The recent Mercer’s Annual Cost of Living Ranking brought important revelations about the world’s most expensive cities to live in. According to the survey, São Paulo still has the highest cost of living in Brazil, but it has become even more expensive to live in the city. This is because the city has climbed 28 places on the list to 124th.
In addition, São Paulo is now the 10th most expensive city in Latin America. In other words poll that we made in March of this year has never made so much sense: the minimum wage should definitely increase.
Which are the most expensive cities to live in?
In Latin America, Nassau remains the most expensive city, followed by Mexico City, which has risen dramatically to 33rd place globally.
Other cities in Latin America have also undergone significant changes. For example, Montevideo in Uruguay is the most expensive South American capital, ranking 42nd. Santiago, Chile, fell 73 places to 160th, while Bogotá, Colombia, climbed 40 places to 174th.
São Paulo remains the most expensive city in Brazil, followed by Rio de Janeiro (150th place), Brasília (179th place), Manaus (182nd place) and Belo Horizonte (185th place). São Paulo’s rise in the ranking reflects a significant increase in living costs, which impacts both residents and expats.
Finally, at a global level, the ranking was led by Hong Kong and Singapore, which retained 1st and 2nd place. Here are the top 10 most expensive cities in the world:
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- Hong Kong, China;
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- Singapore, Singapore;
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- Zurich, Switzerland;
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- Geneva, Switzerland;
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- Basel, Switzerland;
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- Bern, Switzerland;
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- New York, United States;
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- London, England;
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- Nassau, Bahamas;
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- Los Angeles, United States.
What methodology is used in this ranking?
Mercer’s annual Cost of Living Ranking, which ranks 226 cities around the world, offers valuable insights for decisions related to global mobility and expatriates.
After all, this data helps employers who need to design efficient and transparent remuneration packages for expatriates. This is because the information helps to understand the complexities of living costs in global cities.
In 2024, Mercer evaluated the comparative costs of more than 200 items in each city, including: housing, transportation, food, clothing, household items and entertainment.