Karachi and Islamabad are now among the top five most affordable cities in the world, according to Mercer’s Cost of Living City Ranking 2024 survey. The survey looked at 226 cities this year, showing big differences in living costs across regions. This is especially important for people moving internationally for work or other reasons.
The five most affordable cities in the world are:
- Abuja, Nigeria (226)
- Lagos, Nigeria (225)
- Islamabad, Pakistan (224)
- Bishkek, Kyrgyzstan (223)
- Karachi, Pakistan (222)
In these places, the cost of living is very low, mainly because of currency depreciation. This makes daily expenses much more manageable for foreigners, making these cities attractive for those who want to keep their living costs low.
Most Expensive Cities in the World
On the other end, the most expensive cities in the world are:
- Hong Kong
- Singapore
- Zurich, Switzerland
These have high living costs due to expensive housing, high transportation costs, and overall high prices for goods and services.
Several key economic factors have influenced these rankings, including inflation, exchange-rate changes, and geopolitical events, which significantly impact the cost of living in major cities.
In different regions, the survey shows varied results:
Asia: Besides Hong Kong and Singapore, the most expensive include Shanghai (23), Beijing (25), and Seoul (32).
Europe: Western Europe has many expensive places, with Switzerland having four of the top ten. London is now 8th, and other pricey cities include Copenhagen (11), Vienna (24), Paris (29), and Amsterdam (30).
Middle East: Dubai is the most expensive city in the Middle East, ranked 15th globally. Tel Aviv (16), Abu Dhabi (43), Riyadh (90), and Jeddah (97) follow.
North America: New York City is the priciest city in North America, ranked 7th globally. Other expensive cities include Nassau, Bahamas (9), Los Angeles (10), Honolulu (12), and San Francisco (13).
Also Read: Karachi Reports Over 100 Heat Stroke Cases in 10 Days
Mercer’s annual ranking is crucial for global mobility operations and international workers. It provides essential insights to help people understand and manage the complex landscape of living costs around the world.