New York Among Most Expensive Cities
New Delhi (IANS) – According to a global cost-of-living study conducted in 2023, New York has surpassed Hong Kong as the most expensive city for expatriates. Hong Kong had held the top spot for four years but now ranks second. The study, conducted by ECA International, analyzed costs faced by expatriates in 207 cities worldwide and revealed that London maintained its position at number four.
The study noted that all US cities experienced higher rankings this year in North America, primarily due to the strength of the US dollar. New York overtook Hong Kong mainly due to a significant increase in rental costs following the Covid pandemic, as demand soared.
Despite the ongoing local cost of living crisis, all UK cities, except London, dropped in the global rankings. Steven Kilfedder, Head of Production at ECA International, attributed this decline to the weak pound, which made the country more affordable for people coming from other nations. He stated that rising costs driven by food, utilities, and housing prices have contributed to the cost-of-living crisis in the UK.
Geneva in Switzerland retained its position as the most expensive location in Europe and the third most expensive in the world for expatriates. In Asia, apart from Singapore, Seoul, and Yangon, most major locations experienced a decline in rankings. Singapore notably climbed into the top five most expensive cities worldwide, up from 13th position in 2022, primarily due to rapidly increasing accommodation costs.
Chinese cities dropped further down the rankings compared to the previous year, attributed to the weaker Chinese yuan and a lower rate of inflation compared to other countries. Shanghai and Guangzhou, while still the most expensive cities in China, fell out of the global top 10, ranking 13th and 14th, respectively.
The study also found that rents in Dubai rose by almost one-third due to an influx of Russian expatriates, elevating the city to 12th place in the rankings.
ECA International’s cost of living rankings combine research on both cost of living and accommodation, enabling a comprehensive comparison of expatriate costs in 207 cities across 120 countries and territories worldwide.