According to recent research, New York has surpassed Hong Kong as the most expensive city to reside for expats. Rents have also skyrocketed, propelling Singapore into the top five on the list. According to ECA International’s Cost of Living Rankings for 2023, New York’s top place is due to surging inflation and rising lodging expenses. Meanwhile, Geneva and London remained third and fourth, respectively.
Top 5 Most Expensive Cities
Due to rising inflation and rising accommodation expenses, New York took the top rank in the ECA Rankings. Hong Kong slips to second. Meanwhile, Geneva and London remained third and fourth, respectively.
Singapore advanced from 13th place last year to enter the top five for the first time. This departure from the general trend shown in other Asian cities, which have seen a fall in rankings, can be attributed in part to lower inflation rates compared to other regions.
According to the research, Lee Quane, ECA International’s Regional Director for Asia, claimed that Singapore’s rise in the rankings was primarily due to considerable rises in accommodation expenses. The increased demand for rental homes, spurred in part by the earlier easing of Covid-19 limits compared to other significant sites in the region, surpassed the equivalent growth in availability.
Furthermore, Istanbul witnessed the most significant jump in ranks, rising 95 places to 108th place. This jump was fueled by an 80% increase in costs, which was linked to President Recep Tayyip Erdogan’s economic policies.
Other Key Findings
- Rents in Dubai have increased by about one-third, mainly owing to an inflow of Russian expatriates. This surge catapulted the city to the 12th position in the rankings.
- Most European cities rose in the rankings, Norwegian and Swedish towns fell due to weak currencies, and French cities fell due to lower inflation rates than their European Union peers.
- Chinese cities fell in ranks as well, owing to a weaker currency and lower inflation rates in comparison to other countries.
- Conversely, all US cities saw increased rankings due to a strong dollar and rising inflation, with San Francisco getting into the top 10.
ECA International undertakes a cost-benefit analysis of consumer goods and services, taking into account rental expenses in locations commonly inhabited by expatriates. They utilize this data to rank 207 cities in 120 countries and territories worldwide.
Top 20 Most Expensive Cities 2023
Here are the top 20 most expensive places for expats to live, as well as their rankings in 2022:
- New York, US (2)
- Hong Kong, China (1)
- Geneva, Switzerland (3)
- London, UK (4)
- Singapore (13)
- Zurich, Switzerland (7)
- San Francisco, US (11)
- Tel Aviv, Israel (6)
- Seoul, South Korea (10)
- Tokyo, Japan (5)
- Bern, Switzerland (16)
- Dubai, UAE (23)
- Shanghai, China (8)
- Guangzhou, China (9)
- Los Angeles, US (21)
- Shenzhen, China (12)
- Beijing, China (14)
- Copenhagen, Denmark (18)
- Abu Dhabi, UAE (22)
- Chicago, US (25)
These are the top 20 most expensive places for expats to live in 2023. Which name in the list surprised you the most? Let us know in the comments below.