Expensive Expat Living: New York City (NYC) is one of the most expensive cities to live in, even for Americans, according to anybody with knowledge of the cost of living in other cities across the world. But where does it stand from the perspective of foreigners?
According to ECA International’s Cost of Living Rankings for 2023, New York City is the most costly city for foreigners to live and work in.
The top rank on the list was previously held by Hong Kong Special Administrative Region (SAR) for four years. Rising lodging expenses and inflation have been listed as the causes.
Singapore was the other Asian destination in the top five, in addition to Hong Kong. From its position in 2022, Singapore rose eight spots to finish as the fifth most expensive city for expats.
A provider of mobility solutions is ECA International. Its research for 2023 considers the price of consumer goods and services as well as rental expenses in locations with a high expat population. A total of 207 from 120 different nations and territories have been ranked.
Everything About How Much It Costs Foreigners to Live in Cities
An Improvement in Asian City Rankings:
Istanbul, the capital of Turkey, rose the most in the rankings, moving up 95 spots to 108th position in 2023. According to the survey, President Recep Tayyip Erdoan’s economic policies are a key factor in the increasing cost of living, which has climbed by 80% Expensive Expat Living.
According to the survey, Singapore’s soaring rents are to blame for the city-state’s rising cost of living, which makes it Southeast Asia’s economic and social crown jewel. It’s interesting to note that Singapore topped a list created by the Urban Land Institute (ULI) Asia Pacific Centre for Housing in May 2023 due to the rent issue. According to that study, Singapore has the highest private housing costs and rent in the Asia-Pacific region.
In the meantime, Expensive Expat Living Dubai in the United Arab Emirates (UAE) saw an increase in rentals of about 33% due to the rising number of Russian expats living there. Dubai moved up 11 spots to 12th on the ECA International ranking for 2023 as a result.
Not every Asian city saw a boost. The cost of living in Chinese cities decreased due to reduced inflation rates and a weaker Yuan, which resulted caused a drop in their rankings. Shanghai, Guangzhou, and Beijing, the nation’s capital, are a few examples.
While some European cities decline, US cities increase in cost
The Expensive Expat Living in French, Norwegian, and Swedish cities as a result of weaker currencies and reduced inflation rates. However, most other European cities saw considerable improvement in their rankings, with Geneva and London holding onto the third and fourth spots, respectively, from the previous year.
A strong currency and rising inflation outside of New York City also increased the cost of living elsewhere in the US. San Francisco reached the top 10 in the seventh position, joining Los Angeles and Chicago in the top 20.
The 20 most expensive cities in the world for Expats
1. The US city of New York (Rank in 2022: #2)
2. China’s Hong Kong (#1)
3. placed Geneva, Switzerland
4. London, UK
5. Singapore
6. Zurich, Switzerland
7. San Francisco, California
8. Tel Aviv, Israel
9. Seoul, South Korea
10. Tokyo, Japan
11. Bern, Switzerland
12. UAE’s Dubai
13. Shanghai, China
14. China’s Guangzhou
15. United States: Los Angeles
16. Shenzhen, China
17. Beijing, China
18. Copenhagen, Denmark
19. Abu Dhabi, United Arab Emirates
20. Chicago, Illinois
