We hear that you have started working on your expat project. First you have to decide the country that best matches your needs, and then possibly the city that you would like to live in. Whether you are jumping off to this adventure alone or with your family, and regardless of your planned activity in the destination country — business, self-employment, retirement, leisure, etc. — an insight in the cost of living will boost your preparation levels. We are here to help you discover the most expensive cities in the world according to ECA International, a specialist in international mobility.
For 2016 Tokyo has been announced as the most expensive city in the world — and in Asia. Japan's capital is followed by Angola's capital, the vibrant city of Luanda, Zurich, and Geneva. Three more big cities of Japan, Yokohama, Nagoya, and Osaka, are among the top 10 most expensive cities in the world. The diverse and dynamic city of Hong Kong is in the 11th place, which is two places down from last year.
ECA International's study researches 450 big cities around the world, and assesses their cost of food, products and services, such as leisure and household items, clothing, fuel, dining out, alcohol, and tobacco. However, it's important to note down that other important monthly costs — rent, electric and gas bills, tuition fees, and vehicles — aren't examined.
Asian cities are the most expensive
From the 15 most expensive cities in the world, eight are in Asia, five in Europe, and two in Africa. Among Asia's metropolitan cities, the most expensive cities for expats are: Tokyo, Yokohama, Nayoga, Osaka, Hong Kong, Seoul, Shanghai, Beijing, Singapore, and Busan. Over the past five years, Hong Kong has showed a significant and steady increase in its cost of living — from the 60th place in year 2011, the city has climbed all the way up to the 11th place today. It's worth mentioning that if the Japanese yen wasn't so strong, Hong Kong would have made it even higher in this year's rankings.
Shanghai, which only a year ago was in the first position as the most expensive city in the Asia Pacific area, is now in the 7th place. But overall, China's thirteen ranked cities are among the world's top 50 most expensive cities for international residents. If you are looking for China's less expensive city life, then you should probably consider Xiamen, a port city on the southeast coast.
Europe: A more affordable place for expats to live in
Good news for those who want to settle in Switzerland! Zurich, drops to the 3rd position, and loses its status as the most expensive city in the world for expatriates. Geneva stands just behind, in the 4th place. Certainly, Switzerland, the country of banking, chocolates, and skiing, remains a very expensive place to settle in with its two other cities — Basel and Bern — also ranking among the ten most expensive cities in the world.
If you have been waiting a while to enjoy London, the multicultural capital of the United Kingdom with all its theatres and fashion boutiques, maybe now it's the best time to take advantage of the weak pound. One year ago, London was in the top 50 of the most expensive cities worldwide, only to dive in the 103rd place this year — making it a cheaper expat destination than other popular European destinations, such as Paris, Berlin, and Brussels. Notably, Britain's referendum in June, and its exit from the European Union have already left their mark on the country's economy.
Oceania vs. United States: Plan your budget before you decide
It may come as a surprise to many, but life in New Zealand is more expensive than in Australia, according to ECA's report. So, Auckland and Wellington are in the 44th and 47th places, while Sydney is in the 53rd, meaning it has a slightly cheaper expat lifestyle.
The most populated borough of the Big Apple, Manhattan, remains also the most expensive district in the United States, but has climbed positions since last year along with other US cities, overall making the United States a place where you will go relatively easy on your wallet.
