In times of runaway inflation and the growth of remote working, the cost of living has become a key factor for city dwellers to maintain their living standards.
According to the consultancy firm Mercer, Hong Kong, Singapore, and Zurich are the most expensive cities in the world out of a list of 227 locations.
The only Brazilian representatives on the list are Rio, in the 171st position, and São Paulo in the 152nd.
Switzerland continues to lead the ranking, with four of the five most expensive cities in Europe, besides Zurich, which closes the global podium, Geneva (4th), Basel (5th), and Bern (7th).
The Danish capital, Copenhagen, rounds out the quintet.
See below the ten most expensive cities in the world:
- Hong Kong
- Singapore
- Zurich
- Geneva
- Basel
- New York
- Bern
- Tel Aviv
- Copenhagen
- Nassau
“Competition in the global market is fierce, and the cost of living crisis affects both employees and companies, which need to be more flexible,” says Yvonne Traber, Mercer’s Global Managing Partner of Mobility.
The consultant recognizes, however, that not only prices influence the attractiveness of cities seeking to welcome new companies and workers.
“An equally important factor is the city’s overall quality of life. On the other hand, risks and other negative issues, such as natural disasters, political or economic turbulence, high crime rates, poor infrastructure, and inadequate international connectivity, can be major deterrents for companies and their employees,” she concludes.
Among the countries with the most representatives on the list is Singapore, one of the most important business centers in the world, with a significant presence of multinationals in sectors such as finance, logistics, trade, and transportation, which rose six positions in the ranking.
The country has been forced to promote policies to cushion rising housing prices due to the arrival of expatriates, including a series of discounts for local people wanting to buy homes.
Nassau in the Bahamas and Los Angeles in California (US) also moved up six places, ranking 10th and 11th, respectively.
The latter is the second most expensive city in the United States, behind only New York (6th), closely followed by San Francisco.
Another indicator that draws attention is the rising cost of living in African cities. Luanda, capital of Angola, rose 34 places and is 30th; Kinshasha, capital of the Democratic Republic of Congo, climbed 21 places to 32nd; Conakry climbed 37 places and is number 39th, and N’Djamena is 40th, after rising 40 places.
But in total terms, Latin American cities are the ones that move up the most in the most expensive rankings: San Jose (Costa Rica) rose 76 places, Mexico City 70, and Buenos Aires and Montevideo at 69.
Those that lost the most positions on the list are Havana (83 places), Cairo (63), and Osaka (56).
Karachi and Islamabad, in Pakistan, are the last two in the ranking.
This year, only two out of ten of the most expensive cities to live in are in Asia, down from four last year.
However, these two cities lead the ranking: Hong Kong and Singapore.
With information from Agência O Globo
News World, English News World, cost of living
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