EuroCost International’s annual cost of living ranking compares expat living costs in major locations worldwide, including housing costs but excluding health and education costs.
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Key Points
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- Tokyo is now the most expensive city in the world for expatriates. The Japanese capital city, ranked second last year, has now overtaken Hong Kong, which falls back to second place. The rise in value of the Japanese yen over a period of several months primarily accounts for this movement in the rankings.
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- Regularly found in our top 10, the Lebanese capital city Beirut now completes the podium standings, moving up four places.
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- Geneva remains the most expensive European city, and stays in 4th place. Singapore has replaced Seoul and is now ranked in 5th place in our world ranking.
Ranking
The 2019 ranking is based on prices collected in June 2019 and updated with September 2019 exchange rates. 273 locations have been considered for this ranking.
Highlights
Tokyo is now the most expensive city in the world for expatriates. The Japanese capital city, ranked second last year, has now overtaken Hong Kong, which falls back to second place. The rise in value of the Japanese yen over a period of several months primarily accounts for this movement in the rankings.
Regularly found in our top 10, the Lebanese capital city Beirut now completes the podium standings, moving up four places.
Geneva remains the most expensive European city, and stays in 4th place. Singapore has replaced Seoul and is now ranked in 5th place in our world ranking.
As was the case last year, the dollar has recovered against the euro over the last few months. US cities have gained positions in the rankings, and six of them are now to be found in the top 30, as Los Angeles joins Boston, New York, Honolulu, San Francisco and Washington.
In addition to the dollar, it may be observed that many currencies have strengthened in value against the euro. This involves a decline of cities from the euro zone, none of which now appears in our top 30 ranking.
Among the most noteworthy developments, Moscow has climbed from 24th to 14th place, due to the rise in the Russian rouble. Conversely, the city of Seoul has moved down from 5th to 13th spot.
In Europe, Swiss cities are still strongly represented at the top end of our ranking, with 5 cities in the top 30. Conversely, London is no longer in the top 10, and has fallen to 11th place. Paris is still the most expensive city in the euro zone, but no longer appears in the top 30 world ranking. Copenhagen is also declining, and has fallen back 7 places.
Regional Rankings
Africa
- Kinshasa
- Luanda
- Bangui
- Juba
- Lagos
- Djibouti
- Pointe Noire
- Ndjamena
- Monrovia
- Asmara
After a period of great instability, the situation has stabilised in Kinshasa. The capital city of the Democratic Republic of the Congo remains, however, the most expensive city in this regional ranking. In Angola, the capital city Luanda remains in second place, on the grounds of high inflation, and notwithstanding the plummeting value of its currency.
In third position is Bangui, which is still one of the most expensive cities on this continent for expatriates.
Juba, capital of South Sudan, has risen to 4th place in the ranking of African cities, on the grounds of massive inflation.
In Nigeria, Lagos is also significantly rising in the rankings. Inflation is prevalent, and the local currency has strengthened against the euro.
As was the case last year, Tunis remains the least expensive city in our African ranking, even though the Tunisian dinar has stabilised and prices have increased more than usual.
Finally, mention may be made of the particular case of Zimbabwe, where the local currency has replaced the US dollar, which was commonly in use for a decade. Inflation in Harare is rampant and the local currency depreciates day by day.
Americas
- San Francisco, CA
- New York, NY
- Honolulu, HI
- Washington, DC
- Los Angeles, CA
- Boston, MA
- San Diego, CA
- Seattle, WA
- Miami, FL
- Newark, NJ
The 10 top-ranked cities in this area are all located in the United States. San Francisco takes top spot, just ahead of New York. Honolulu completes the podium standings.
Unlike last year, the Brazilian real has strengthened, enabling the cities of Brasilia, Sao Paulo and Rio de Janeiro to go up in the rankings. Conversely, the situation remains difficult in the Argentine capital, Buenos Aires, where inflation, although high, is not able to fully offset the fall in the currency value.
Asunción in Paraguay is still the least expensive city on this continent.
It should be noted that the situation in Caracas in Venezuela remains chaotic. The country is experiencing an unprecedented economic crisis, with hyperinflation and major exchange rate fluctuations.
Asia-Oceania
- Tokyo
- Hong Kong
- Singapore
- Seoul
- Beijing
- Shanghai
- Taipei
- Guangzhou
- Port Moresby
- Bangkok
Tokyo is the most expensive city for expatriates in this area, and also leads the world rankings. It has now overtaken Hong Kong, which was in first place last year. These cities are followed by Singapore and Seoul.
Chinese cities remain very expensive, the capital Beijing ranking just ahead of Shanghai.
In Thailand, the sharp rise in value of the local currency has generated a higher cost of living for expatriates. Accordingly, Bangkok has entered the top 10 in the Asia-Oceania area.
The least expensive city in Asia is Ulan Bator in Mongolia.
In Oceania, Port Moresby, capital city of Papua New Guinea, is the most expensive city. Australian cities are in slight decline because of the fall in the Australian dollar.
Europe
- Geneva
- Zurich
- London
- Lausanne
- Moscow
- Bern
- Basel
- Copenhagen
- Paris
- Amsterdam
The ranking of European cities has remained relatively stable, in comparison with last year. Swiss cities still predominate, with Geneva in first place (4th worldwide) and Zurich in second place. London completes the podium standings, notwithstanding the slight fall in the pound.
The significant rise of the city of Moscow can be observed, mainly due to the strengthening of the Russian rouble.
Copenhagen has fallen back a number of places, and is now ranked 8th in the area. Others Scandinavian capital cities, such as Oslo or Stockholm, have also fallen in the ranking, mainly due to the decline in their currencies.
In the euro zone, Paris is again the most expensive city, ahead of Amsterdam.
At the bottom of the ranking, Pristina in Kosovo is the cheapest city for expatriates.
Middle East
- Beirut
- Tel Aviv
- Jerusalem
- Amman
- Doha
Beirut is still the most expensive city in the Middle East. The cost of living is particularly high for expatriates in the Lebanese capital, specifically as a result of high rents in the secure zones.
Two Israeli cities, Tel Aviv and Jerusalem, are then ranked 2nd and 3rd. The local currency of Israel has strengthened substantially since last year, generating a higher cost of living for expatriates.
Conversely, both cities from the United Arab Emirates, Abu Dhabi and Dubai, are in sharp decline and, incidentally, have fallen out of our top 30 world ranking.
Our Methodology
EuroCost International’s cost of living surveys aim at comparing the cost of living for expatriates worldwide. They cover the whole basket of goods and services consumed by expatriates, excepted health and school costs (specific reports are provided for the latter).
The ranking is based on surveys conducted in June 2019 and includes rental costs. It should be noted that the rent prices used in this study are those paid by expatriates and that they are not representative for average rents paid by local inhabitants of the surveyed locations.
Rent prices used for this ranking are average rents for different types of housing favoured by expatriates and collected in the specific areas where they live. In some cities, prices for a specific type of housing can significantly differ from one area to another. This is for example the case for London, Mumbai and New York. Detailed information per city can be obtained in EuroCost International’s rent surveys.
Picture: Courtesy by EuroCost International S.A.
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