The world's 'most expensive' city - and it's not Monaco

Hong Kong has claimed the top spot as the most expensive city (Image: Getty)

From transport to food or accommodation, some cities are strikingly more expensive than others. And according to the most recent Cost of Living City Ranking from consulting firm Mercer, Hong Kong has been crowned as the most expensive city in the world.

London also makes the top 10, ranking eighth, and is the second most expensive city in Europe, following the four Swiss cities of Zurich, Geneva, Basel, and Bern.

Singapore, which is consistently near the top of these lists, ranks second, while New York, London, Nassau, and Los Angeles round out the rankings in seventh, eighth, ninth, and tenth places, respectively. The high cost of living in Hong Kong can be largely attributed to its limited land availability, as the city is spread across 260 mountainous islands, making buildable terrain scarce.

Hong Kong was named the most expensive in the world, followed by Singapore and Zurich (Image: Getty)

This, combined with high import duties meand that food and housing costs in Hong Kong even higher. The cost of everyday essentials also went up from 2023 to 2024, according to the report.

Petrol prices rose by 7.2% year-over-year, while the cost of a basic haircut increased by 4.8%, Hong Kong Business reported. In the housing sector, rents jumped by about 8% in 2024.

Data from Expatistan also estimates that a single person’s monthly living expenses in Hong Kong now total around £3,929, and approximately £1,323 for a 480 sq ft furnished studio apartment in a 'normal area'.

Here is the full list of the world's most expensive cities according to Mercer:

1. Hong Kong
2. Singapore
3. Zurich
4. Geneva
5. Basel
6. Bern
7. New York City
8. London
9. Nassau
10. Los Angeles