Top 10 Cheapest and Most Expensive Cities in the World for Foreign Workers in 2023
The most expensive cities in the world for foreign workers are Hong Kong, Singapore, Swiss cities, and New York (USA), according to a report on the cost of living in 227 cities worldwide published by consulting firm Mercer.
Hong Kong has been the most expensive city in the world for several years, topping the list, followed by Singapore. Both metropolises are located in the Asia region.
Experts used New York parameters as a basis for comparing all other cities. Foreign currency movements were measured against the US dollar. Experts evaluated each city based on 200 different criteria: apartment rentals, public transportation, taxis, food, entertainment, household goods, clothing, services, etc.
The top 10 most expensive cities in the world in 2023 also include Zurich, Geneva, Basel, New York, Bern, Tel Aviv, Copenhagen, and Nassau.
Interestingly, five European cities made it to the top 10 most expensive cities in the world. Switzerland leads in terms of the number of cities – Zurich, Geneva, Basel, and Bern made it to the top 10. Tel Aviv became the most expensive city for foreign workers in the Middle East region. The next cities from this region are located in the UAE – Dubai (18th place) and Abu Dhabi (43rd place).
Interestingly, some cities that were previously included in the list are now absent. For example, Moscow and Kiev were not included in the 2023 list, but Minsk (102nd place) and Almaty (208th place) are present in the ranking.
Table of the Most Expensive Cities in the World in 2023:
|1||Hong Kong||Hong Kong, China|
Table of the Top 10 Cheapest Cities in the World in 2023:
If you think that living in an expensive city means a high quality of life, that’s not always the case. In some cases, the most expensive cities in the world don’t necessarily offer the best living conditions. On the contrary, some cities can offer a high quality of life at a relatively affordable cost of living. For example, Vancouver, Toronto, Stockholm, Lisbon, and Frankfurt are known for their high quality of life and affordable cost of living when considering local prices and average salaries. The cost of living in some cities can be very high. However, this does not mean that there are no opportunities for a successful career and a high quality of life in these cities. Typically, salaries in these cities are also quite high. Before making a decision to move to a certain city, it is important to carefully evaluate all possible factors and make an informed decision.
Analyzing data on the most expensive cities for foreign employees, it can be concluded that Asian cities such as Hong Kong and Singapore remain the most expensive for working and living in the world. However, this year only two out of the top ten cities in the world are located in Asia, indicating a decrease in the region’s role in the global economy. As a result, many companies are facing the problem of finding highly skilled employees capable of working in expensive cities. The crisis in Ukraine and the COVID-19 pandemic continue to affect the global economy, leading to slow income growth and increasing unemployment. Inflation and fluctuations in currency exchange rates also directly impact the payment and savings of foreign employees. Overall, in the increasingly unstable global economy, companies must take into account the cost of living factors and consider strategies for attracting and retaining talent.