For individuals seeking to depart from the United States, becoming an expatriate often emerges as an alluring choice. This is particularly true for those residing in expensive locations such as New York City or San Francisco, where the cost of living remains consistently high. In fact, New York continues to hold the position as the most costly city in North America, ranking sixth globally.
According to Mercer’s 2023 Cost of Living Ranking, which compares the cost of goods and services in 227 cities across five continents, relocating to work abroad can also come with a substantial price tag. Hong Kong, for the second year in a row, claims the title as the world’s most expensive city for expatriates.
Here is a list of the top ten most expensive cities for expats, outside of the United States: Hong Kong, Singapore, Zurich (Switzerland), Geneva (Switzerland), Basel (Switzerland), Bern (Switzerland), Tel Aviv (Israel), Copenhagen (Denmark), Nassau (Bahamas), and Shanghai.
Regarding the United States, the data indicates that the cost of living has increased in all American cities analyzed. In the global ranking, New York places sixth, followed by Los Angeles (eleventh), San Francisco (fourteenth), and Honolulu (fifteenth). Furthermore, Detroit, Houston, and Cleveland experienced the greatest increases in the cost of living among U.S. cities this year.
Nevertheless, it is important to note that the cost of living is just one aspect to consider when contemplating a move abroad. While Hong Kong may be the most expensive city on the list, it does not necessarily equate to a better quality of life, ranking 78th in that category. Conversely, some global cities may offer expatriates a lower cost of living and potentially a higher quality of life. For instance, Barcelona, Spain ranks 75th in terms of cost of living but 47th in terms of quality of life.
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