Various factors, such as population, inflation, geopolitical volatility, local conflicts, emergencies, etc, influence the cost of living. Here are the world's top 10 most expensive cities in 2024.
Los Angeles in California, known for its swanky lifestyle and towering mansions, is home to celebrities like Johnny Depp, Christian Bale, Halle Bery, and Kim Kardashian. Los Angeles is ranked 10th on the Mercer list of most expensive cities.
Nassau is the largest city of The Bahamas and also its capital. Known for being a hot holiday destination for the wealthy around the world and easy accessibility to offshore banking, Nassau is ranked 9th on the Mercer list.
Home to Hugh Jackman, Peter Dinklage, and Danielle Radcliffe, New York City ranks 7 on the list of most expensive cities. High taxes and expensive dine-out options and groceries make it a costly city to live in.
The Swiss capital of Bern is often looked at as the centre of geopolitics with major international organisations based in the city. This is what makes the city so expensive and puts it at number 6 on the list of most expensive cities.
Another Swiss city on the list is Basel. It is a hub for chemical and pharmaceutical industries.The high-wage work opportunity appeals to international workers and this leads to its high living costs. It is ranked 5 on the Mercer list.
Geneva, number 4 on the list of most expensive cities, hosts the headquarters of international organisations like CERN, UNHCR, and WTO.
Zurich is the banking capital of Switzerland and is ranked number 3 on the Mercer list. Its high cost of living is attributed to high real-estate demand. It hosts the headquarters of UBS, Credit Suisse, and Zurich Cantonal Bank.
Rankd at 2, Singapore, capital of the island nation of Singapore, is another city where real estate prices drive up costs.
Hong Kong's lack of space and high cost of food and basic necessities have consistently kept the city near the top of the list of most expensive cities in the world. It is currently at number 1.