Asian metropolises dominate the list of world's priciest cities
According to the annual ranking prepared by the Mercer firm, the most expensive cities in the world are Asian metropolises, namely Hong Kong and Singapore. The following four places were taken by cities from a single European country.
The Mercer firm analyzes over 200 factors affecting the standard of living in various places around the world to create the annual ranking. Considerations include housing prices, food, entertainment, and the macroeconomic environment, such as inflation rates.
Housing prices were the most heavily weighted factor determining a city's place on the list. Other factors included transportation costs, food, and essential services.
According to the ranking, the most expensive city in the world in 2024 is Hong Kong. This is the third consecutive year that it has been recognized as the most financially challenging place to live. The next place on the list was taken by Singapore.
Living costs in Europe are increasingly high
The cost of living is also very high in several cities in Switzerland. Positions 3 to 6 were taken by Zurich, Geneva, Basel, and Bern, respectively.
New York, London, Nassau (Bahamas), and Los Angeles also held high positions in the ranking. In the next group, Copenhagen, Vienna, Paris, Amsterdam, and Berlin are also listed.
