New study ranks the top 10 most expensive cities for expats

Hong Kong ranks as the world’s most expensive city for expats, according to a recent study by Mercer, a global consulting firm headquartered in New York. Expat is short for expatriates, those who live outside their native country.

The annual survey features data that is based on research done twice per year, and evaluates more than 200 goods and services from categories such as food, housing, personal care and more. Across the world, high inflation is a growing cause of concern for governments, companies, workers and families.

Here are the top 10 most expensive places for expatriates to live and work abroad:

1. Hong Kong, SAR

Hong Kong is a Special Administrative Region of the People’s Republic of China and has consistently been featured as one of the world’s most expensive places to live. Known for its iconic skyscrapers and beautiful skyline view, this business hub will cost expats a good amount to call home.

2. Zürich, Switzerland

This year, Switzerland dominates the top ten, having four cities on the list. Zurich is the most populated city in Switzerland and is known as a global center for banking and finance.

3. Geneva, Switzerland

Geneva follows Zurich not only in the category of cost of living, but also as the second most populated city in Switzerland. The city hosts a myriad of headquarters for several international organizations.

4. Basel, Switzerland

Basel is the third most populous city in Switzerland. It is best known for its architecture and has a popular art scene. The city hosts Art Basel, an annual international art exhibition.

5. Bern, Switzerland

Switzerland technically does not have a capital city, but Bern is considered the de facto capital. The Swiss city features picturesque views and is currently the seat of the country’s federal government.

6. Tel Aviv, Israel

Tel, Aviv, the coastal city in Israel, is world-renown for its nightlife, beautiful beaches, and having more Bauhaus-style buildings than any other city.

7. New York City, U.S.

Known as the Big Apple, New York City is America’s most populated city by far. While there is no precise count, some experts believe New York is home to as many as 800 languages, making it the perfect place for international travelers, but not necessarily for their pockets, as it ranks eighth on the list, and the most expensive city to live in the U.S.

8. Singapore

The island city-state of the Malay Peninsula ranks in this year’s top ten, and has not only become one of the world’s top financial centers, but also one of its greenest. According to the government, nearly half of Singapore’s land area is under green cover.

9. Tokyo, Japan

Tokyo, Japan’s capital city, has a mix of traditional and ultramodern architecture, with neon-light buildings and historic temples dazzling the skyline. The city also boasts one of the busiest train stations in the world, the Shinjuku Station, which receives an estimated 3.6 million commuters each day.

10. Beijing, China

The capital city of China, Beijing is located in the northeastern part of the country and is the second-largest city in China by population. Beijing is home to many well-known attractions, such a section of the Great Wall of China, and the Forbidden City.