Singapore ranks 2nd-most expensive city in the world for expats, with Hong Kong at top spot, study finds

In January this year, Singapore claimed the number one spot as the most liveable city among Asian expats.

It seems expats also find our little red dot among the most expensive in the world as well, according to a recent study.

In its 2024 cost-of-living report, consulting firm Mercer ranked Singapore as the second-most expensive city in the world for expats.

The country fared the same a year earlier, at number two on the list.

In fact, there has been no change in the top five cities.

Hong Kong—the only other Asian city apart from Singapore in the top 20—retained the crown of the costliest city for international workers. 

Behind Hong Kong and Singapore are all cities located in Switzerland—Zurich, Geneva and Basel.

In the case of these higher-ranking cities, factors that contributed to the high living costs include expensive housing markets, high transportation costs and higher cost of goods and services.

Notable entries in the top 20 include New York City (seventh), London (eighth), San Francisco (13th) and Dubai (15th).

Closer to home, Bangkok was ranked at 129th place, while Kuala Lumpur's (200th) low ranking might make it a foreseeable destination for future expats.

The study encompassed 226 cities worldwide and assessed the comparative costs of more than 200 items in each location—including housing, transportation and food.

Data showed that, in general, living in cities with high standards of living comes with a hefty price.

However, there still are places in the world that were able to find the sweet spot of combining low costs with a high quality of life.

According to Mercer's data, only eight cities fit this criteria: Ljubljana, Montreal, Warsaw, Zagreb, Budapest, Panama City, Santiago and Kuala Lumpur.

Foreigners still keen on Singapore

A global study on international mobility trends, conducted by the Boston Consulting Group, The Network and The Stepstone Group, has Singapore ranked eighth in a list of preferred work destinations around the world. 

At the top of the list for ideal work destinations are English-speaking countries such as Australia, the US, Canada and the UK. 

Despite the high cost of living, Singapore tops the list for Asian cities, surpassing popular Asian destinations such as Tokyo.

ALSO READ: Over $300k a year per household? Aussie man details how much an expat family needs to earn to live in Singapore

amierul@asiaone.com

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