London is the fourth most expensive city for expats in a global study
Written by First Choice Radio on 7 June 2023
London has held its position as the fourth most expensive city for expatriates in a global cost-of-living study.
New York in the United States was ranked first in the long-running research, overtaking Hong Kong, which previously held top spot for four years but was pushed into second place in 2023.
The annual report was carried out by ECA International, which compared costs faced by expatriates around the world in 207 cities.
Geneva in Switzerland remains the most expensive location in Europe and the third most expensive in the world for expatriates, according to the study.
Elsewhere in the UK, Birmingham (115th), Cardiff (118th) and Belfast (123rd) all sit outside the top 100 most expensive cities in the study, with Birmingham falling 16 places, just one place above St Petersburg, Russia.
Edinburgh is ranked 90th, down from 83rd place last year. This makes it the second most expensive ranked city in the UK in the study, following London.
Steven Kilfedder, head of production at ECA International, said: “The cost-of-living crisis in the UK persists, with rising costs driven primarily by food, utilities, and housing prices.
“Despite these challenges, all UK cities bar London have experienced a decline in the global ranking.
“This can largely be attributed to the weakness of the pound, which has made the country cheaper for people coming to the UK from other countries.”
ECA International carries out research to help companies assess living costs around the world as part of salary calculations for cross-border moves.
The cheapest location for expats was identified as Karachi, Pakistan, in 207th place.
Within Europe, the cheapest location was identified as Skopje, Macedonia, ranking 197th globally, followed by Timisoara, Romania (193rd globally).
Dublin has risen six places this year to reach 38th position, those behind the research said.
The surveys compare a basket of consumer goods and services which are commonly purchased, such as food staples including coffee, sugar and eggs as well as household goods and transport. Accommodation data, comparing rental costs, is also factored in.
Here are the top 10 most expensive locations for expatriates in 2023, according to the study, with 2022’s rankings in brackets:
1. New York (2)
2. Hong Kong (1)
3. Geneva (3)
4. London (4)
5. Singapore (13)
6. Zurich (7)
7. San Francisco (11)
8. Tel Aviv (6)
9. Seoul (10)
10. Tokyo (5)
Published: by Radio NewsHub