Most Expensive Cities for Expats to Live in 2024
Inflation and geopolitical factors greatly affect the cost of living in different cities every year. As an expat or an aspiring expat it is important to know which cities in the world are the most expensive cities for expats to live in, so that you can better weigh your options when you receive an offer.
Discover the world's top
health insurers.
Compare quotes with
a click of the button.
Are you an expat, aspiring expat, or a digital nomad looking for a new place to move to? In this article, we will look at what are the most expensive cities for expats in 2024 and compare their cost of living to see just what it is that makes them so expensive to live in.
#1 New York City, US
Soaring inflation rates have pushed New York to the top of the list of the most expensive cities for expats to live in this year. Whilst the city boasts the title of “The City that Never Sleeps”, the around-the-clock commodities come at a high cost.
#2 Hong Kong, China
The notoriously high housing costs in Hong Kong combined with a relatively high cost of living has kept the city one of the most expensive cities in the world for expats. Whilst Hong Kong offers attractive expat packages and low income tax rates, it is still hard to offset the costs of living.
#3 Geneva, Switzerland
Geneva is a wealthy, cosmopolitan city with a high cost of living and high tax rates, making it the 3rd most expensive city in this list. Expats looking to relocate to Geneva are highly recommended to secure a health insurance policy to offset the high cost of healthcare.
#4 London, UK
London’s robust economy makes it an attractive city for expats to relocate to, but the high cost of living, tax rates, and strong currency are a hurricane of high expenses, making it the 4th most expensive city for expats to live in on our list.
#5 Singapore
The small city-state of Singapore is a compact and highly developed global finance hub with ample opportunities for expats. Despite all the opportunities, the Lion City can be quite an expensive place for expats as cost of living is high and the currency is strong, making relocation quite a heavy expense.
#6 Zurich, Switzerland
The cost of living in Zurich is among the highest in the world, and basic goods and services can be very expensive. Combined with the high income tax rate of Switzerland and the strength of the Swiss Franc, Zurich earns the rank of the 6th most expensive city for expats on our list.
#7 San Francisco, US
San Francisco is a major tech industry hub with lucrative opportunities for expats but it is also ranked as one of the most expensive cities in the US. The cost of living is driven not only by housing costs but also the expensive commuting costs including public transit, gas, and bridge tolls.
#8 Tel Aviv, Israel
Relocating to Tel Aviv can be attractive to expats in the tech industry as the city is a major tech hub. However, the higher income of the people in the region has driven up the costs, most particularly the housing costs.
#9 Seoul, South Korea
With the rapid development of the city, Seoul has quickly become a densely populated city with severe housing shortages causing the cost of rent to skyrocket. Whilst not as expensive as the other Asian cities in the list, expats should be prepared for the high cost of living before moving to Seoul.
#10 Tokyo, Japan
Japan holds a special place in many people’s hearts, but for expats who are looking to relocate to Tokyo, it is important to have realistic expectations as living in the capital of Japan can be expensive. Expats working in Japan have to pay national tax rates of up to 45%.
Cost of Living Comparison
In addition to high housing demands and limited supply, the other similarity the most expensive cities for expats share is a high cost of living. Below is a table showing the average cost of living for an individual in the cities listed above.
Cost of living comparison for a single person in the 10 most expensive cities for Expats in 2024:
| City | Cost of Living Without Rent (USD) |
| 1 New York City, US | 1,647 |
| 2 Hong Kong, China | 1,135 |
| 3 Geneva, Switzerland | 1,660 |
| 4 London, UK | 1,391 |
| 5 Singapore | 1,131 |
| 6 Zurich, Switzerland | 1,756 |
| 7 San Francisco, US | 1,489 |
| 8 Tel Aviv, Israel | 1,133 |
| 9 Seoul, South Korea | 1,148 |
| 10 Tokyo, Japan | 952 |
Conclusion
Starting a new chapter in a different city can be an exciting thought but it is important to keep realistic expectations and conduct ample research to ensure that you afford to stay in the city of your choice. One way to prevent unexpected expenses is to secure a comprehensive health insurance policy.
Finding the right health insurance plan can protect you against unexpected expenses and guarantee that you have medical access even in cases of unforeseen accidents. This is where Pacific Prime can help you.
Pacific Prime is a global insurance broker with over 20 years of experience in the insurance industry. Our insurance experts can help you filter through different insurance plans from our extensive list of insurance partners to help you find a plan that suits you.
Contact us today for impartial advice or an obligation-free quote!
Born and raised in the cultural melting pot that is Hong Kong, and having studied at an international school, Vista has developed a multicultural perspective that he uses in his writing and strives to connect to people of different backgrounds.
In his free time, Vista enjoys immersing himself in different worlds, from video games to light novels and movies. His hobbies help him expand his writing style by putting himself in the point-of-view of different people and characters.
- How Pacific Prime Simplifies Insurance Through Comprehensive Solutions - April 30, 2024
- Key Metrics for the Success of Your Group Health Plan - April 23, 2024
- Why Your Insurance Claim Is Rejected and What to Do if It Is - April 17, 2024
Comments
Leave a Comment