Mumbai Emerges as India’s Priciest City for Expats in Mercer’s Latest Rankings
Mumbai, 4th July 2024: Mercer’s latest Cost of Living City rankings for 2024 reveal significant insights into the financial landscapes of global cities. Hong Kong, Singapore, and Zurich have once again emerged as the most expensive destinations worldwide for expatriates, while Islamabad, Lagos, and Abuja are noted as the most affordable in terms of living costs.
Mumbai has claimed the top spot in India, rising 11 places to 136th position, establishing itself as the priciest city in the country for expats. Delhi closely follows, climbing four places to secure the 165th position.
The comprehensive analysis covered 226 cities globally, assessing over 200 expense items including housing, transportation, food, clothing, and entertainment, with New York City as the benchmark currency for consistency.
Factors contributing to the escalating cost of living include inflation, fluctuating exchange rates impacting expatriate salaries and savings, economic uncertainties, geopolitical tensions, and rising conflicts, which have led to increased expenses in housing, taxes, education, and utilities.
Cities like Hong Kong, Singapore, and Zurich top the list due to the high costs associated with accommodation, transportation, and goods and services.
Conversely, currency devaluation has contributed to lower living expenses in cities such as Islamabad, Lagos, and Abuja.
Dubai ranks as the costliest city in the Middle East for expatriates, securing the 15th place, while Uruguay leads in South America at the 42nd position. New York City remains the most expensive city in North America, occupying the seventh spot.
The rise in living costs has prompted individuals to adjust their lifestyles by cutting discretionary spending. Businesses are also grappling with challenges in retaining top talent due to high salary demands, limited mobility options, and stringent benefit provisions.
