20-6-2024 (SINGAPORE) In a testament to Singapore’s status as a global hub for expatriates, the city-state has once again secured a spot among the most expensive cities in the world for international workers, according to the latest cost-of-living report by consulting firm Mercer. The study, conducted annually, ranked Singapore as the second-most expensive city globally, maintaining its position from the previous year.
The report, which assessed the comparative costs of more than 200 items across 226 cities worldwide, including housing, transportation, and food, highlighted Singapore’s high living standards and robust economy as contributing factors to its elevated ranking. Joining Singapore in the top five were Hong Kong, which retained the top spot as the costliest city for expatriates, and three Swiss cities – Zurich, Geneva, and Basel.
Notably, the top five cities remained unchanged from the previous year, underscoring the enduring challenges faced by international workers in these high-cost locations. Factors such as expensive housing markets, high transportation costs, and elevated prices for goods and services have contributed to the high living costs in these cities.
While Singapore’s ranking may raise concerns about affordability, the city-state’s appeal to expatriates remains strong. A global study on international mobility trends, conducted by the Boston Consulting Group, The Network, and The Stepstone Group, placed Singapore eighth on the list of preferred work destinations worldwide. Notably, the city-state topped the rankings for Asian cities, surpassing popular destinations such as Tokyo.
The allure of Singapore for expatriates lies in its robust economy, world-class infrastructure, and high standards of living. Despite the high costs associated with residing in the city-state, many international workers continue to be drawn to the opportunities and quality of life it offers.
Closer to home, the report revealed contrasting realities, with Bangkok ranking at 129th place and Kuala Lumpur securing a relatively low ranking at 200th position. These lower-cost cities may become increasingly attractive destinations for future expatriates seeking a balance between affordability and quality of life.
Interestingly, Mercer’s data identified only eight cities globally that managed to strike the elusive balance between low costs and a high quality of life. These cities – Ljubljana, Montreal, Warsaw, Zagreb, Budapest, Panama City, Santiago, and Kuala Lumpur – offer a compelling proposition for expatriates seeking both economic and lifestyle advantages.
