities for expats.
As per Mercer’s Cost of Living City rankings, the most expensive cities for foreigners in 2024 are Hong Kong, Singapore, and Zurich. Since 2023, these three cities have remained in their current positions. Whereas, Islamabad, Lagos, and Abuja are lowest in terms of living costs.
At 136th place, Mumbai is the highest-ranked city in India, up 11 spots from the year 2023. This makes the Mumbai city most expensive in India for foreigners. Delhi, the nation’s capital, is not far behind, rising four points to 165.
Bengaluru dropped six points to 189 while Chennai dropped five points to 195. On the list of the most expensive cities in the world for foreigners, Hyderabad remained at number 202 from the previous year, Pune (205) rose eight spots, and Kolkata (207) dropped four spots.
To gather data on global mobility, Mercer’s Cost of Living City Ranking 2024 list examined 226 locations across the globe. It evaluated the prices of more than 200 things, such as lodging, transportation, food, apparel, and entertainment. To ensure uniformity, New York City was selected as the basis city and the currency was measured in US dollars.
The cost of living has increased due to several variables. Internationally mobile workers’ earnings and savings have been strongly impacted by inflation and fluctuations in exchange rates. Increased costs for housing, taxes, education, and utilities have been brought on by widespread economic and geopolitical instability as well as escalating hostilities.
Expensive housing, high transit costs, and pricey goods and services all contribute to the high cost of living in places like Hong Kong, Singapore, and Zurich.
For cities such as Islamabad, Lagos, and Abuja, currency depreciation has lowered the cost of living.
In terms of regions, European cities largely feature in the top 10 most expensive cities to live in. London ranks 8th. Other expensive cities are Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30).
At number 15, Dubai is the most costliest city in the Middle East for foreign workers. Uruguay is the 42nd most costly country in South America for foreign workers. At number seven on the list, New York City sits at the top of North America.
At number 14, Bangui is the most costly city in Africa. In the Pacific, Sydney is at the top of the list.
People have been affected by high living expenses in a number of ways. According to the survey, some people have even found it difficult to meet their fundamental needs, and others have had to change their lifestyles and reduce their discretionary spending.
58,800 millionaires in Mumbai
According to the TOI report, Mumbai had 58,800 millionaires as of September 2024, making it India’s wealthiest city. The number of millionaires in Mumbai has increased by 82% since 2013.
