International Cost of Living Overview
Monaco Reigns Supreme: Monaco, retaining its status as the most expensive location for expatriates in 2024, boasts an overall Cost of Living Index (COLI) of 137 (New York = 100). Housing costs, constituting approximately 30% of expatriates’ overall living expenses, remain a significant contributor to Monaco’s top position. Limited space, the presence of many high-net-worth individuals, economic security, a favorable tax system, and a luxurious lifestyle all converge to elevate property prices to unprecedented heights. Monaco’s overall cost of living is a staggering 21 points higher than second-placed Hong Kong.
Hong Kong and Singapore Follow Suit: Hong Kong clinches the second spot with a COLI of 116, primarily driven by exorbitant housing costs due to limited space. Singapore secures the third position with a COLI of 113. The city-state’s renowned education system, combined with high housing costs and an intricate Certificate of Entitlement system driving up car prices, places Singapore among the top contenders for the most expensive locations for expatriates.
Cost of Living in The Americas
Remarkably, the USA, with its currency dominating the region, claims the top three spots in the global ranking for the most expensive places for expatriates to live. The latest survey underscores the sway of the US Dollar in global investment, as it stands approximately 12% overvalued against leading currencies.
This overvaluation translates into a significant impact on the cost of living. The 13 cost of living baskets, compared globally in US Dollars, catapult numerous US Dollar locations to the summit of the rankings, posing challenges for expatriates and locals alike.
San Francisco retains its title as the most expensive location for expatriates in The Americas, boasting an overall Cost of Living Index (COLI) of 113, with New York serving as the benchmark at 100. Globally, San Francisco secures the fourth position, trailing only Monaco, Hong Kong, and Singapore, and preceding Zurich and Manhattan. Following San Francisco in The Americas ranking, Manhattan claims the second spot with a COLI of 108, while San Jose secures the third position with a COLI of 104.
Cost of Living in Africa
Monrovia in Liberia, has ascended to claim the title of the most expensive city for expatriates in Africa for the first quarter of 2024. A remarkable surge of 155 places catapulted Monrovia to the 33rd most expensive location globally. This unprecedented ascent is attributed to a complex interplay of factors, with currency appreciation against the US Dollar and demand constraints taking centre stage. Liberia’s import-reliant economy, where prices of almost all imported items are quoted in US dollars, exposes expatriates to the brunt of inflated costs.
Nigeria, an economic powerhouse in the region, experiences a sharp decline in global cost of living rankings for the first quarter of 2024, particularly notable in cities like Abuja. The cost of living index for Abuja plummeted from 88.5 in October 2023 to 68.7 as of January 2024. The root of this decline can be traced to the volatility of the Nigerian naira, unleashed by the government’s decision to ease currency controls in June. This move sent shockwaves through the economy, leading to foreign exchange reserves hitting a six-year low by December.
Cost of Living in Asia Pacific
Hong Kong retains its status as the most expensive location in Asia Pacific for expatriates in 2024, boasting a Cost of Living Index (COLI) of 116, followed by Singapore and Ashgabat in Turkmenistan.
The biggest movers up the cost-of-living rankings in Asia-Pacific in the past quarter are cities in Australia and New Zealand. This surge is attributed to relatively high minimum wages, substantial taxation rates, and high demand for housing and resources. Stubbornly high inflation and rising interest rates have further intensified the pressure on expatriate budgets, making these locations increasingly expensive for foreign residents.
Conversely, the biggest movers down the cost-of-living rankings in the region are cities in Nauru, Uzbekistan, and Japan. Japan stands out as a potential haven for expatriates seeking affordability. With almost no inflation in the last decade and the recent depreciation of the yen, Japan’s attractiveness has soared, positioning it as a potentially budget-friendly destination in the developed world.
Cost of Living in Europe
Monaco, perennially perched atop the summit of extravagance, retains its crown as the most expensive location for expatriates in 2024, both within Europe and globally.
Zurich emerges as the second most expensive city with a COLI of 112.7, closely followed by Geneva in third place with a COLI of 104.8. The robust Swiss franc and institutionally high wages, coupled with elevated prices for food and leisure activities, contribute to Zurich’s lofty cost of living.
Notably, Greece records Europe’s largest increase in the cost of living rankings, with Athens catapulting an impressive 54 places to the 483rd spot globally.
Cities in Russia, however, tell a different tale, experiencing the steepest decline in the cost-of-living rankings for Europe in 2023. Plagued by a shrinking supply side, a significant exodus of highly educated workers, and the withdrawal of around $250 billion worth of direct investment, Russia faces a challenging economic landscape.
Cost of Living in the Middle East
Jerusalem, the ancient city steeped in history, retains its crown as the most expensive city for expatriates in the Middle East in 2024. With an overall Cost of Living Index (COLI) of 90.5 (New York = 100), it secures a position among the top 50 most expensive places globally.
Hot on the heels of Jerusalem are Abu Dhabi and Dubai, claiming the second and third spots with COLI’s of 79.3 and 78.2, respectively. Although both cities have slipped in the global rankings, they remain among the costlier destinations for expatriates, ranking 125th and 139th worldwide. However, their costs still present a more palatable alternative, approximately 20% cheaper than the benchmark, New York City.
Expatriate International Cost of Living 
