#Cost of living index compare cities professional#
The survey covers over 200 items grouped into 13 cost of living baskets.The cost of living information is used by subscribers to calculate cost of living differences between global home and host locations for expatriate professional migrants. The difference between these two groups is that an expatriate professional migrant tends to pay a premium for “international” brands ideally from their home country, and they tend to make use of premium service providers such as up-market medical practices, international schools, and most prefer to live in exclusive, secure accommodation in order to maintain the quality of life to which they are accustomed back home. This quarterly survey by of cost of living world-wide is based on expatriate professional migrant spending as opposed to local people’s spending. An expatriate professional migrant is different to an immigrant in that they intend returning to their home country and do not therefore consider themselves to be local in their host country.
A more modern description of an expatriate is perhaps a “professional migrant”, someone who voluntarily lives outside their country in order to take up a job opportunity and a better or at the very least a similar, quality of life. The word comes from the Latin terms ex ("out of") and patria ("country, fatherland"). The strength of the US Dollar this year against the majority of currencies, has resulted in the USA having 4 of the most expensive cities in the global top 10.Īn Expatriate is defined as “a person who lives outside their native country”. Monaco becomes the the world's most expensive city in 2023 with an overall cost of living difference of 22 points higher than Hong Kong. The top 10 most expensive cities in the world for an Expat as at July 2023 are as follows: What are the top 10 most expensive cities to live in? Singapore's education system, which is widely regarded as the best in the world, is also the most expensive for expatriates when priced in US Dollars, the cost of housing is also extremely high due to the limited space and premium on high quality expatriate accommodation, while the complex Certificate of Entitlement system makes car prices excessive, resulting in Singapore’s transport costs being amongst the highest in the world. Singapore is the third most expensive city in the world for Expatriate’s to live, with an overall cost of living index of 113. Hong Kong is the second most expensive city for Expats in the world with an overall Cost of Living Index (COLI), for all 13 basket groups, of 116 (New York =100), mainly due to high housing costs (which counts for around 30% of the overall cost of living for most Expats), with limited space available making rentals high. Monaco is the most expensive city for Expats in the world with an overall Cost of Living Index (COLI), for all 13 basket groups, of 138 (New York =100), mainly due to high housing costs (which counts for around 30% of the overall cost of living for most Expats), with limited space and high wealth individuals making property prices high. What is the most expensive city in the world in 2023? In the below graphics, the COLI for each location is the result of dividing each locations cost of living by the cost of living in New York NY (USA) using all 13 basket groups. The cost of living index indicates the difference in the cost of living between the two locations. When comparing the cost of living between different locations the difference in the cost of living is expressed as an index by dividing the cost of living in Location A by the cost of living in Location B. Expatriate Cost of Living in 2023 Cost of Living Index ComparisonĪ Cost of Living Index (COLI) is a numerical way of comparing cost of living, either over time, or by comparing the cost of living in different geographical locations.
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