The most expensive cities worldwide - 2021
Expat cost of living ranking
Ranking
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.
The 2021 ranking is based on prices recorded in June 2021 and updated on the basis of September 2021 exchange rates. 275 locations have been considered for this ranking.
Key points
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The city of Hong Kong becomes the most expensive city in the world for expatriates this year. It precedes Tokyo, the Japanese capital, which fells to second place. The third place is still owned by the Swiss city of Geneva which remains the most expensive city in Europe.
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London occupies 4th place, moving up three positions from our last ranking. The United Kingdom capital's favourable ranking is partly explained by the reinforcement of the British pound since last year.
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The city of Beirut in Lebanon can be found in 5th place and loses one position in the ranking. This country is still facing a major economic crisis and a high cost of living for expatriates, despite the decline in housing prices.
The city of Hong Kong becomes the most expensive city in the world for expatriates this year. It precedes Tokyo, the Japanese capital, which fells to second place. The third place is still owned by the Swiss city of Geneva which remains the most expensive city in Europe.
London occupies 4th place, moving up three positions from our last ranking. The United Kingdom capital's favourable ranking is partly explained by the reinforcement of the British pound since last year.
The city of Beirut in Lebanon can be found in 5th place and loses one position in the ranking. This country is still facing a major economic crisis and a high cost of living for expatriates, despite the decline in housing prices.
American cities are still well represented at the top end of our ranking, with five cities in the world top 30. New York moves up to the 7th worldwide rank and remains the most expensive city of the United States just ahead of San Francisco.
The strengthening of the Chinese Yuan versus the euro and the US dollar leads to a higher ranking of Chinese cities. Beijing is now in the top 10 (10th position), while the cities of Shanghai and Guangzhou rank in 12th and 18th position respectively.
Regarding Europe, there is no city of the euro zone in our top 30 worldwide ranking. The capital of Denmark, Copenhagen, is the only city of the European Union which can be found in this top 30. Nevertheless, it loses five places and falls back to 22nd position. In contrast, we can find five Swiss cities among the most expensive cities of the world.
Regional rankings
Africa
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As was the case last year, the most expensive city for expatriates in Africa is Bangui, capital of the Central African Republic. In this regional ranking, the second position is still occupied by the city of Kinshasa, in the Democratic Republic of Congo. In Angola, the city of Luanda climbs significantly in the ranking because of strong inflation. It is now located in 3rd regional position. Cost of living remains very high in Zimbabwe because of strong inflation. Prices are often expressed in US dollars as prices expressed in local currency may vary very quickly. Harare can be found in 5th position in Africa. This year, the least expensive African city in our ranking is the city of Algiers. This can be partly explained by the decrease of the Algerian dinar against many currencies. |
Americas
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The top-ten positions of the regional ranking for Americas are monopolised by cities of the United States. New York is the most expensive city, just ahead of San Francisco and the capital of Hawaii, Honolulu. In Canada, Toronto is leading the ranking. Canadian cities are climbing this year because of the reinforcement of the Canadian dollar. In Argentina, the capital Buenos Aires is still facing high inflation, but the value of the Argentinian peso is strongly decreasing. In Caracas, Venezuela, the dollarization of the economy tends to slow down hyperinflation which is prevalent for a few years. The economic and social crisis remains yet very serious. The capital of Paraguay, Asunción, is still the least expensive city on this continent. |
Asia-Oceania
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The most expensive city of the Asia-Oceania area is also the most expensive city in the world for expatriates: this is the city of Hong Kong. The regional top 3 is completed by Tokyo and Singapore. Among most expensive cities, we can also find Chinese cities. Beijing ranks just ahead of Shanghai and Guangzhou. As was the case last year, the least expensive city in Asia is Ulan Bator in Mongolia.In Oceania, the capital of Papua New Guinea, Port Moresby, now precedes the Australian city of Sydney. |
Europe
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We can find five Swiss cities in the top 10 of European cities. Geneva is the most expensive city in Europe, just ahead of London and another Swiss city, Zurich. Moscow, the Russian capital, climbs in the ranking in 5th position. This can be explained by the reinforcement of the Russian rouble over recent months. Copenhagen is still the most expensive city in the European Union. Concerning the euro zone, Paris is leading, just ahead of Amsterdam and Vienna. Chisinau, capital of Moldova, is the cheapest city in Europe for expatriates. |
Middle East
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Beirut, capital of Lebanon, is the most expensive city in the Middle East area. Housing prices dropped significantly, following the deep crisis affecting the country. Nevertheless, most prices of goods and services are rising sharply, involving a high cost of living for expatriates. Then, we can find Tel Aviv and Jerusalem in Israel. These cities also appear among the most expensive cities in the world. The 4th position of this regional ranking is occupied by the capital of Jordan, Amman. It is followed by the city of Doha in Qatar. |
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 2021 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.