The latest Worldwide Cost of Living survey conducted by Xpatulator in April 2024, covering 780 global locations, paints a picture of a global economy grappling with the aftermath of the pandemic as many locations continue to experience a relatively high cost of living at the start of 2024. Despite some relief from the peak of inflation, economists caution that challenges persist, and inflation risks loom large on the horizon.
Monaco retains its status as the most expensive international location in 2024, boasts an overall Cost of Living Index (COLI) of 138 (New York = 100). Housing costs, constituting approximately 30% of overall living expenses, remains a significant contributor to Monaco's top position. Limited space, the presence of many high-net-worth individuals, economic security, a favourable tax system, and a luxurious lifestyle all converge to elevate property prices to unprecedented heights. Monaco's overall cost of living is a staggering 21.6 points higher than second-placed Hong Kong.
Hong Kong clinches the second spot with a COLI of 116.5, primarily driven by exorbitant housing costs due to limited space. Singapore secures the third position with a COLI of 115.3. 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.
In the Americas, California has two locations in the top three. San Francisco is the most expensive City, followed by Manhattan and San Jose.
In Asia-Pacific, Sydney is third after Hong Kong and Singapore.
In Europe, Zurich is second after Monaco, followed by Geneva in third.
In the Middle East, Jerusalem is the most expensive, followed by Abu Dhabi, and Dubai.
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