Hong Kong and Singapore topped the list of the world’s most expensive cities for expatriates, surpassing Swiss cities for the second consecutive year. High rental costs propelled these finance hubs ahead of Zurich, Geneva, Basel, and Bern in Mercer’s 2024 Cost of Living report. New York dropped to seventh place, while London climbed to eighth. Rising housing costs and “volatile inflation trends” are pressuring expat compensation packages, Mercer noted. Yvonne Traber, Mercer’s global mobility leader, highlighted that high living costs impact multinational organisations and employees, urging employers to offer housing allowances or support services. The report covered 226 cities, including seven US cities in the top 20 and others worldwide.