The most expensive cities worldwide - 2020
Expat cost of living ranking
Ranking
EuroCost International's annual cost of living ranking compares expat living costs in major locations worldwide, including housing costs but excluding health and education costs.
The 2020 ranking is based on prices recorded in June 2020 and updated on the basis of September 2020 exchange rates. 273 locations have been considered for this ranking.
Key points
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As was the case last year, Tokyo remains this year's most expensive city in the world for expatriates. The Japanese capital still ranks ahead of Hong Kong, which remains in second place. The last place on the podium is occupied by the city of Geneva, which moves up one position in our ranking. The Swiss city therefore remains the most expensive city in Europe.
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The Lebanese capital Beirut is no longer on the podium, and can be found in 4th place. However, the crisis currently experienced by this country may affect this ranking in the very short term.
- Another Swiss city, Zurich, occupies 5th place, moving up one position from our last ranking, and has now overtaken Singapore, which falls back to 6th place.
As was the case last year, Tokyo remains this year's most expensive city in the world for expatriates. The Japanese capital still ranks ahead of Hong Kong, which remains in second place. The last place on the podium is occupied by the city of Geneva, which moves up one position in our ranking. The Swiss city therefore remains the most expensive city in Europe.
The Lebanese capital Beirut is no longer on the podium, and can be found in 4th place. However, the crisis currently experienced by this country may affect this ranking in the very short term.
Another Swiss city, Zurich, occupies 5th place, moving up one position from our last ranking, and has now overtaken Singapore, which falls back to 6th place.
The US dollar has fallen sharply against the euro in recent months. American cities have lost ranking positions accordingly. New York is still the most expensive city in the United States, just ahead of Honolulu and San Francisco.It should be noted that many currencies have weakened in value against the euro. This applies to the Russian rouble, with Moscow thus moving from 14th to 27th position. The fall of the Congolese franc has also led to the decline in the ranking of the city of Kinshasa, which goes down from 10th to 23rd spot.
In Europe, Swiss cities are strongly represented at the top end of our ranking. The city of London has moved up several positions, and is now in 7th place. Now that the United Kingdom has left the European Union, Copenhagen is currently the most expensive city in the 27 Member States. It should be noted that Paris and Amsterdam now appear in the top 30 world ranking, in 25th and 26th position respectively. These two cities are the most expensive in the euro zone.
Regional rankings
Africa
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Bangui, capital of the Central African Republic, is now the most expensive city in Africa for expatriates. In this regional ranking, we find Kinshasa in the Democratic Republic of Congo in second position, losing the first place it occupied last year. The recent fall of the Congolese franc has thus resulted in a decrease in the cost of living in this country. In third position is Ndjamena, capital city of Chad. In Angola, the city of Luanda, usually ranked among the most expensive cities of the continent, is no longer at the top of the rankings, due to the collapse of its currency. It should be observed that the situation remains very complicated in Zimbabwe, where the local currency continues to fall strongly in value, while the country experiences soaring inflation. Harare can now be found in 5th position in Africa. This year, the least expensive African city in our ranking is the city of Pretoria. This can be explained by the significant fall of the South African Rand. |
Americas
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The 10 top-ranked cities in this area are all located in the United States. New York is the most expensive city, just ahead of Honolulu and San Francisco. The Brazilian real has fallen strongly, in comparison with last year. The cities of Brasilia, Sao Paulo and Rio de Janeiro have consequently dropped several positions in the ranking. This also applies to the city of Buenos Aires, the Argentinian capital, where strong inflation has not offset the loss in value of the currency. The situation in Caracas, Venezuela, remains chaotic. The country is experiencing an unprecedented economic crisis, with hyperinflation and major exchange rate fluctuations. Asunción in Paraguay is still the least expensive city on this continent. |
Asia-Oceania
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The Japanese capital, Tokyo, leads the ranking in the Asia-Oceania region. It is also the most expensive city in the world for expatriates. As was the case last year, it ranks ahead of Hong Kong, Singapore, and then Seoul. China also includes some of the most expensive cities. The capital city Beijing ranks just ahead of Shanghai. The least expensive city in Asia is Ulan Bator in Mongolia. In Oceania, the Australian city of Sydney is the most expensive. It now ranks ahead of Port Moresby in Papua New Guinea. |
Europe
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Five Swiss cities are included in the European top 10. Geneva and Zurich are thus the two most expensive cities. In third place, London completes the podium. Copenhagen is now the most expensive city in the European Union. Within the euro zone, Paris is still the most expensive city, just ahead of Amsterdam and Helsinki. The Russian rouble has fallen strongly in value this year. The city of Moscow has therefore dropped a number of positions in the ranking. Chisinau, capital city of Moldova, is the cheapest city in Europe for expatriates. |
Middle East
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Beirut is the most expensive city in the Middle East region. The cost of living is particularly high for expatriates in the Lebanese capital, specifically as a result of high rents in the secure zones. The country is experiencing a major economic and social crisis. In recent months, strong monetary instability and rising inflation have been apparent. The cities of Tel Aviv and Jerusalem in Israel also feature a high cost of living for expatriates. They are ranked in second and third position in this area respectively. They are followed in the rankings by the capital of Jordan, Amman, and Doha in Qatar. |
Our methodology
EuroCost International 's cost of living surveys aim at comparing the cost of living for expatriates worldwide. They cover the whole basket of goods and services consumed by expatriates, excepted health and school costs (specific reports are provided for the latter).
The ranking is based on surveys conducted in June 2020 and includes rental costs. It should be noted that the rent prices used in this study are those paid by expatriates and that they are not representative for average rents paid by local inhabitants of the surveyed locations.
Rent prices used for this ranking are average rents for different types of housing favoured by expatriates and collected in the specific areas where they live. In some cities, prices for a specific type of housing can significantly differ from one area to another. This is for example the case for London, Mumbai and New York. Detailed information per city can be obtained in EuroCost International's rent surveys.