Expatriation: 2023 ranking of the most expensive cities in the world

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*Data is based on ranking figures from the previous year 2022.

What are the criteria to take into account when choosing the best city to move to? The first factors that spontaneously come to mind are the attractiveness of the city, the safety, the health system of the country and the housing offer that it proposes but also… the cost of living on the spot! Foyer Global Health offers you a small overview of the rankings of the most expensive cities in the world…

Which cities have the highest cost of living for an expat?

Each year, The Economist Intelligence Unit (EIU), the research and analysis division of The Economist Group, prepares a ranking of the world’s most expensive cities. In 2022, the organization compared 172 cities around the world based on several criteria including 200 goods and services (food, housing, transportation, personal care, etc.).

So what are the most expensive cities in the world to move to?

The cost of living crisis continues around the world, with an average increase of over 8% in 2022, according to The Economist Intelligence Unit (EIU). This increase is largely due to the Russian war in Ukraine as well as the long-term impact of the pandemic. New York and Singapore took the top two spots in the ranking, knocking Tel Aviv down to third place, after it was named the most expensive city in the world in the EIU’s 2021 ranking. They are the three cities with the highest cost of living for an expat.

Here are the top 10 most expensive cities in the world in 2022, according to the EIU’s Global Cost of Living Index.

1. New York
2. Singapore
3. Tel Aviv
4. Hong Kong
5. Los Angeles
6. Zurich
7. Geneva
8. San Francisco
9. Paris
10. Copenhagen

The most expensive cities in the world for expats according to Eurocost International

Each year, Eurocost International produces a ranking of the most expensive cities in the world for expats, based on comparative studies of the cost of living in 277 cities. The survey covers rental costs, but excludes health and education costs. The 2022 ranking is based on prices collected in June 2022.

The 2022 Eurocost ranking

1. Hong Kong
2. New York
3. San Francisco
4. Singapore
5. Geneva
6. Luanda
7. Moscow
8. Tel Aviv
9. Zurich
10. Honolulu

Hong Kong remains the most expensive city in the world to expatriate to this year and retains its first place ahead of the American cities of New York and San Francisco, which complete the podium. These two cities benefit from the strengthening of the US dollar.

Mercer’s 2022 ranking of the world’s most expensive cities

Each year, Mercer, a company specialized in human resources consulting, publishes a ranking of expensive cities for expats. This ranking evaluates the cost of living and housing in 227 cities.

Here are the 2022 rankings established by Mercer :

1. Hong-Kong
2. Zurich
3. Geneva
4. Basel
5. Berne
6. Tel Aviv
7. New York
8. Singapore
9. Tokyo
10. Beijing

Focus on health: the most expensive health systems in the world

The health care budget is an important parameter to consider when planning an expatriation. Discover our ranking of the best health care systems in the world.

Here is a ranking of the most expensive countries in the world when it comes to medical expenses abroad:

• The United States: the highest medical costs in the world;
• Switzerland: the 2nd most expensive country in the world for health care;
• European countries: Norway and Germany;
• Canada;
• Australia;
• Asian countries: Singapore and Hong Kong;
• Brazil.

In the United States, for example, the average cost of a medical consultation is €170, while in Switzerland it ranges from €90 to €185.

In Asia, Singapore and Hong Kong have the best but most expensive health care systems.

In conclusion, Hong Kong and New York regularly appear in the top 10 most expensive cities in the world to expatriate to, especially considering the costs of housing and health. Cities with a low cost of living for expats include Georgia, Mexico and Costa Rica.

Why is it important to have international health insurance when expatriating?

As an expat, it is important to have a comprehensive and flexible international health insurance to cover all your medical expenses, especially in countries where healthcare is expensive. Our health insurance plans are adapted to your profile and your situation.

Discover some of these countries!

Find below some country guides related to the countries mentioned in this blog post 😉

Singapore

Health – Singapore Living

Hong Kong

Health – Hong Kong Living

Switzerland

Health – Switzerland Living

Germany

Health – Germany