In Mercer’s Cost of Living City Ranking 2024 survey, Karachi and Islamabad have been highlighted as two of the top five most affordable cities globally. This annual survey, which evaluated 226 cities, offers significant insights into regional cost variations, especially relevant for potential migrants and international workers.
Most Affordable Cities:
- Abuja, Nigeria (226)
- Lagos, Nigeria (225)
- Islamabad, Pakistan (224)
- Bishkek, Kyrgyzstan (223)
- Karachi, Pakistan (222)
The survey points out that the cost of living in these cities is notably low, primarily due to currency depreciation. This makes everyday expenses more manageable for foreigners, positioning these cities as attractive destinations for those looking to minimize their living costs.
Most Expensive Cities:
- Hong Kong (1)
- Singapore (2)
- Zurich, Switzerland (3)
While Karachi and Islamabad offer significant affordability, Hong Kong, Singapore, and Zurich remain the most expensive cities, maintaining their top positions from last year. High living costs in these cities are driven by expensive housing markets, high transportation costs, and the overall high cost of goods and services.
Several key economic factors have influenced these rankings, including inflation, exchange-rate fluctuations, and geopolitical volatility, which significantly impact the cost of living in major cities.
Regional Overview
Asia: In addition to Hong Kong and Singapore, the most expensive cities in Asia include Shanghai (23), Beijing (25), and Seoul (32).
Europe: Western Europe features prominently among the most expensive cities, with Switzerland home to four of the top ten. London has also entered the top ten, ranked 8th. Other expensive European cities include Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30).
Middle East: Dubai has become the most expensive city in the Middle East, ranking 15th globally. It is followed by Tel Aviv (16), Abu Dhabi (43), Riyadh (90), and Jeddah (97).
North America: New York City remains the priciest city in North America, ranked 7th globally. Nassau, Bahamas (9), Los Angeles (10), Honolulu (12), and San Francisco (13) also feature prominently in the top ranks.
Mercer’s annual ranking provides essential insights for global mobility operations and international workers. The comprehensive ranking serves as a valuable guide, helping individuals and organizations navigate the complex landscape of living expenses worldwide.
