The Most Expensive Cities in the World 2024
2024-10-01
In 2024, the cost of living in some of the world's most desirable cities remains a complex issue, influenced by a variety of factors from housing to cars to lifestyle. As the global economy continues to recover and evolve post-pandemic, these cities highlight the diverse challenges and opportunities in urban living today.
The Priciest Places: The World's Most Expensive Cities in October 2024
Life in the city can be vibrant and full of opportunities, but some cities might just empty your wallet faster than you can fill it back up. According to the latest Worldwide Cost of Living survey by Xpatulator in October 2024, covering 780 spots around the globe, some cities are high on the cost meter. Let's dive into the details and see which cities are making our wallets nervous in 2024.
Monaco
Monaco is at the top of the list, more expensive than any other place. With a Cost of Living Index (COLI) of 138, it's like New York's cost of living on steroids. By comparison New York City's COLI is 100. Why is Monaco so pricey? Well, space is tight, the rich love it, it's safe, taxes are low, and it screams luxury. All this means that living there doesn't come cheap, especially when it comes to finding a place to live, which makes up about 30% of your expenses.
Singapore and Hong Kong
Singapore and Hong Kong are a massive 22 points behind Monaco. Singapore narrowly retains second spot from Hong Kong this quarter, ranking second with a COLI of 115.90 compared to third placed Hong Kong's 115.72. Apart from housing, car owners in Singapore have to deal with the Certificate of Entitlement system, which just adds to the expense. Plus, it's known for its top-notch education, which is another factor driving up the cost of living.
In Hong Kong, like Monaco and Singapore, the main issue is the cost of housing. There's not much room, and everyone wants a slice of the pie.
Around the World
Each region has its own most expensive city. In Africa, Monrovia in Liberia is most expensive, with Libreville and N'Djamena following. In the Americas, California is home to two of the top three most expensive cities, San Francisco and San Jose, with Manhattan wedged between them. In Asia-Pacific, Sydney is third most expensive after Hong Kong and Singapore. Europe's runners-up to Monaco are Zurich and Geneva, while the Middle East's costliest cities start with Jerusalem, followed by Abu Dhabi and Dubai.
Some Relief and Rising Costs
The largest shifts in cost of living, in global USD terms, see cities in Nigeria and Mexico become cheaper for people earning US Dollars, but for those earning local currency, imported goods, priced in USD, have become dramatically more expensive. The opposite is observed in cities in the UK, where the cost of living has increased in global USD terms due to the strengthening of the British Pound, making it pricier for people earning US Dollars.
The 2024 Top Ten
The top ten most expensive cities reflect a diverse set of regions, each with unique factors contributing to their high cost of living.
- Monaco
- Singapore
- Hong Kong
- Zurich
- San Francisco
- Manhattan
- Geneva
- San Jose
- Honolulu
- Saint George's
Navigating the High Costs
Living in these cities means dealing with high expenses, but it also offers unique opportunities and experiences. If you're planning a move or just curious, understanding why these places are so expensive can help you navigate their high costs better. Whether it's the allure of Monaco's luxury, the tech boom in San Francisco, or the historic charm of Jerusalem, these cities offer much to their residents, at a price.
Use Xpatulator’s Cost of Living Calculators and Tools for informed decision-making about the cost of living and the salary / allowance / assignment package required to maintain the current standard of living.