Mercer's 2024 Cost of Living City Ranking survey, Karachi and Islamabad are among the top five most affordable cities in the world. This year's survey covered 226 cities and revealed notable shifts in living costs, which is important for people moving to new places or working internationally.
Following cities are among the cheapest places to live because their currencies have lost value, making daily expenses more affordable. This is good news for people from other countries looking to save money.
Most Affordable Cities:
1. Abuja, Nigeria (226)
2. Lagos, Nigeria (225)
3. Islamabad, Pakistan (224)
4. Bishkek, Kyrgyzstan (223)
5. Karachi, Pakistan (222)
Most Expensive Cities:
1. Hong Kong (1)
2. Singapore (2)
3. Zurich, Switzerland (3)
While Karachi and Islamabad are affordable, the most expensive cities are still Hong Kong, Singapore, and Zurich. High costs in these cities are due to pricey housing, expensive transport, and the overall high cost of goods and services.
Key Economic Factors
Inflation, changes in exchange rates, and global political issues all affect living costs in major cities.
Regional Overview
Asia: Besides Hong Kong and Singapore, the costliest cities in Asia are Shanghai (23), Beijing (25), and Seoul (32).
Europe: Western Europe has many expensive cities, with Switzerland having four in the top ten. London is also in the top ten at 8th place. Other costly European cities include Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30).
Middle East: Dubai is the most expensive city in the Middle East, ranked 15th worldwide. It’s followed by Tel Aviv (16), Abu Dhabi (43), Riyadh (90), and Jeddah (97).
North America: New York City is the priciest city in North America, ranked 7th globally. Nassau, Bahamas (9), Los Angeles (10), Honolulu (12), and San Francisco (13) also make the top ranks.
Mercer’s annual ranking helps people understand living costs around the world, which is useful for those moving or working internationally.
