In Pics: Ten most expensive cities for expats in 2023

New York has overtaken Hong Kong as the most expensive location in the world for expatriates as per the ECA International’s Cost of Living 2023 report. The ECA research considers several factors like food, basic amenities, utilities costs and public transport. ECA International's cost of living rankings combine ECA’s Cost of Living research and Accommodation research to enable a comparison of costs faced by expatriates around the world in 207 cities in 120 countries and territories.

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Rank 10 | Tokyo, Japan | Tokyo, which was consistently amongst the top five globally in recent years, has dropped five places to the 10th globally this year. In Japan, all cities have dropped in the latest ranking as the Japanese yen weakened.

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Rank 9 | Seoul, South Korea | Seoul takes the ninth spot in the ECA International ranking this year as one of the most expensive city to live in for expats.

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Rank 8 | Tel Aviv, Israel | According to the ECA International 2023 ranking, Tel Aviv is the eight most expensive city in the world for foreigners.

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Rank 7 | San Francisco, US | San Francisco breaks into the top 10 ranking to take the seventh as the most expensive city to live in the world for expats. Rankings for all US cities have risen this year, primarily driven by the strength of the US dollar.

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Rank 6 | Zurich, Switzerland | Zurich has risen one place globally, becoming the sixth most expensive city in the world. More than half (54 percent) of European cities have moved up in the Cost of Living ranking, driven by high rates of inflation.

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Rank 5 | Singapore | Singapore have jumped up into the top five most expensive cities in the world, up from 13th position in 2022.

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Rank 4 | London, UK | London has retained its title as the fourth most expensive location in the world for expatriates, according to ECA International’s latest Cost of Living report. All UK cities bar London have experienced a decline in the global ranking.

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Rank 3 | Geneva, Switzerland | Geneva retains its position as the third most expensive city for expatriates and the most expensive location in Europe.

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Rank 2 | Hong Kong, China | Following a four-year reign as the city with the highest cost of living, Hong Kong slipped to second spot this year.

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Rank 1 | New York, US | New York has overtaken Hong Kong as the most expensive location in the world for expats, having experienced higher rates of inflation and rental price increases compared to other US cities.