Hong Kong has the most expensive cost, Nigeria’s Abuja has the cheapest standard of living among 226 cities representing countries and territories.
According to the 2024 cost of living survey results of the nearly 80-year-old global consulting company Mercer on June 16, Hong Kong for the third consecutive time holds the title of the most expensive city in the world for visitors. international. Switzerland is the country with the most cities in the top 10 with Zurich (3rd), Geneva (3rd), Basel (4th) and Bern (6th). Singapore ranked 2nd. The remaining names include New York and Los Angeles, USA; London, England; Nassau, Bahamas.
In the opposite direction, the 10 cheapest cities are Abuja and Lagos, Nigeria; Islamabad and Karachi, Pakistan; Bishkek, Kyrgyzstan; Blantyre, Malawi; Dushanbe, Tajikistan; Durban, South Africa; Windhoek, Namibia; Havana, Cuba.
Hong Kong Island – central island in Hong Kong Special Region. Image: HKTB
The cost of living in Ho Chi Minh City is cheaper than Hanoi when ranked 172nd and the capital is ranked 178th. However, according to Mercer, both cities are less expensive than last year because they both decreased in ranking, in the top low cost destinations.
Mercer’s annual cost of living survey ranks 226 cities representing countries and territories to provide trends and information for those preparing for international trips.
The ranking is based on the prices of a number of essential items and services in daily life such as the price of eggs, cooking oil, a cup of coffee, gasoline and jeans (representing clothes), and a haircut. On average, the prices of all these products increased this year, the most notable increase being the price of cooking oil. Argentina’s Buenos Aires saw the highest increase in cooking oil prices, 694% compared to last year.
According to Mercer, inflation and exchange rate fluctuations are directly affecting people’s income and savings. Economic fluctuations, increased geopolitics, conflicts and emergencies in many countries also cause prices to fluctuate in each region.
In developed destinations such as Hong Kong, Singapore, and Zurich, expensive housing prices, transportation costs, and prices of services and goods are all high, contributing to higher costs of living. In contrast, in Islamabad, Lagos and Abuja, the cost of living is lower partly due to currency depreciation.